Tuesday 27th June 2017,
Grm Law Firm

What is a Will and How Does it Work?

What is a Will and How Does it Work?

Near on half of the present British adult population haven’t written out a will and those that have usually don’t obtain one until they’re around the age of 65. That’s a large amount of uncovered people and will affect those who may sadly die young. Let’s take a look at why getting a will sorted out is plain old common sense!

With a Will

  • A will gives you the option to leave clear instructions on how you want to see your estate distributed. Minus a will, it is then subject to the intestacy rules and may not even go to the people you wanted it to.
  • A will lets you choose your own executors. If you die without one, your nearest relatives will have to ask for ‘letters of administration’.
  • A will allows you to appoint a guardian(s) to take care of your beloved children, should they be under 18, until they come of age. Plus monetary arrangements can be created for their benefit.
  • A will lets you make certain endowments to people of your own decision. These can vary in range, from cash to items of jewellery.
  • If you ever remarried, a will ensures that any children from your previous marriage can obtain a share of your estate.
  • All of this and more can be easily achieved with the help of a professional will writing service in Bury St Edmunds, who can make sure that it’s all done perfectly and thus giving you that perfect peace of mind.

Without a Will

  • Any unmarried common law partners, might not receive a single thing from your estate, not unless there’s a will in their favour.
  • Should your estate be divided according to the intestacy rules, your spouse or civil partner might never receive what they would have expected them to.
  • If you pass away without a will and have no immediate family members such as a spouse or children, your parents or siblings may well be able to inherit your estate, even if you’d like them not to and preferred it went elsewhere.
  • Minus a will, your family might face the possibility of a larger inheritance tax bill than necessary, as a will assists with the tax-planning process.

What to Do?

Do some homework online and check out exactly what your needs are before making your will. The most popular method is with the use of a will writer. If a will writer is preferred, make certain that they belong to the Institute of Professional Will Writers or the Society of Will Writers, and ask for evidence of indemnity insurance for details about all procedures if you or your beneficiaries have any problems with the will.

There’s also the less popular choice of your bank, just ensure that it’s will-writing service is regulated and ask who provides the service.

Having a will made up is plain common sense as more and more people have found out.

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