Did you know that if you fail to create a will before passing away, your assets could be divided amongst your loved ones based on laws created in 1925? Most of us want to decide what happens to our wealth, possessions and estate when we’re no longer here, and the best way to make sure that your wishes are honoured is to create a will.
Surprisingly, according to the Law Society, more than half of UK citizens don’t currently have wills. Without a will or probate, you can’t guarantee that the people you wish to inherit your wealth will receive a penny. For example, if you never married a partner you’ve lived with for years, they may not get any of your wealth when you pass away unless you create a will.
At Heritage Will Writers, our trained and experienced powers of attorney and will writers can help you create a legally binding will so that your money goes exactly where you want it to when you die. We can ensure that your will stands up in a court of law should anybody dispute your wishes, and we can also help minimise the inheritance tax on what you leave behind.
Below, we’ve detailed four common mistakes people make when writing wills so that you can avoid doing the same. Remember, if you want to get your will right the first time and secure peace of mind, we’re only a phone call away.
Ignoring the Rules
Technically, any scrap of paper can be used to create a legally binding document, but you need to follow the rules surrounding the creation of wills to ensure yours is honoured after you pass away. Don’t simply type a few notes into your computer expecting them to be the final say on your wishes, and consider whether professional assistance could be a worthwhile investment, especially if you’re leaving behind a large estate.
Choosing the Wrong Executor
The executor is responsible for settling your estate, sharing your assets among beneficiaries and paying any of your remaining debts, so it’s crucial to pick a person you can trust. You don’t necessarily need to hire a legal professional to execute your will, but avoid making the mistake of choosing someone who may make a huge mess or attempt to misappropriate some of your assets for their financial gain.
Forgetting to Name a Guardian
If you’re responsible for children under 18 years old, you need to remember to name a legal guardian on your will. This ensures somebody you trust becomes legally and financially responsible for your kids should something happen to you before they reach adulthood.
Forgetting to Update Your Will
You’ll probably need to make changes to your will as time progresses and your situation changes, such as if you get married, divorced or have children. While it’s wise to draft your first will before reaching old age, it’s important to make sure it remains up to date.
Let Heritage Will Writers Help You
We understand that nobody wants to pay too much thought to passing away, but it’s essential to have your affairs in order so that you know exactly what happens to your assets when the day finally comes. We’re one of the most trusted will writing and probate companies in East Anglia and the South East, so contact us today on 01603 894500 to find out how we can help you.