Many people put off making a will, but it is one of the most important things that you can do for your family. Your will gives clear instructions about what should happen to your money, possessions and property (your “estate”) after you die. Even if you are only leaving a few assets or a small amount of money, it can save your family unnecessary distress at an already difficult time to have your wishes clearly set out.
If you do not have a will, you are deemed to have died “intestate” and the state will decide how your assets should be distributed. This could mean that those closest to you, or causes that you would have liked to support, end up missing out.
Making a will is not expensive and any solicitor should be able to help you with this. Some workplaces or Unions also offer access to will-writing at a reduced cost, so check with your employer.
The solicitor will ask you to make a list of your assets (things like property, family heirlooms, investments, pensions or life insurance policies) as well as any liabilities (like mortgages or loans) and then decide how you would like to divide your estate. Couples will often make a joint will, which can be very straightforward but make a huge difference in the event of a bereavement.
Once you have made your will, it is important to keep this under review, as changes in your circumstances or assets may require amendments to be made. It is worth noting that existing wills automatically become invalid in the event of a marriage or civil partnership, but not in the event of separation or divorce.
Please note that this is intended as a basic guide only and wills are not regulated by the Financial Conduct Authority.
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