Secure your assets with a Will

Making sure your possessions are safe with a Will is very important for looking after people you care about when you die. In the UK, having a Will can prevent misunderstandings, arguments, and possible court fights between family members. It let you decide how your belongings are shared & who get them. In this blog post, we talk about why having a Will is important, the steps to make one, and how it can give comfort for you and your loved ones.

Why Having a Will is Important

Having a Will is important for many reasons. First, it lets you decide how your belongings should be shared after you pass away. If you do not have a Will, your assets will be given out based on intestacy laws. This might not match what you want to happen with your belongings. By making a Will, you can make sure that the people close to you are taken care of & your things go to who you choose.

Secondly, having a Will can help stop fights among family members. If there is no Will, people might get confused & argue about who gets what. This can cause expensive legal problems and make family members upset with each other. If you have a Will, you can explain what you want clearly and avoid possible fights.

Lastly, having a Will can give a sense of calm for you & your family. Knowing that your belongings are safe and what you want will happen can reduce stress and concern. It can also give comfort to your family that they will have support after you are gone.

The Process of Creating a Will

Making a Will in the UK is fairly simple, but you need to do it right so there are no problems later. Here’s how to make a Will step by step:

1. Start with Basics: Write down your full name, address, & date of birth at the beginning.
2. List Your Assets: Make a list of everything you own like property, savings, investments & personal items.
3. Choose Beneficiaries: Decide who will get what from your assets—these people are called beneficiaries.
4. Pick Executors: Appoint trustworthy people or professionals who will carry out the wishes in your Will; these individuals are known as executors.
5. Consider Guardians for Kids (if any): If you have children under 18 years old, choose someone to look after them if anything happens to you.
6. Drafting Your Will Document: You can either write it yourself using templates or hire solicitors for legal advice on drafting it properly.
7. Get Witnesses: Sign your completed document before two independent witnesses above age 18—they must not be beneficiaries nor their spouses/partners
8. Securely Store It: Keep original safe possibly sharing copies among trusted family members plus noting its existence alongside location somewhere reliably accessible
9. (Optional) Regular Updates! : Review periodically ensuring reflects current circumstances especially major life events such marriage/divorce/births etc requiring potential revisions

Decide your wishes: Before making Will, it is good to think about how you want give out your things. Think who you wish get your things & any special instructions have for them.

Choose executor: Executor is person who make sure your wishes in Will happen. Important to pick somebody you trust and can handle work that needs doing.

Ask for legal advice: Even though you can make a Will without a lawyer, it is better to ask for legal help. This way, you can be sure your Will is correct & follows the law.

Prepare your Will: After you have made decisions on your wishes & picked an executor, you can start writing your Will. You may do this with help from a lawyer or by using a DIY Will kit.

Sign and witness your Will: For making sure your Will is valid, you need to sign it in front of two independent witnesses. They also must sign the Will while being there with you.

Keep your Will in secure place: It very important put your Will where it safe & let person who will execute it know location. You can also decide to keep it with lawyer or Probate Service for added safety.

The Benefits of Having a Will

Having a Will can offer many advantages for you and your family. Some of the main benefits are:

1. Clear Wishes: A Will lets you clearly state how you want your belongings & assets to be divided after you’re gone.
2. Less Stress: It helps reduce stress for loved ones, as they won’t have to guess what your wishes were during an already difficult time.

3. Avoid Disputes: By making things clear in writing, it lessens chances of disputes among family members over who gets what.
4. Guardianship Decisions: If you have young children, a Will allows you to name guardians who will take care of them if something happens to you.
5. Efficient Process: Having a Will can make legal processes smoother and quicker because there is guidance on handling everything according to your wishes. So, creating a Will gives peace of mind knowing that all matters will be managed as per your decisions when you’re not around anymore

6. Peace of mind: When you know your things are safe & what you want will happen, it can make you feel calm for yourself and your family.

7. Avoiding disagreements: By writing down your wishes clearly in a Will, you can help stop any possible arguments among family members.

8. Taking care for family: A Will lets you take care of your family and make sure they get what they need after you are gone.

9. Tax planning: A Will can also be useful for managing taxes, making sure that your estate is given out in a way that saves on taxes.

10. Taking care of vulnerable beneficiaries: If you have people who need extra help, like little kids or family members with disabilities, a Will can make sure they get the support & protection they need.

Conclusion

In the end, making sure your belongings are protected with a Will is very crucial to take care of your family and friends after you die. Having a Will ready can give comfort in mind, stop arguments, and let you decide how to share out what you own.

At Baines Bagguley Penhale we regularly assist our clients in making plans for themselves and their families.

You can either visit us, or Contact us here to discuss:

Will Writing
Managing your Financial and Property Affairs
Lasting Powers of Attorney
Estate and Inheritance Tax Planning
Probate (management of the will of a deceased relative or friend)
Letters of Administration (management where no will has been left)
Disputed Wills

Contact us here for more information