BUSINESS + TECH
IT’ S UNLIKELY MANY OF US WILL GLEEFULLY LAUNCH INTO AN ANIMATED CONVERSATION ABOUT WILLS OR WILL-MAKING SIMPLY BECAUSE THE SUBJECT OF DEATH IS LESS THAN CHEERY. EVERY SINGLE ONE OF US PASSING AWAY IS, HOWEVER, AN INEVITABILITY AND MAKING A WILL IS THE ONLY SUREFIRE WAY TO MAKE SURE YOUR MONEY, PROPERTY, POSSESSIONS AND INVESTMENTS- COLLECTIVELY KNOWN AS YOUR ESTATE- GO TO THE PEOPLE AND CAUSES THAT YOU CARE ABOUT. FROM HOW TO VALUE AND DIVIDE YOUR ESTATE, TO THE WRITING OF YOUR WILL, MAKING SURE THAT IT’ S VALID AND CRUCIALLY, WHAT HAPPENS WHEN NO WILL IS MADE, POLLY HUMPHRIS LIFTS THE LID ON WHAT CAN BE AN ALL-TOO-EASILY AVOIDED NECESSITY.
Valuing your estate Your will should cover your entire estate, so it’ s a good idea to draw up a list of your assets and debts to give you a clear idea of how much its worth, which can then help you decide how to distribute it. It’ s a good idea to get your assets valued regularly- the price of your house, for example, may have changed substantially since you last checked.
Assets that typically make up an estate include:
• Any property you own( in the UK or abroad)
• Savings in banks, building societies or elsewhere; Premium Bonds, for example
• Insurances, such as life assurance or an endowment policy
• Pension funds that include a lump sum payment on death
• Investments such as stocks and shares or investment trusts
• Vehicles
• Jewellery, furniture and other house contents
While debts might include:
• Mortgage or equity release
• Credit card balances
• Bank overdrafts
• Outstanding loans
Dividing your estate Your will needs to state clearly and precisely how you want your estate to be distributed, and who should be responsible for distributing it. In this case, it helps to consider who you want to benefit from your will and whether you want to give any specific gifts to particular people; where the‘ residue’ of the estate is to go( any property or money left over after paying funeral and administrative expenses, legacies and taxes); what you want to happen if any of your beneficiaries should die before you; and whether you want to leave any money to charity.
Executors are legally responsible for dealing with someone’ s estate after their death. The process can involve a lot of work and responsibility, so it’ s important to choose your executor( or executors) carefully. When you’ re choosing who to appoint, talk to them to check they fully understand what’ s involved and that they’ re happy to ensure your instructions are followed.
Writing your will Sounds simple but isn’ t- hence leading financial service company Canada Life’ s latest research uncovering that a staggering 44 % of UK adults have not written a will. It’ s best to start with advice on the topic from a lawyer, solicitor or chartered legal executive who specialises in wills and probate to get the ball rolling. Be mindful to check they’ re licensed with the relevant professional body, such as the Solicitors Regulation Authority.
Some charities and campaigns- such as Will Aid( willaid. org. uk) offer free willwriting services to encourage people to make wills and leave charitable legacies.
Free Wills Month is another benevolent initiative that brings well-respected charities together to offer members of the public aged 55 and over the chance to have their basic wills written or updated free of charge by using solicitors in selected locations across the UK- the campaign runs annually during March and October, and you can sign up online( freewillsmonth. org. uk).
You can write your own will, but this leaves substantial room for error. While it might seem like the‘ easiest’ option now, it could cause costly legal problems for your executors and beneficiaries further down the line, so it’ s better to seek professional advice.
Making sure your will is valid For a will to be valid, it must be signed by you and witnessed by two people, you must have the mental capacity to make the will and understand the consequences of making it, and you must have made the will voluntarily and without pressure from anyone else. The beginning of the will should state that it revokes all others and, if you’ ve made an earlier will, you should thoroughly and safely destroy it.
You must sign your will in the presence of two independent witnesses who must also sign it in your presence, meaning all three people need to be in the room together when each one signs. If the will is signed incorrectly, it is invalid.
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