When do you need to make a will and why?

November 4, 2013 | by | 0 Comments

The fact that you need to make a will can be a scary and upsetting subject to talk about. Nobody wants to have to think about it, but the thought of not having one is more frightening and nowadays, very uncommon.

There are a lot of reasons why you should make a will. Everyone has their own opinions, and no-one should have to make a will if they don’t want too, but it is nice to know that your assets will be looked after once you’re gone. It’s also important that you make sure you aren’t paying any unnecessary taxes to the government.

Most people decide to make a will once they have assets worth keeping or being taken care of when they are no longer around.

Making a will can be a scary and distressing subject but also an important one

Making a will can be a scary and distressing subject but also an important one

It’s a security blanket knowing your possessions will be left to the people that you care about. Being able to make this decision yourself also makes sure there is no dispute between families when it comes to splitting assets up themselves. You don’t have to make your own will, you can hire a solicitor to go through it with you and come up with one to suit you.

Make sure you talk it through with a solicitor first, even if you don’t intend on using them. It’s useful to have the extra information if you need it. A great place to start when writing your own will is saga.co.uk. From here you can draft up a will that suits your needs, no matter how simple or complex.

You can organise lasting power of attorney in case you need someone else to manage your affairs, set up trusts and asset protection and also have it printed, bound and stored so that it can’t be lost or declared invalid. General questions can also be answered here, such as what is a will? Why do you need one? When should you update your will? What is lasting power attorney?

Without a will, the state directly inherits all of your estates and assets. Your family and friends won’t see any of it, so it’s important that you know whom your possessions will be going too. If you have children or dependants it is important you make a will. Without one, there won’t be any advice on who will look after them or provide for them once you’re gone.

It is also very important you make a will if you live with your partner but you aren’t arried. The law doesn’t recognise cohabitants so unless you make it clear that you want your assets to be left to them, they will be left without anything.

References

http://www.saga.co.uk/legal/wills-and-estate-planning.aspx

http://www.lawsociety.org.uk/for-the-public/common-legal-issues/making-a-will/

http://www.ageuk.org.uk/money-matters/legal-issues/making-a-will/

Category: Business

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