WeddingGuideUK.com - Making a Will

Making A Will

Introduction
Considering making a Will at a time of joy and happiness may seem to many to be somewhat morbid and probably the furthest thing from your mind. However, it is not just something that ‘older’ people should consider as it is a sad fact of life that tragedy can happen when you least expect it. The making of a Will is in fact an act of love and consideration. It is also a responsibility undertaken by those who wish to spare their next of kin further pain of worry and even hardship when they die, especially if their death is untimely and sudden.

What is a will?
A Will is a legally binding deed that states what happens to a person’s property after they die. Clearly a Will does not take effect until after a person dies, meaning that it is possible to change or replace it with another that supersedes any previous ones. This allows for any changes in circumstances that occur during a person’s lifetime.

There are many misinterpretations as to what happens to your assets after death and to what constitutes a legal will. The following list highlights some of the more common misconceptions:

A letter conveying your desires as to what is to happen to your property on your death constitutes a legal document – It does not.
The surviving spouse always inherits their partner’s estate, which they must use for the benefit of the family – This is not so.
Your next of kin automatically acquires your property and has a legal duty to distribute it fairly amongst the members of your family – This is not so.
A final request by a dying person is always enforceable – It is not.

There are two essential prerequisites for a person to make a Will, you must be at least 18 years old and be of ‘sound mind’.

Why have a will?
Everyone has an ‘estate’ whether it be assets worth millions or a few hundred pounds in savings and some treasured possessions with little monetary value, but priceless in sentiment. If a person dies without having left a Will, it can take many months before those left behind are able to gain access to bank accounts, savings and even life insurance. Your spouse will receive your personal possessions up to £200,000 (subject to change) or £125,000 if you have children (subject to change). A Will is an opportunity to make certain that your money goes where you want it to and to keep the taxman’s share to a minimum. It also allows you to arrange guardians for any children.

Besides peace of mind there are plenty of other reasons for making a Will:

It will avoid family conflict. Not making a Will can often lead to disputes and bitterness between loved ones when it comes to sharing out your estate.
A Will allows you to choose who will best deal with your wishes after death. If you have not appointed executors, the courts, according to statutory rules, will decide who will act in this capacity. They will normally be people who stand to inherit your estate under the intestacy rules.
You can also appoint guardians for children under the age of 18. Guardianship is a particularly important consideration if you are the only surviving parent of young children. The Children’s Act 1989 states that if you have not appointed guardians for children under the age of 18, the courts will do it for you.
You can make clear what you want regarding funeral arrangements and the final disposal of your body.
Making a Will is the only way you can ensure that your estate goes where you want it to without paying more tax than you absolutely have to. If the value of a joint estate is more than £500,000 you will definitely benefit from taking Inheritance Tax saving actions.

Single and two mirror wills for married partners or couples can be purchased online from the Confetti website. Your will is drafted by a real live solicitor, who will discuss any specific concerns you have.

Making and changing your will
The effects of wills on marriages
Legal terms

Advertising Information | Privacy Policy | Testimonials | About Us
Add WeddingGuideUK.com to your favourites