Writing A Will Is Easier Than You Think – What Are You Waiting For?

Having a will in place is a vital step in assuring that what happens to your possessions and money after your death is your decision.

You can write it yourself and make it legally binding with this simple guide.

Set out your wishes clearly

State who you want to benefit from your will when you pass and in what split.

You may for instance have two children and wish to split your estate 50% to each, but you may also have grandchildren or a partner who should also be part of your beneficiaries.

A will can also be a way to avoid more inheritance tax than is necessary.

Make it legal

If you have a complicated set of wishes then it may be prudent to employ a solicitor to help you with the intricate nature of them.

Leaving anything open to interpretation could be detrimental to your plans being possible in the event of your death.

Any will that you undertake to write yourself needs to be signed in the presence of two witnesses who are both over the age of 18.

Those witnesses can be legal professionals but they cannot be named as beneficiaries in your will.

Keep it safe

The ideal place for your will to be kept is with the solicitor who conducted the writing and/or the legalising of it.

Having it kept in one place means it cannot be tampered with and will be held securely until such time that it is required to be read.

This is vital to the family left behind to be able to locate the document and have it actioned appropriately.

Update any changes

Any updates to your will have to be done in the same way as you legalised it previously.

Official alterations or changes of wishes must be formally witnessed and signed.

There are no limits to the number of codicils (alterations) you wish to make.

Important things to remember

You may not think about it now but sadly many people die at a young age and may have young children of their own.

It’s of huge importance to document your wishes as to who will raise your children in the instance of your death.

Despite it not being something many of us want to really think about yet, writing a will shouldn’t be a daunting prospect but a crucial legal step to take at any age.

Stephen Coleclough

Stephen Coleclough is a leading international tax adviser who specialises in dealing with ultra high net worth individuals.

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