subject: Tips on making a will [print this page] Tips on making a will Tips on making a will
Have you ever thought about making a will? If you are the kind of person who prefers not thinking about what will happen after death then maybe the idea of making a will has never entered your mind. However, making a will has many advantages for various reasons. In this article we will try to provide you with the arguments why making a will is a sensible thing to do.
First of all, the creation of a Will helps to put you in control and allows your wishes to be put into effect and will undoubtedly leave your family and relatives with fewer problems, quarrels or headaches regarding the inheritance of your possessions.
Secondly, a Will gives you an opportunity to pass on your assets to selected family members or friends; thereby avoiding the distribution of property in accordance with the law of intestacy. The rules of intestacy were established in 1925 and may not be appropriate to the requirements of your family situation today.
For instance, you may be in a situation where a certain member of your family has been taking care of you for many years and you would like to reward them for their thoughtfulness by gifting them a certain amount of your estate after your death. Or, say, you are living as an unmarried couple and want to ensure that your partner will receive property that is currently owned in your name. In situation such as these, it is important that you make a Will to specifically recognise these people as the rules of intestacy will often ignore them.
Moreover, by making a Will you get a chance to plan gifts so as to take advantage of the opportunity to reduce the inheritance tax that may be payable. In addition, you may wish to appoint guardians for your children, being certain that the guardians meet your own standards and criteria.
Some people nowadays donate assets or money to charities and prefer their legacy to be left for one or a few favourite charities. In these circumstances a Will gives you a chance to realize this wish. And if you are particularly concerned about the way how your funeral will be held you can make all arrangements in advance by contemplating them in a Will, or as part of the Will making process.
As it can be seen making a will brings us and our family a lot of benefits. In accordance with English law there is no need for a will to be notarized that means the latter might be made at home by yourself provided that your signature is witnessed by two independent people who also sign the document in your presence. However, you should bear in mind that in order for your Will to be constructed properly without mistakes and contradictions with legislation, it is important that you instruct a professional to put your instructions into effect. In choosing a professional to draft your Will, make sure that you pick someone who can offer up to date legal advice and guidance on how to make a Will that complies with and satisfies all legal formalities in order to guarantee that your Will is not only valid but gives your family the maximum tax benefits available to them.
