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A will is a legal document where you will be stating in detail what you would like to happen to your estate in the event of your death. ‘Estate’ here refers to any property under your name, your personal effects, benefits, life insurance policies and everything of monetary and sentimental value which will be left if you pass away.
For people in the UK who die without leaving a will, there are Intestacy Laws which apply. These are quite complex and will not give you or your loved ones control over what will happen to your estate. So if you have a house which you would like to leave with your son in the event of your death instead of an estranged wife whom you have not divorced yet, the Intestacy Laws may award the property to her.
This is precisely the reason why it pays UK residents to make a will. Instead of having to follow the complex laws for someone who died without a will, you can gain control over who manages your estate and who will inherit any valuable property that you have in case something unfortunate happens.
Now that you have a basic idea about how important it is to make a will, let us delve a bit deeper into the details of making one. Basically, there are two ways that you can go about making a will. First, you can have a solicitor do the job for you. Since these professionals have the knowledge and skills in making wills, you should not have any problems at all. Hiring a solicitor to create a will definitely applies to those who have a huge estate to divide to their loved ones in the event of their death. Those who have complex personal issues and a sizeable estate to leave as inheritance may also seek the help of an expert solicitor when having their wills made.
Second, you can make a UK will all by yourself. For this, you only need to buy an inexpensive Last Will and Testament template online. Just make sure that the source is a reliable one. After making the will, two witnesses should be there once you sign the document. The witnesses should neither be related to you nor should they be included or mentioned as beneficiaries on your will. Once the document is created and properly signed, keep it in a safe place and tell your closest loved one or a solicitor where it is kept. This is much cheaper than the standard solicitor route and is just as legally reliable.
Whether you decide to make the will yourself or have it created by a solicitor, it definitely pays to still learn what should be included in the will. To give you an idea about what the legal document should contain, take a look at the following list:
You can start making the will by creating a table with three columns: one for a list of your assets, their estimated value, and your intentions after death. Once you know how your estate will be divided, you can have an easy-to-follow guide in writing the will. As mentioned earlier, there are ready-made will templates which can be inexpensively bought online which will do all the work for you. If what is stopping you before from making the will is the expense associated with hiring a solicitor, the ready made template route is the way to go.
By simply looking for an inexpensive, ready made template online, you can have a will which will allow you to control how your estate will be divided and how your loved ones will be taken cared of in the event of your death.