Wednesday 15 January 2014

Why You Need a Will.

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 *

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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