Have you ever thought about making a will? Although it is something we often put off, making a will can help ensure that your wishes are carried out and that your loved ones are taken care of when you’re gone. Here, we share everything you need to know about making a will. Keep reading for more information.
What Is a Will?
A will is a legal document which sets out how your estate will be distributed upon your death. It specifies who should receive what assets, as well as who should act as guardian if you have any minor children or dependents. Without making a valid will, the law determines how the estate is divided up according to intestacy laws.
Why Do I Need a Will?
Having a will is essential if you want to ensure that your assets will be distributed in accordance with your wishes, rather than according to the law. A will allows you to specify who should receive what and also makes it easier for your executors (the individuals you appoint to carry out your wishes) to act on your behalf. Additionally, making a will can help limit any family disagreements or disputes over the distribution of assets after you pass away.
What Should I Include in My Will?
When making a will, there are certain things which should always be included:
– Your full name and address
– An appointed executor/s (the individual/s you appoint to carry out your wishes)
– Details of any financial assets and debts
– Details of any physical possessions (e.g. jewellery, cars etc.)
– Funeral arrangements
– Any specific gifts you wish to make to individuals
– Any trusts or charities you wish to leave money to
It is also important that your will is properly signed and witnessed. This must be done for it to become legally binding.
When making a will, it is wise to seek legal advice from an experienced professional such as Mark Reynolds Solicitors who can help ensure that everything is in order and all your wishes are carried out accurately.
What Happens When I Die Without Making a Will?
If you die without making a valid will, your estate will be distributed according to intestacy laws. This means that the court will decide how your assets are divided up and who should receive what. In some cases, this can lead to family disagreements or disputes over the distribution of assets which can cause stress and upset at an already difficult time.
Therefore, making a valid will is essential if you want to ensure your wishes are carried out accurately after death and that those closest to you are taken care of when you’re gone.
Making a will is one of the most important things we can do in life as it ensures our wishes are carried out properly and our loved ones taken care of when we’re gone. We hope the information in this guide has helped you to understand why making a will is important and what you should include in it. For more information, get in touch with Mark Reynolds Solicitors today.