With an estimated 60 per cent of people dying without having made a will, it’s troubling to think that their life savings and property may not be passed on according to their wishes.
One way of guaranteeing that those closest to you are taken care of is simply by making a will.
A will ensures that your assets are shared in the way that you would like. If you’re an unmarried couple, you can make sure your partner is provided for and if divorced, you can decide whether to leave anything to your former partner.
You are never too young to make a will. An online YouGov poll undertaken by children’s charity Barnardos found that of those people who have made a will, a surprisingly savvy 61 per cent did so before the age of 41.
More than one in five (22 per cent) cited having a child as a key driver whilst almost a quarter (23 per cent) stated financial planning as the reason for writing a will.
Although it is possible to write a will yourself there are various legal formalities you need to follow to make sure that your will is valid. Importantly, employing the services of a Solicitor can ensure the process is smooth and that you don’t pay more inheritance tax than necessary.
Begin by taking some time to think about what you want to include in your will, look at how much money and what property and possessions you have. Crucially, think about whom you want to benefit from your will and who is best placed to look after your children if under the age of 18.
Also consider who you would like to sort out your estate and carry out your wishes after your death. You can appoint an executor at any time by naming them in your will.
In England, Wales and Northern Ireland, two witnesses are required to be present when a will is signed and they must have no beneficial interest as this could make it invalid.
Remember once you’ve made your will it’s important to keep it in a safe place and tell your executor, close friend or relative where it is. You should also consider reviewing it every five years and after any major change in your life – such as separation, marriage, divorce, having a child or moving house.