Discussing death is a taboo in many places, but even so, it is imperative to clearly express your intentions when writing your will and thinking about leaving your property and assets to your family. If you thought that writing a will only apply when you are a senior and well into your retirement, you couldn’t be more wrong. There’s no right age to think about addressing this topic; it’s only that most people do it when they retire or hit age 65. So, when in doubt, know that anything valuable that you want to leave in the hands of your loved ones when you pass away, a will will handle it. If you’re wondering “what is probate?” and “what happens if I don’t have a will?”, please read on.
Do You Really Need a Will?
If you leave with a partner, have kids, own an estate or a business, then you may need to consider writing a will. This document will help protect your loved ones by ascertaining that issues like inheritance tax are all handled.
Who Can You Include in Your Will?
There is no restriction on who you can include in a will, from friends to charities and even pets. If you own any family heirlooms or items of sentimental value, it’s ideally advisable to have in writing who will be responsible for them.
How To Get Your Will Written
Depending on your financial situation and personal needs, there are various ways to get your will written. Here are several options that are available to you: 1. Contact an expert in probate, particularly one who can cater for all your requirements, regardless of the complexity of your estate. The price will vary depending on your exact needs but start from £800 including VAT. 2. You can search for a specialist will writing service, and this costs £75 and above. 3. You can also use a template document which you can buy in a store for as low as £10.
Who Should Conduct the Terms of Your Will?
While siblings, spouses or children seem to be the most obvious choice for ensuring your wishes are done, it’s advisable to consider an impartial executor as this really helps avoid any potential conflicts that may come up when you pass away. Utilising the help of a professional executor can ideally help prevent the problems that come with the process of probate. In addition to considering your will executor, if you have kids below the age of 18, you’ll also want to choose a guardian who will take care of them, should you pass away before they become adults. Once you have written your will, you should store it in a safe and secure place and make sure that the executors are aware of the location.
What Happens When You Do Not Write a Will?
In the event you pass away and didn’t write a will, intestacy rules will come into play as you will be considered interstate. These include the following. 1. Your partner and kids will get your personal possessions as well as a minimum of £250,00 of your estate. 2. If you do not have children, your spouse will inherit everything mentioned in point 1. 3. If you are not married, your long-term partner will not automatically inherit any of your possessions, whether you have kids or not. 5. In the absence of your partner or spouse, the children will inherit everything. This will be evenly distributed among them. 6. If you do not have a spouse, partner or children, your possessions may go to your relatives or siblings.
Do You Really Require a Probate Expert to Handle Your Will?
As mentioned earlier, you do not need to hire a solicitor to ensure your wishes following your death are ascertained. However, this can lead to a myriad of problems from conflicts between those you leave behind, to claims being made against your property. It can also lead to your will being contested, which is especially common with DIY wills. This is because you may not be able to completely comprehend legal terminology and therefore face numerous pitfalls as a consequence. So, to avoid all these issues, get a solicitor who’s an expert in this kind of law.
