No one likes to think of their mortality. This is probably why so many people put off eating properly or doing regular exercise, because time is on your side and there’s always tomorrow – until there isn’t. It’s true that people are living longer than ever before, but it’s also a mistake to assume that you don’t have to think about making a Will until you are at least in your 70’s or 80’s. Health problems are on the rise and it’s the unexpected, accidental deaths that can be the most difficult to deal with. By virtue of the fact that it’s a surprise when someone dies unexpectedly, the family is immediately thrown into shocked mourning. It’s much worse, however, if it’s then discovered that you died intestate and that no financial provisions have been made. Making a Will is a fairly straightforward process, and it’s essential. Anyone who starts to accumulate possessions or who has dependants should consider making a will as soon as possible – your early twenties is not too soon.
What is involved in drawing up a Will?
A Will is a legal document but it isn’t absolutely necessary for a solicitor to be involved. Anyone can write down their requests as their last Will and Testament. However, there are certain legal requirements that need to be in place and this is when it’s important to get some legal advice. Firstly, you need to appoint an executor or a trustee. The person or people you choose will be the ones who will carry out the wishes you have stipulated in your Will. They will also look after your assets while your affairs are being resolved. You need to give some thought as to who the executor will be, as problems with probate are on the rise. If you live in Reading, it’s a good idea, when looking at Wills, to consult with a local solicitor. This way your Will can be lodged with the firm and your family will know who to consult after your death. Also, you don’t need to change your executor should a friend or family member pre-decease you, as the firm will have numerous employees who will always be able to fulfil the role. Click here to know more.
The other points to consider are any minor children who are under the age of 16. Should you and your partner die at the same time, you need to consider appointing guardians for your children in your Will. This is also something that you should discuss with the potential guardians so that this doesn’t come as a shock to them. Once all your liabilities have been settled (which would include inheritance tax), you would also clearly state how your estate should be divided, along with any gifts that you wish to give to specific beneficiaries.
The process of registering Wills in Reading
Your Will needs to be signed and dated and then it can be registered. Keeping the original will safe is also important, which is why it’s advisable to lodge this with your attorney. As your life circumstances may keep changing, it’s a good idea to review and update your Will every few years.
Harrison’s Solicitors has an excellent reputation if you want to inquire about wills in Reading. Visit Harrisonssolicitors.com to learn more.