**Collaborative post**
According to a survey conducted earlier this year, more than half of British adults don’t have a will and 12% have no intention of making one. Reasons why vary, but primarily people assume their loved ones will inherit anyway which is not necessarily true under UK intestacy laws.
Explore why solicitors and financial advisors recommend all adults have a will and how you can create your own.
It’s never too early
It’s a misconception that you need substantial assets for a will to be worthwhile. Ideally, you should contact will writing solicitors at the earliest opportunity to draft the document and update this as and when you come into money or property. This ensures your estate is under control from the start and helps you identify assets you might have otherwise overlooked.
Key life events
Milestone moments such as buying your first home and getting married or entering a civil partnership naturally lead to the accumulation of an estate. While it’s likely you have years ahead of you, it’s important to prepare a will immediately so your loved ones aren’t burdened with complex probate procedures or passed over for inheritance should the worst happen.
Protecting dependents
One life event that is particularly significant in terms of making a will doesn’t relate to assets at all. If you become a parent, a will acts as a means of assigning guardianship of your children should you pass away before they reach adulthood.
Assigning inheritance
If you die without a will, your assets are divided following the rules of intestacy. The closest living relative is assigned the task of managing the estate, and the inheritance is given out in line with set guidelines which see the spouse and partner inherit all property and belongings and the first £322,000 of the estate. Any further estate funds are divided between any surviving children. If you wish to portion out your assets differently, you must have a will to assign the inheritance accordingly.
How to write a will
Ready to put together your will to protect your estate and loved ones? Follow this step-by-step guide:
- Speak to a specialised solicitor to draft a legal document
- Consider asking a tax advisor for advice on inheritance tax to maximise how much is passed on
- Audit your assets, remembering to include your digital documents, your pension and any debts as well as savings, physical possessions and property
- Decide how your assets should be divided up between beneficiaries
- Name an executor (the person who will organise the distribution of your estate)
- Sign the will and store the document securely
Related Posts:
Discover more from Emmy's Mummy
Subscribe to get the latest posts sent to your email.
