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Will Making
Article Summary: A will is a legal document prepared by an individual stating the devolution of his or her property to his legal heir or immediate family members in the event of their death. When a person prepares a will, there are certain basic conditions that need to be fulfilled for the will to be legally valid.
Who should Prepare a Will?
- Single Individuals: If you are single and have property, it is mandatory that you prepare a will clearly describing the distribution of assets in the event of your death. In the event that you do not prepare one, your property is automatically passed on to your parents, brothers or sisters or your uncle or aunt, if any.
If you are a co-habitating couple and if you have not prepared a will, your partner will not receive anything.
- Married Individuals: Married individuals are primarily required to prepare a will describing the devolution of their property to their spouse and children. In the event of your sudden death and the absence of a will, the first £125,000 is passed on to your spouse and the remaining is equally shared among your children. In case, you do not have children your spouse gets £200,000 and the rest is shared among your other family members including your parents, brothers or sisters and other relatives depending on whoever is alive in the order of above stated priority.
What should a Will Contain?
Your will is your perfect opportunity to let your family members know your intentions on the distribution of property. It includes clauses such as:
- A clear indication as to whom you will want to declare as the heir to your personal assets, money, investments and belongings.
- Whom you would like to appoint as the guardian of your children.
- The manner in which you would like to have your funeral performed.
Write about Issues related to Wills?
In case you decide to exclude certain family members from your will, they can still stake a claim on your estate. The following people are legally eligible for a share of your estate even in the event of their exclusion:
- Your current spouse
- Your children
- People who are financially dependent on you
- A co-habitating partner
- Step-children
- An ex-spouse who has not re-married
In the event that you decide strictly not to pass on any of your property to any close member of your family, you need to prepare a letter stating clearly the reasons for their omission from the will. This will reduce their chances of contesting on the will.
Another common issue that you witness with regard to will disputes is that of inheritance tax. In case your family members inherit your property in the absence of a will, they will have to pay the inheritance tax on the property. All this and more can be avoided by preparing and updating your Will periodically.
Storage of Your Will
You need to safeguard your will either with a bank or your personal advisor. It is usually not advisable to have your will placed in a locker because in the event of your death, it becomes inaccessible to your heirs and might involve a lot of legal interventions.
You can make a copy of the will publicly open, clearly mentioning as to where the original copy has been placed.
Preparing a Will – the Importance
It is estimated that more than 50% of the population in the UK do not have a will. To make work all that easier, there are companies that have started online Will making services today. It is high time that people realised that it is their hard-earned money and that it needs to be reached to the right hands after their lifetime. Better late than never.
Article Source: http://www.upublish.info
About the Author:
James Walsh
James Walsh is a freelance writer and copy editor. It is never too early to write a Will and it is essential that you keep it updated if your life circumstances change, for more information see http://www.lifetime-wills.com
