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Your Will, Your Way: Ten Steps to Ensure Your Legacy Lasts
15 July, 2024 3 minutes reading time
Let’s face it: writing a Will isn’t exactly at the top of anyone’s to-do list. It’s easy to put off, assuming we have plenty of time, or it’s simply an uncomfortable topic to confront. Yet, the reality is that over half of UK adults haven’t made a Will, potentially leaving their loved ones in a precarious situation if the unexpected were to happen.
Dying Without a Will – A Risky Gamble
Dying without a Will means the law decides who inherits your assets – not your wishes. Despite the trend for living together, the law hasn’t caught up for unmarried couples. Sadly, cohabiting partners can’t inherit in England and Wales without a valid Will. Distant relatives might inherit instead of close friends, and your minor children’s future could be uncertain.
Your Will, Your Way
A will isn’t just about distributing possessions. It’s a way to express your final wishes, covering everything from funeral arrangements to guardianship for your children. It allows you to make charitable donations, protect business interests, and ensure your loved ones are financially secure.
Ten Steps to Ensure Your Legacy Lasts
Drawing up your Will can be daunting, but it doesn’t have to be. To get started, consider these ten essentials:
- List It All Out. Compile a detailed inventory of your assets (including digital), including property, bank accounts, investments, pensions, valuable personal belongings, and any business interests.
- Seek Professional Guidance. Enlist the expertise of a specialist lawyer. They’ll ensure your Will is legally sound, and tailored to your specific circumstances.
- Identify Your Dependents. Consider all individuals who rely on your financial support. This includes your spouse, children, stepchildren, or others who may need long-term provision.
- Name Your Beneficiaries and Charities. Specify who will inherit specific assets or proportions of your estate, and remember to include any charitable donations you wish to make.
- Plan for Contingencies. Life is unpredictable. Address scenarios like a beneficiary predeceasing you or becoming incapacitated. This avoids complications and ensures your wishes are carried out even in unexpected circumstances.
- Choose Your Executors Carefully. Your executors are responsible for administering your estate and carrying out your wishes. Select trustworthy individuals or professionals who can handle this responsibility diligently.
- Be Clear and Concise. Avoid ambiguous language to prevent misunderstandings or disputes. A solicitor can help. They will draft a Will that is clear, concise, and legally sound.
- Understand the Tax Implications. Seek professional advice to understand the potential impact of inheritance tax on your estate and explore strategies to minimise tax liabilities.
- Sign and Witness Properly. Your Will must be signed and witnessed according to legal requirements to avoid it being declared invalid.
- Store Your Will Securely. Keep your will in a safe place and inform your executors of its location. That way, your wishes will be carried out smoothly and without delay.
Our Advice
We understand that making a Will can be uncomfortable. But it doesn’t have to be a scary or morbid experience. It is a process that brings peace of mind. Once your Will is finalised, you’ll likely feel a sense of relief knowing you’ve taken care of this important responsibility.
If you need assistance drafting or updating your Will or need a quotation, our specialist team of lawyers is here to help. Contact us today for a confidential consultation.
Please note that all views, comments or opinions expressed are for information only and do not constitute and should not be interpreted as being comprehensive or as giving legal advice. No one should seek to rely or act upon, or refrain from acting upon, the views, comments or opinions expressed herein without first obtaining specialist, professional or independent advice. While every effort has been made to ensure accuracy, Curtis Parkinson cannot be held liable for any errors, omissions or inaccuracies.