The handling and execution of wills and probate is a sensitive matter in English law. When someone passes, the distribution of their assets is determined through their last will and testament. When you’re of old age and expecting your demise soon, chances are this will is ready. But what happens if you die without any will? How does the law address this?
With that, let’s discuss further how a will is drafted and executed, and how you could use this information in your favour.
Reasons to Write a Will
As early as 18 years old, you can already draft your will. Writing your will ahead of time before any unforeseen event can make a world of a difference. Here are things that will happen upon your creation of the will:
- Choosing who will inherit your estate
Your estate includes your money, property, and other possessions. In your will, you need to state who you are going to pass it onto. It’s quite obvious to state it if you have a wife and/or a child. If you don’t have either, you may as well name the one you’re closest to in your family or circle of friends.
- Prevention from ill distribution
Not having a will to safeguard your assets may mean that it could be disseminated in a manner you do not desire. Should you not have any will, any relative could ask for a grant of letters administration in a probate proceeding, and this means your estate could be used against your own liking.
Guidelines for Writing a Will
There are certain guidelines one must follow when writing a will.
1. First of all, you need legal advice. With the right service, you will be able to clearly state what happens to your estate upon your death. You also can work on maximising the assets to your loved ones at this stage.
2. Review the inheritance tax. The will is subject to an inheritance tax, and you have to check it thoroughly to make sure you are paying a suitable amount, which is neither too much nor too little.
3. Have the will affixed with your signature, and the signatures of two formal witnesses. This is to ensure the legality of the will.
4. Make sure to include in the document where the original will can be found – either at your house, at a solicitor, or at the London Probate Department. This will help your beneficiary—who will be your will’s executor—in their application of the probate of your estate.
Cover Your Ground
Not having a will is something critical. Unless you want your properties administered well after your passing, it is important that you draw up a will immediately.
To do that, you should find the suitable firm. Things that you should consider in your selection include the following:
- A selection of competitive rates for will creation
- A pool of knowledgeable lawyers
- A service that is personable and understanding of your situation.
- An office that give you a transparent estimate of the cost of writing the will.
With these criteria, you should be able to seek out the best solicitor’s office to help you in your will. This shall help your chosen executor carry out your desired outcome, and protect your assets from being misused.
Making a will in Bristol can spell the difference for you and your beneficiary’s future, so examine all your options and act immediately!