Thursday, December 6, 2012

How to Make a Will - What Should a Will Contain?


If there's one thing everyone should know it is how to make a will. Amazingly, the majority of people haven't made theirs, which can lead to uncertainty and worry for their survivors, along with the probability of a costly and drawn-out legal process.

Worst of all, if someone dies without making a will ('intestate'), their wishes may not be fulfilled, their money and property may not go to those they want to have them, and the state may get much of the estate. Fortunately, it's easy to avoid this with a valid last will and testament.

How to make a will - where to go

There are several different ways to make a valid will. These include the following:

A solicitor or other professional trained in how to make a will DIY will-making kit One of the free online wills A paid-for solicitor-checked online will

Theoretically, you can make your own or use one of the DIY kits of will forms that are available from high street stores. For simple wills, these may be satisfactory. For anything more complex you should seek professional advice.

In this case, the ideal solution is a solicitor prepared or checked will, created either by visiting a legal professional or through a reputable online service. The cost of preparing a legal will ranges from virtually nothing, through to several hundred pounds if your affairs are very complex.

Differences in different parts of the UK

Local legal practices may have a bearing on the will-making process - another reason for seeking professional advice. In the UK, for instance, there are differences between making Welsh or English wills or making one in Scotland

Differences range from the availability of legal aid for will making, through to storage facilities available for the completed will (for instance, there are no court storage facilities for Scottish wills).

What should a will contain?

A properly written will requires the use of legal structures and terms and typically includes instructions that enable you to legally give away (or 'gift') things after your death:

Your estate Property House contents Cash and investments Businesses Residue (everything left after other gifts have been made and liabilities settled)

A DIY will template or a professional online service (they should have sample wills too) will include the standard terminology and format. A properly drafted will is a powerful document; even more reason for investing in the modest cost of making a will to ensure it's prepared correctly.

Storing the completed will

Getting a will prepared is the main part of the will-making process. Once your will has been signed, you should store a copy with your papers, with your legal advisor, or with a reputable online funeral planning service such as The Well Planned Funeral. Additionally, make sure your will executor knows where your will is kept!

How much does a funeral cost? One thing's certain; without a valid will the costs of administration and funeral planning can be much higher than they'd otherwise be. Because of this, knowing how to write a will and making the effort to get it prepared is vitally important.

Estate Planning Attorney   Advanced Health Care Directive Or Durable Power of Attorney   Can I Contest a Will?   Preparing For Possible Incapacitation   Intestacy - A Strong Reason for Making a Will   



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