It can be
difficult to think about what will happen after we’re gone, but it’s vital to
have your affairs in order and writing a will is an important part of this
process. A will is a legal document which lays out how you’d like your assets
to be divided after your death and it offers peace of mind that you loved ones
will be taken care of.
If you pass
away without a will, then your assets will be divided in accordance with the
law and this may not align with your wishes. It can also cause additional
stress for your family if they need to spend valuable time and money contesting
the decisions made by the law. There are many good reasons to make a will, but
if you’ve not considered doing so before, you may not know where to start.
There are
several things to consider when writing a will, including the type of will you
need, deciding who your beneficiaries will be, and appointing an executor to
oversee the process. Seeking legal help and advice is a great place to start
once you’re ready to write your will, but if you want to know more to help you
prepare, read on for our handy guide.
Why should I make a will?
Making a
will is important for everyone, not just those who are wealthy or have a wide
range of assets. One of the most straightforward reasons to make a will is that
it lets you decide how your assets are divided up. This could include monetary
savings, property and personal possessions (collectively known as your estate),
and a will lays out exactly who gets what.
Making a
will also safeguards any children under 18, or any other family members who
depend on you financially. A will allows you to name a guardian(s) to care for
any children after you’re gone and you can also ensure that they inherit any
assets you want to pass on. Writing a will can also help to reduce the amount
of inheritance tax payable on any property or large sums of money left behind.
It’s a good idea to seek legal advice if you’re looking to save on inheritance
tax and a professional solicitor will be able to explain any exemptions which
may be available.
As well as
the practical considerations, a will simply offers you the peace of mind that
your loved ones will be taken care of. Don’t leave things to chance and let the
law decide, as you can’t assume that your assets will be divided up in the way
that you would choose. Making a will in advance ensures all your affairs are in
order and you can be confident that friends and family will receive what you’ve
chosen.
What type of will do I need?
There are
several different types of will available depending on your circumstances. It’s
important to choose a will that’s best for you, so see below to find out more
about the most common types of will.
Single will
This is the
most common type of will used by an individual person to outline their wishes,
but you don’t have to be single to make a single will. Many married people use
single wills if their wishes differ to that of their partner, so the choice is
up to you. Single wills are particularly popular among married people who have
children from a previous relationship, as you can choose to divide your estate
between your children and spouse.
A single
will details how your assets (such as property and savings) will be divided up,
but it can also contain plans for your funeral and how you’d like personal
possessions to be distributed.
Mirror wills
As the name
suggests, these wills ‘mirror’ each other and are designed for couples who have
the same wishes. In most cases, the entire estate passes to the surviving
spouse once the other passes away, then after they die, the estate is
distributed according to the instructions in the will.
Although the
documents are drawn up at the same time, be aware that either partner can
change their will at any time. There also needs to be a high degree of trust
involved as the surviving spouse could change their will following your death
and the new terms may not reflect your original wishes.
Trust will
A trust will
offers increased protection for your assets and gives you more flexibility over
how they’re managed. Trust wills allow a third party (known as a trustee) to
manage your estate on behalf of beneficiaries (usually minor children). Most
people lay out conditions for how and when the beneficiaries will receive any
money or property left to them; for example once they turn 18 or finish their
education.
Creditors
are also unable to access any funds or property left in a trust, which provides
extra security for anyone in debt or facing bankruptcy.
Living will
Also known
as advance decisions, this type of will covers personal decisions about medical
treatment and end of life care. It lays out what you may want - or don’t want -
towards the end of your life and a living will is consulted once you can no
longer communicate decisions for yourself. It may include aspects like whether
you want to be resuscitated, the type of pain medication you’re comfortable
with and whether you’re happy for organs to be donated.
What are my assets?
Your assets
make up what’s known as your estate and this is what will be divided up between
loved ones. It’s a good idea to get help from a law firm or will writing
service when drawing up a list of your assets and any debts. They can help to
make sure everything is included and give you an idea of the value of your
estate.
Assets that
typically make up an estate include:
● Your home and any other property you
may own (e.g a second home abroad, commercial premises or rental properties)
● Savings in bank or building society
accounts
● Pension funds and insurance
● Investments such as stocks and shares
● Vehicles
● Furniture and other household items
● Personal items such as jewellery,
artwork and antiques.
Experts
recommend that you get your assets valued regularly as their value can change
over time.
How do I want to divide my assets?
Once you’ve
identified all the assets that make up your estate, you’ll need to decide how
you’d like them to be divided up. Think about who you want to benefit from your
will, including family members, friends or any charities that are important to
you. You can also allocate personal possessions or gifts which may have
sentimental value to a specific person. You’ll need to appoint an executor too;
this is an individual named in your will who will be responsible for dividing
up your estate.
In most
cases, funeral and administrative expenses are deducted from the value of your
estate, as well as any outstanding taxes or debts that are owed. What’s left is
known as the residue of the estate and it’s this which will be divided up
amongst the people named in your will. How you divide your estate is highly
personal; some people decide to leave everything to their children, or you may
want to donate a lump sum to charity. You’ll also need to think about what will
happen if any beneficiaries die before you and who would inherit their share.
Professional will writing services in
Nottingham - From the experts at Smalleys Solicitors
If you’ve
been thinking about writing your will
and are in need of professional help
and advice, get in touch with the expert team at Smalleys Solicitors. We offer
all the estate planning services you need to ensure that your assets are taken
care of and your loved ones receive what’s intended. If you’re unable to come
to our offices in person, we’ll come to you to make a note of your wishes
before drafting all the necessary paperwork.
We understand the will writing can be
complicated, but our team is on hand to guide you through every step of the
way. We can also advise you on how to reduce inheritance tax or set up a trust
to ensure your assets are well protected. For more information about our will
writing services or to book an appointment, give us a call today on 0115 955
6555 or
contact
us via our website.
