Will the government profit from your death?
A legally valid will ensures your wishes for what should happen to your money and possessions after your death are honored.
In addition, making a will can help to ensure your estate doesn't pay more tax than is owed so more of your money goes where you want it to.
It is possible to write your own will without using a solicitor but you should think about taking some form of professional advice to ensure the will is worded correctly.
For your will to become legally valid and give your wishes the power of law it has to be witnessed and signed by you.
Should you need to change your will in any way you will have to officially alter it using a codicil or write a completely new will again.
What Should Your Will Include?
Your will should clearly state:
- who your beneficiaries are
- how any children under 18 should be cared for
- which people will be responsible for carrying out the terms of your will
- what should happen if any of your beneficiaries die before you
When Should You Take Legal Advice?
It's always advisable to use a legal professional if your circumstances are more complex such as...
- you live with someone who isn't your spouse or legal partner
- you have dependants who will benefit from your will and can't care for themselves
- you have multiple relatives who make claim against your will
- you are not a permanent UK resident
- you are a UK resident and own property overseas
- you own a business
Making a will adds powerful protection to your personal finances and ensures those you care about benefit the most after your death. Take action now and give your wishes the power of law.