How to make wills?
There are several reasons why a will is necessary. It is needed regardless of how much money or possessions you have. Here are compelling reasons why a will is important:
- If you are living with a partner and have not yet registered for a civil partnership or remains unmarried, the living party will not have the legal claim to inherit from any of the properties or possessions left by the other if there is no will.
- A will is also important to ensure that children are properly taken care of in case one or both of the parents pass away. This is most important if there are dependents below the age of 18.
- When an individual dies without a will, the property and possessions left will be subject to the law. Unfortunately, how the ownership and money are managed may not be following your wishes.
- Having a will written can help reduce the amount of inheritance tax.
- Any changes in your circumstances such as marriage and divorce should be factored into the will.
Any doubts or concerns you have with regards to the writing of a will should be directed to an expert. You can reach out to one of our advisers. We also offer face to face advice services if you feel more comfortable talking to us in person.
How to choose an executor
It is typical to appoint more than one executor of the will to prepare for unforeseen circumstances such as death. You can nominate a maximum of four executors who will be responsible for the management of assets after your death. Here are the most commonly chosen individuals to act as an executor:
- Relatives and friends
- Solicitors or accountants
- In England and Wales, a Public Trustee or an official solicitor is appointed when no other individual is willing to become the executor.
When choosing an executor, you must always select someone who is willing to take on the responsibility since it will entail a lot of work. If a person is appointed as an executor without their consent, they will have the right to refuse the appointment, that’s why you should always approach the person first and confirm their approval.
Do you need a solicitor?
It is not mandatory to hire a solicitor to draw up a will. Any person can write his own will if preferred. But hiring a solicitor has some additional advantages such as legal knowledge on the formalities of writing a will.
Estate planning tailored for you
We offer bespoke planning for your estate, to protect those that you love if you can't be there.