We are frequently told that we should live in the moment, but when it comes to matters of a financial nature, that philosophy doesn’t really work. Having a will put in place is one of the most important things in an adult’s life – don’t leave it until it’s too late!
Most people employ a solicitor to write their will. By doing it this way, you know that from a legal standpoint, the will is ‘watertight’ in the sense that nothing has been missed out, and nothing will be debatable (and therefore more likely to cause arguments) when the time comes for the will to be read.
Writing a will yourself can be harder than you might initially think. Getting a solicitor to write your will is the best option if your finances and assets are in any sense complicated. If you have a partner, you can also get a joint will written up.
Remember, the cost of using a solicitor will depend on your assets – any business you may run, any overseas assets or funds you may have, and whether or not you’ll have to pay any inheritance tax.
Writing a will can be a stressful process – recruiting specialist advice and support could provide you with that much needed peace of mind. It is possible to draw up a will yourself, however, there are some common mistakes to be aware of:
- Not taking into account all of the assets and money that are available.
- Not recognising, and accounting for, a beneficiary dying, before you do.
- Not complying with the formal and legal requirements that make a will valid.
- Changing something in the will at a later date, and not getting the changes validated in a formal way.
Many people make off-the-cuff excuses to avoid making a will, which is understandable – not many people want to think that far into the future. This may explain why over half of UK adults have not made a will.
We’ve discovered an insightful, interactive post that aims to educate people about the importance of making a will. Click on each piece/section of pink text, and a drop down menu should appear. On the menu, choose a reason for not making a will that resonates with you, or one you’ve used in the past. Once all 3 sections are completed, click the “Why Am I Wrong?” button!
Remember! It’s important to sort out your will sooner rather than later – you’ll be at peace knowing everything is in order when it comes to your loved ones being taken care of in the future.