Research
has shown that a shocking 70% of the population in the UK have not made a will.
For some people with no spouse or children to leave their assets to, drafting a
will might seem like an unnecessary task but for those with families to provide
for, it’s essential.
How
to draw up a will.
In
fact, knowing how to write a will is something that everyone should at least
look into. Most commonly there are four primary ways to go about drawing up a will:
1. Visiting a solicitor;
2. Purchasing or downloading a DIY will online
3. Using a will Drafter;
4. Using an online will writing service.
The
latter option is becoming more and more popular as it is a good alternative to
the pricey endeavour of visiting a solicitor or a will drafter. A completely
legal will generated online can cost as little as £30.00 and provides both peace
of mind and a legally binding document for your loved ones to consult in the
event of your death.
Image by Sean MacEntee, used under Creative Comms license.
Why
having a will is important.
While
some might consider will writing to be a rather morbid affair, the reality is
that it is a responsible and in many cases necessary act that can avoid
conflict and aggravation among families who are in mourning. Dying without a
proper will in place means that your assets are subject to the Estates Act of
1925 whereby any living spouse or children are not guaranteed receipt of your
estate and instead the distribution of your assets are decided by the courts.
Preparing
a legally binding will ensures that your wishes are both acknowledged and
carried out precisely as you intended. Whether you choose to leave your assets
to loved ones or charities, drawing up a will allows you to decide exactly how
and where your money will go instead of automatically reverting back to the
government.
What’s
included.
As
a general rule, you need to include a list of all of your property, even if
this just constitutes small possessions, and all of your savings and bank
accounts. Any debts or loans should be detailed as well. Then you will need to
write down everyone who benefits from your will, and decide who your executor
will be – giving this person power to ensure your wishes will be carried out
when you’re gone. It’s advisable to seek a solicitor’s advice on all of the
technicalities, but If you live alone without dependents, it may be easier to
draft your own will. It’s still a good idea to seek online legal advice, as many websites
will provide this for free nowadays.
Creating
a will sooner rather than can serve as an important time of reflection and can
allow a person to make informed and considerate decisions about their estate so
that their loved ones won’t have to. While no one’s future is completely
certain, drafting a will ensures that your final wishes are respected and
executed exactly as you intended.
* Guest post courtesy of Simon Everdon - Freelance Writer *
* Guest post courtesy of Simon Everdon - Freelance Writer *
Simon
Everdon is a freelance writer for a number of health and lifestyle blogs. He
provides practical advice based on his own experience of family life in Dorset.
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