Although death can be something of a taboo topic, it is very important for you to clearly express your intentions whenever you are writing your will and considering leaving your estate to your loved ones. If you think that writing a will applies only to people who are over 65 years old and well into their retirement, you need to think again. Truthfully, when it comes to addressing this subject, there is no specific age. So if you are ever in doubt, keep in mind that if you own anything valuable and would like to ensure that your family is protected, then definitely take out a will.
Do I Really Need to Have a Will?
If you own an estate, have children, live with a partner, or own a business, then those are all good reasons why you should consider taking a will out. A will helps to protect your loved ones by making sure that issues like inheritance taxes are taken care of ahead of time.
Who Can Be Included in My Will?
Anyone you want can be included, from your pet to nominated charities, to relatives you want to benefit from your acquired wealth. If you have any items of sentimental value, then you might want to specify who they will be left to.
How Can I Get a Will Written?
Depending on what your specific financial situation and personal requirements are, there are several different ways that you can have a will written up for you. We have listed some of your main options below that are available:
- Contact a probate specialist who can cater to all of your needs, ranging from a simple estate up to a more complex case. The price will vary depending on what your exact requirements are but start at £780, which includes VAT.
- A specialist will-service service charges £75 and up for their services.
- A template document can be purchased at a stationery store for as low as £10.
Who Should I Get to Carry Out the Terms of my Will?
Although siblings, children, or spouses might seem like they would be the most obvious choice to carry out our wishes, it is very important that you consider getting an impartial executor, since that can help prevent any potential conflicts from arising. This is especially true if there is already some sibling rivalry that exists. When a professional is employed that can also help to prevent avoiding any of the pitfalls that are associated with the probate process.
Along with considering you would you like to get to execute your will, if you do have any children under the age of 18, you also need to consider who you want to be their appointed guardian if you should pass away before they reach adulthood.
What Happens if I Do Not Have a Will?
If you should die without having a written will, then there are several intestacy rules that will be applied automatically, as you will be considered to be interstate. It includes some of the points below:
- Children and spouses will receive all of your personal possession and £250,000 of your estate.
- If you do not have any children, all of the above will be inherited by your spouse.
- If you unmarried and have a long-term partner, he or she will not be left any of your estates automatically, whether or you had children together or not.
- In the absence of a partner or spouse, everything will be received by your children. It will all be evenly divided between them.
- If you do not have children, spouse, or a partner, then your estate might go to parents, nephews, nieces or siblings.
Do I Really Need to Have My Will Carried Out by a Probate Expert?
As previously mentioned, you don’t need to hire a solicitor to carry your wishes out following your death. However, that could result in claims being made against your estate or your will being contested. The latter is especially common with a DIY will since the person might not have fully grasped all of the legal terminologies and as a consequence face many pitfalls. Anyone can take the role of executor of will, so you should consider all possibilities.