Is your Will in order?
Making a will is the only way to ensure your money, property, possessions, and investments (known as your estate) go to the people and causes you care about.
Let’s look at some top questions…
Q: How do I value my estate?
Your will should cover your whole estate, so it’s a good idea to draw up a list of your assets and debts. Then, you have a clear idea of how much it’s worth, which can help you decide how to distribute it.
Assets may include property, savings, investments, jewellery, or antiques. While debts are often mortgages, credit card balances, or loans.
It’s a good idea to get assets valued regularly. For example, your house’s price might have changed since you last checked.
Q: How do I divide my estate?
Your will needs to state clearly how you want your estate distributed and who should be responsible for distributing it. Think about who you want to benefit from your will. Or any specific gifts.
Executors are legally responsible for dealing with someone’s estate after their death. It can involve a lot of work and responsibility, so choosing your executor (or executors) is important. When choosing who to appoint, you should talk to them to ensure they understand what’s involved and that they’re happy to do it.
If you want to leave a gift to a charity in your will, include the charity’s full name, address, and registered charity number so they can receive it.
Q: How do I write my Will?
It’s usually best to get advice from a lawyer (check they’re licensed with the relevant professional body, such as the Solicitors Regulation Authority.) Some charities and campaigns offer free will-writing services to encourage people to make wills and leave charitable legacies. Like Will Aid or Free Wills Month – Age UK. Banks offer will-writing services and advice about estate planning. But they might charge high fees for these services.
You can write your own will. But it’s easy to make mistakes or miss out important details. So, we advise you to seek professional advice.
Q: How do I make sure my Will is valid?
You must sign your will in the presence of two witnesses. And they must be present when you sign. Also, they must sign to say they’ve seen you sign your will. They cannot be the executor of your will. Or any partners who will benefit from it.
If your will isn’t signed and witnessed correctly, it isn’t valid. The rules are very strict and can be confusing. So, we advise you to get legal advice.
Contact us on – 01494 358835
Source: https://www.ageuk.org.uk/information-advice/money-legal/legal-issues/making-a-will/