Even though death isn’t the most desirable topic to discuss, it is extremely important that a will is created and that our desires and intentions are clearly written to ensure our loved ones are well taken care of. Many people think that writing a will is for those who are in their retirement or over 65 years old, but that is not true. There is no particular age that you should do this and once you own valuables, then you should create a will to ensure the interests of your family are well-protected. Here, Probaters advises on the ins and outs of will writing, from determining who to put in your will to deciding if you need a probator.
Is a Will Truly Needed?
In the event that you live with your spouse or partner, have children, are a business owner, or have an estate, then you definitely should be thinking about taking out a will as soon as possible. By doing so, it will protect the people that are important to you and ensure that common problems such as inheritance tax are dealt with.
Who Can I Put in My Will?
You can put anyone you want on your will such as charities, your family members and even your pet. In the event that you have any specific items of value, heirlooms or items that hold a lot of sentimental value, then you can state who you would like to own these items after your death.
Where to Start with Getting a Will Written?
This question depends largely on your current finances as well as your own personal requirements. There are numerous ways in which to get a will done and we will now take a look at the options that you can consider:
1. You can get a probate expert to do so and find one that is suited to all of your needs. They can handle challenging cases or even very simple ones. Their prices would vary greatly and depend mainly upon your requirements and will usually start from about £780 which includes VAT.
2. Another option is to use a specialised will writing agency or service. This service is typically priced from £75 and up.
3. In most stationary stores you can find a template document to easily write your will and these can cost as little as £10.
Who Can Carry Out the Will?
You may immediately think that a spouse or one of your children should carry out the will, however, it may be best that someone impartial should do so. This can help to prevent issues and various conflicts from occurring, especially if there are problems between your children. It may be best to hire a professional who can carry out your will while dealing with any issues that may come up in the probate process. Additionally, you should also think about any children you may have who are under 18 years old and ensure that they have an appointed guardian who will take care of them until they become adults. You should also make sure that the will is safely stored in a secure location and the person or persons who are supposed to execute it know of its location.
What Will Happen of There is No Will?
If there is no will and you die, then there are various intestacy rules that will come into effect since you will now be seen as interstate. We will now take a look at what will occur.
1. Any spouse or children you have will get your personal possessions and they will also receive a min of £250k of your property/estate.
2. Your spouse will only inherit all that was stated above in the event that you don’t have any children.
3. If you were not married to your partner, then they won’t receive any of your possessions or estate automatically, even if you both had children while you were together.
4. Children will receive all of your belongings, which will be divided equally between all of them if you don’t have a wife or husband.
5. In the event that you don’t have children, a spouse or a partner, then your estate will be shared between your brothers and sisters, parents, nieces and nephews.
Is a Probate Expert Necessary in Order to Execute the Will?
You don’t have to employ a probate expert in order to execute your will. However, if this is not done, then claims can be made against your possessions/estate which means that the entire will can possibly be contested. This typically happens if you made your own DIY will since proper legal terms may have not been used causing unseen loopholes which can lead to it being contested.