What to Consider When Writing Your Will
A Will is a legal document that expresses how you want your assets to be divided after your passing. No one can predict the future, but you can take the necessary steps now to protect your assets and have peace of mind that your loved ones will be looked after in the event of your passing, and that your assets will go to who you want it to.
H3: Why is it so important to have a Will?
It is important to create a Will to make sure your wishes are carried out exactly as you want them. A Will allows you to think about how you would distribute your property as well as making provisions for who would be the guardian for your dependents. For example who would take care of your children,or who would care for any pets. You would state your wishes in these regards in your Will along with what would happen to your money and your property as well as how you would want your funeral arrangements to be carried out. So many things can be specified in your Will, and you can choose who makes sure your wishes are executed (an executor) and who will benefit from your wishes (friends, family, charities etc).
When an individual passes away without a drawing up a Will, the division of their estate can often be a lengthy and complicated process, which means your loved ones could be left in a financial predicament during an already highly emotional and stressful time. Drawing up a Will provides you with security knowing that your assets will go to those you have chosen and that there are unlikely to be any disputes amongst family members, as your wishes will be respected.
H3: Things to consider when drafting a Will.
Below we have listed some main points you should consider when drafting your Will to ensure you have all the information you need and to ensure your Will is correct while minimising any disputes after your passing.
- Use an experienced solicitor!
- Choose your executors wisely. The chosen individuals who execute your wishes should be individuals you trust to carry out the tasks which involve distributing your assets.
- Managing complex circumstances. If you are going to exclude someone who would expect to benefit from your Will be sure to provide a reason. Although you have every right to exercise your freedom of choice when it comes to what you leave and to whom, this however will not prevent someone from making a claim.
- Seek legal advice about how to minimise the amount of inheritance tax will be payable on your passing. Therefore, IHT planning is essential if your estate is likely to amount to a large sum.
- Giving to charities or making bequests
- It is important you review your Will periodically so that it reflects your current circumstances. For example family members or individuals you have named in your Will may pass away before you and therefore cannot execute or benefit from your Will or be the guardians to your children. Reviewing your Will periodically to ensure that it continues to reflect your most current wishes.
H3: Get in Touch With Our Expert Wills Solicitors Today
If you are looking to start drafting your Will, or if you have any questions about the Will drafting process, please get in touch with our Expert Wills & Probate Solicitors today. Call 0207 095 5700 or email newenquiries@wainwrightcummins.co.uk and we will contact you as soon as we can.
