A will is a legal document that states how a deceased person’s assets are to be divided among inheritors.
The Importance of A Will:-
Whether you have many possessions or not, making a will is a very important task:-
- If a person dies without a will there are certain rules that dictate the separation of all assets. It is possible that these rules might go against what the deceased would have intended. Therefore it is a good idea to leave behind a will.
- Partners who have not registered a civil partnership will not be allowed to inherit from each other without a will. If one partner dies without a will the remaining partner may have to face financial problems.
- The will secures the rights of any children. It can dictate the financial arrangements for the children if either one or both parents die.
- With a will in place the inheritance tax can be reduced.
- Your Will represents changes in circumstances, for example you might specify how your assets will be divided amongst dependants after a divorce or separation.
The Role of Solicitors:-
Although there is no need to create a will in the presence of Wills Solicitors, nonetheless a solicitor can offer sound advice in creating a will that has the effect you want. The solicitor will help identify errors that may result in problems after your death. A solicitor assists in clarifying misunderstandings and settling disputes that might surface after your death.
Apart from the above mentioned benefits the Solicitor becomes necessary in reference to the following:-
- The property is shared with a civil partner, i.e. someone who is not a husband/wife.
- You are interested in making donations for a dependant who cannot care for themselves.
- There other people who might make a claim as well, such as the first wife/husband or children from a previous marriage.
- You are a permanent resident of the UK.
- Overseas property is involved.
- A business or franchise is part of the estate.
Where to store a will:-
After a will has been finalised, it should be kept somewhere safe and separate from other documents. For example, it can be stored :-
- In your home.
- With Wills Solicitors or a finance manager.
- In a bank.
If you are looking for guidance and advice in creating and storing a will, visit walkerwise.co.uk and get in touch with an experienced wills solicitors. You can also contact us as by phone on 01254 300966 or email firstname.lastname@example.org.