Something we can all be sure of is that at some point we will die. It is not a very nice subject to talk about but a necessary part of our financial planning and administration. It is important that you make a will to outline where your assets are to go, when you pass away. Here we will look at will writing and will planning, to assist you in creating a will that you are happy with, safe in the knowledge that when you are no longer here, your wishes in relation to your assets will be allocated as you have instructed.
Why Write a Will?
You may not have much in the way of assets, but it is still important, with will writing, that it is created and written correctly. This will make it easier for your dependants and family to deal with the administrative tasks after you have gone.
Will writing allows you to:
- Leave your financial affairs dealt with in a clear manner. This will help you family, friends and other beneficiaries, saving uncomfortable disputes and also providing comfort.
- You appoint Executors, to look after your affairs.
- You can appoint guardians for your children if they are under the age of 18.
- You can save on inheritance tax.
- Ensure that your property is handled in the way that you wish. For example, if you are not married to your partner they will have no automatic right to your property unless it is stated in your will.
- Leave instructions on any other financial matter e.g. instruct money to be given to a charity
Will Planning - Where do you start?
It is possible to write a will yourself; there are templates that you can purchase, but you must also have a witness. However, we would normally recommend you contact a professional such as a solicitor to make sure you have everything covered.
You should lay out your will in the following way:
- Write the introduction to the will by clearly adding the title “Last Will and Testament”
- You must state your full name and address, date of birth and also state that you are of sound mind.
- Name an Executor. This is the person who will carry out the directions of your will.
- Identify your heirs; children, spouse etc.
- Name a guardian for any minor dependants (under the age of 18). If you don’t choose a person, the court will choose for you when you have gone.
- Assess and divide your property. This includes bank accounts, property, savings, stocks and other tangible assets.
- Witness to also sign
Will writing - a necessary document
Although will writing is often something that we choose to brush over, as it is not particularly comfortable to address issues that surround our own death. However, by having a will in place, you can rest assured that you have made provision as and when that time does come, that your family will not be burdened with financial worries and estate disputes, because everything will have been taken care of in the instructions of your will.
If you would like some advice and guidance on will writing, our trusted and knowledgeable advisors at Cotswold Financial Planning are here to assist with your financial queries. Contact us on 01608 651608 or via our enquiry form and we will be happy to discuss your requirements.