Six points to consider when you make a will
Its not expensive, it doesn't take long to do and its vitally important yet 70% of us do not have one. Clearly making a will is seen as an arduous task. In actual fact most people affairs are quite straightforward and many online will providers now make the whole process simple and easy to do yourself. Dying without writing a will can cause a lot of extra grief and expense for the family you leave behind and can result in family feuds. Take the example of billionaire aviator, Howard Hughes, he died without making a will and for the following 15 years his family fought over his vast estate. Extreme maybe, but its still worth taking the time to make a will to ensure your estate goes to the people who you wish to benefit.
7 top tips from online will writing specialists harmonywills.co.uk:
1.Single, Mirror, Joint or Mutual Will - Which one?
If your a single person then the choice is fairly obvious however for couples the situation is less clear. A mirror will is two single wills which simply mirror each other, that is to say, they have reciprocal terms. On the death of the first partner all the estate passes to the surviving partner and vice versa. Generally our advice would be to suggest a pair of mirror wills for most couples or two individual single wills if you require different terms. A joint will is a single document which can be revoked by either party without consent of the other. There is no real merit to make a will such as this and we do not recommend it. A mutual will may be appropriate for some people but on the whole they are overly complicated and again, we do not recommend them to most people.
2. Online Wills, DIY kits or see a solicitor?
These days there are many options for making a will and which option you choose really depends on how complicated your estate is. DIY kits are fine if your confident filling out legal forms and your estate is relatively straightforward. An internet will or online will is a good choice for most people as they ask you simple questions and construct a will based on your answers. The better online will writers will not use automated systems and will check your will for errors before it is produced. Many people are now using online will writers to make a will as it offers a convenient, simple and inexpensive to way to write your will. We recommend http://www.harmonywills.co.uk. If your estate is complicated or you are a wealthy individual then its probably best to speak to a solicitor to make a will based on your individual circumstances.
3. Your executors
These are the people or person who will be responsible for distributing your estate after your death. They will also be responsible for paying off your debts, burial costs and any inheritance tax liability that may arise. It can be a demanding role and you will need to pick some you can trust. If you are married, your spouse will normally take on this role but its a good idea to appoint an alternative in case they are unwilling or unable to perform the role.
4. Looking after your children
If you have children then it is a good idea to appoint guardians in your will. For married couples the surviving spouse will normally take on the parental responsibility but should the worst happen and both parents die at the same time then your appointed guardians would then take on the responsibility. For unmarried couples its even more important, if the female dies, her male partner does not automatically get guardianship. Its important make a will and appoint each other to avoid difficulties like this.
5. Be specific
If you have items that are important to you and you want to leave them to certain family members you need to be clear about what the item is and who you are giving it to. For example when you make a will you may decide to give your grandmother's wedding ring to your daughter, that's fine but you need to be specific.
6. Storage
A will is only valid and exercisable if it can be found and is not damaged. Its an important legal document so you should store it safely. A good tip is to make extra copies of your will and give them your executors, guardians or family.
About the Author
Founder and director of Harmony Wills an online will writing service. We make single and mirror wills for residents of England & Wales.
http://www.harmonywills.co.uk
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