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Making a Will – The Ultimate Guide Updated 2023
- Jody
- May 8, 2017
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Making A Will
Making a will is a critical part of planning for your future. After all, it’s the only way to ensure that your wishes are carried out after you’re gone. Like life insurance, many people put off making a will, either out of procrastination or ignorance of the process. Don’t make that mistake! A will is an essential tool for ensuring you have control over what happens to your assets and possessions after you pass away.
Creating a will isn’t nearly as difficult as it may seem, and there are several steps you can take to make sure your wishes are followed without needing a lawyer. Knowing how to write a will can not only save money but also make sure that your loved ones know exactly how you want them taken care of when you’re gone.
Whether you decide to use an online service or do it yourself, having a comprehensive and legally-binding document in place gives you peace of mind and security for yourself and those around you.
What Is A Will
A will is a legal document that outlines an individual’s wishes upon their death. It specifies how assets and debts should be handled, as well as who should receive them. A will also name an executor to ensure that the deceased’s wishes are carried out in accordance with the law.
Creating a will is important for anyone who has assets or dependents, such as children or elderly parents. Without a will, the estate of the deceased person may be divided according to state law instead of their own wishes. This can lead to conflict and costly legal proceedings among family members who disagree on how the estate should be handled.
A valid will must be written, signed, and witnessed according to specific state laws. It is recommended that individuals seek legal advice when creating their wills and update them regularly throughout their lives as their circumstances change.
Who Should Make A Will?
Now that you understand what a will is, it’s time to discuss who should make one. Generally, anyone over the age of 18 who owns property or has assets should have a will. This includes people with children, married couples, and single individuals. Having a will in place can help ensure that your wishes are carried out after you pass away.
It’s important to remember that life can change quickly, so even if you don’t think you need a will right now, it’s best to create one as soon as possible. You may want to update it periodically as your financial situation or family status changes.
You may also want to think about estate planning in advance. This means making sure all of your assets and debts are properly handled upon your death. It can be complex and time-consuming but ultimately worth it to make sure everything goes smoothly for your loved ones when the time comes.
How Do I Make A Will?
Making a will is an important step in ensuring that your wishes are carried out after you pass away. The process of creating a will can be done without the assistance of a lawyer, although it is recommended to seek legal advice if you have any questions.
The first step in making a will is to list out all the assets and debts you have. This includes any property, stocks, bank accounts, etc. You should also make sure to list any family members or friends who may have an interest in these assets. Additionally, if you plan on leaving any possessions to someone specific, make sure to note them down as well.
After all of your assets have been listed, it’s time to appoint someone as an executor of your will. This person will be responsible for carrying out your wishes after death and making sure that everything is distributed according to what you set forth in the document. Once this has been done, simply sign and date the document and make sure it is witnessed by two other people who are not beneficiaries of the will. That’s it! Your will is now legally binding and ready for use when needed.
Checklist For Making A Will
The first step is to determine what kind of will you need. There are various types; for example, living wills, trust wills, and testamentary wills. Depending on your needs, one type may be more suitable than another.
Next, make sure all necessary documents are gathered before beginning the process. These documents should include birth certificates, marriage certificates, Social Security cards, and any other applicable documents. Additionally, it’s important to review existing estate plans and make sure that those are up-to-date as well.
Finally, consult with experts who can help you create a comprehensive plan that meets your specific needs. These could include financial advisors or attorneys who specialize in estate planning law. With their help and guidance, you can ensure that your wishes are carried out properly after you’re gone.
How To Choose An Executor
When making a will, it is important to choose an executor. An executor is responsible for carrying out the instructions in the will after the testator has passed away. Therefore, you should choose someone you trust to carry out your wishes.
First and foremost, the person should be reliable and trustworthy. Your executor will be responsible for managing your finances, paying off any debts and distributing assets according to your wishes. It’s a big responsibility, so make sure you pick someone who won’t let you down.
The chosen executor should also have some knowledge of the law and estate planning. If they don’t already possess this knowledge, then there are steps they can take to gain it. The executor should also be organized and able to handle paperwork in an efficient manner.
Before choosing an executor, ask yourself if this person is up to the task at hand. Make sure that they understand their role and duties as an executor before signing on the dotted line.
What Can I Leave In My Will?
Now that you understand the importance of choosing an executor, it’s important to understand what can be left in a will. There are many types of assets and items that can be included in a will, from financial accounts to tangible objects.
Financial accounts such as bank accounts, stocks, bonds, mutual funds, company shares and retirement plans can all be listed in a will. It is important to ensure that these accounts have the correct beneficiary designated prior to death so they do not pass through probate. In addition, whole life insurance policies should also have beneficiaries named in order for them to pass directly to the intended people.
Tangible items such as cars, jewellery and artwork can also be made part of your estate plan. These items should be clearly described in the will so there is no confusion or dispute over who inherits them after your death. You may also want to consider leaving money or other items with specific instructions on how they should be used after you pass away.
No matter what you decide to include in your last will and testament, remember that it’s essential for everything mentioned in your will to remain up-to-date based on any changes throughout your lifetime. This ensures that all of your wishes are carried out according to your desires and intentions after you’re gone.
How Much Does A Will Cost?
The cost of making a will depends on the complexity of your estate and the person preparing it. Generally speaking, an attorney can charge anywhere between £100-£500 for a basic will. If your estate is more complex, you may need to pay more in order to ensure everything is taken care of properly. Additionally, if you require additional legal documents such as powers of attorney or healthcare directives, those fees will also be added to the total cost.
There are other ways to prepare a will that are cheaper than going through an attorney. For instance, some online providers offer do-it-yourself wills for a fraction of the cost. However, using these services means you will be writing and filing your own documents without professional advice. This could lead to mistakes that could cause issues later down the road.
Ultimately, making a will is an important step in protecting your family and assets after you’re gone. It’s important to weigh all options carefully when deciding how much you want to spend on this process. Taking time to research and understand what services are available can help ensure that your wishes are carried out properly after your death.
Can I Write My Own Will?
Writing your own will can be a viable option if you have a simple estate and don’t want to spend money on the services of a solicitor. It’s important to note, though, that there are certain legal requirements that must be met in order for the document to be considered valid.
If you decide to write your own will, make sure you understand state laws and how they might apply to your situation. Depending on the complexity of your situation, it may also be helpful to consult with an attorney or financial advisor who can provide advice and guide you through the process.
It is important that any changes made after the initial drafting of the will are documented in writing. Mistakes or omissions could lead to confusion or conflict among family members following your death. Making sure that all instructions are clearly written down and legally valid is critical in protecting your wishes and those of your loved ones.
What Is A Will-Writing Service?
A will-writing service is a professional service that helps individuals to create their own legally binding wills. It typically involves an experienced solicitor who will draft the will on behalf of the individual and ensure that it meets all legal requirements in order for it to be valid. This includes ensuring that the testator (the individual making the will) has a sound mental capacity when writing it, as well as that the document is correctly signed and witnessed.
The will-writing service may also provide advice on how best to distribute assets after death, taking into account any potential tax liabilities or other issues that need to be considered. They can also advise on any trusts or other arrangements which may be beneficial for heirs or beneficiaries. This can save time and effort when it comes to dealing with complex matters such as estate planning, and ensure that the testator’s wishes are fulfilled.
Using a will-writing service ensures that all relevant legal aspects of creating a legally binding will are taken into account, giving peace of mind and reducing stress at what can often be an emotional time. It is recommended that individuals seek out this type of service if they wish to create a valid last will and testament.
How Should I Store My Will?
Once you have written your will, it is important to store it properly. It should be kept in a safe place where you will be able to find it if needed. Your will should also be kept away from any other documents that could potentially cause confusion or damage.
It is recommended that you keep your will in a fireproof and waterproof safe, as this will ensure its protection. If you do not have access to a fireproof and waterproof safe, it could be stored with a solicitor or with HM Courts and Tribunals Service. Make sure the person knows of its significance and can think of ways to protect it from any potential harm.
When deciding who should store the document, pick someone who is reliable and trustworthy. This person should be mature enough to handle the responsibility of storing something so important without compromising its security. Additionally, choose someone who lives close by so that they can easily provide access when needed.
Frequently Asked Questions
What Happens If I Don’t Make A Will?
If you don’t make a will, it’s likely that the state will decide what happens to your estate and property when you die. Without a will, the rules of intestacy come into play and the law dictates which family members (if any) have a legal right to inherit your assets. The main beneficiaries are usually spouses, children and close relatives, but this can vary depending on where you live. It’s important to remember that if you don’t make a will, it’s possible that someone who would not normally be entitled to anything from your estate could potentially benefit from it instead.
In addition, without a valid will in place, there is no way to appoint guardians for minor children or express how other dependents should be provided for over time. This can create additional difficulties for loved ones later on down the line. Furthermore, not having a well-drafted will can also result in lengthy delays during probate proceedings and potentially reduce the amount available to be distributed among inheritors.
For these reasons and many more, it is highly advisable to take the necessary steps to make sure your wishes are carried out after you’ve passed away. Having an up-to-date will not only provide peace of mind but also ensure that those closest to you receive their rightful inheritance while providing safeguards against potential disputes further down the line.
How Often Should I Update My Will?
How often should you update your will? That depends on a variety of factors, such as whether or not there have been changes in your life or financial situation. If you’ve taken on new debts, had children, gotten married or divorced, bought property, etc., then it’s likely time to update your will. Additionally, if there have been changes in the law regarding wills and estates, then it might be wise to review and adjust yours accordingly.
It’s also recommended that you review your will at least every few years in order to make sure everything is up-to-date and still reflects what you want for the distribution of your assets. Furthermore, if any of the beneficiaries listed in the will have passed away or changed their name since the last revision of the document, then this should be updated as well. Taking these steps can help ensure that everything goes according to plan when it comes time for estate distribution after death.
No matter what life changes occur or how much time has passed since its creation, an up-to-date will can provide peace of mind and give clarity about what happens with one’s estate after death.
Are There Any Assets I Can’t Include In My Will?
The first thing to bear in mind is that certain items, such as joint tenancy property and life insurance policies with designated beneficiaries, don’t form part of your estate. That means they won’t be distributed according to the terms of your will. Other items may also be excluded from a will, depending on the laws of your particular jurisdiction and the type of asset involved.
It’s therefore important to seek professional legal advice if you’re uncertain about any specific assets you own and how they should be treated under your will. A qualified attorney or advisor can provide detailed guidance on what can and cannot be included in a will, so you have peace of mind that all necessary steps are taken before it’s finalized.
Do I Need To Make A Will If I’m Married?
Deciding whether or not to make a will is an important decision, especially if you’re married. When it comes to estate planning, there are certain considerations that need to be taken into account. So, do you need to make a will if you’re married?
The short answer is yes. Although marriage creates a legal union between two people, it doesn’t automatically mean that your assets and property are passed on to your spouse after you die. Without a will, the state can decide what happens to your assets and property. This could lead to scenarios where the wrong person ends up with them.
Creating a will gives you peace of mind knowing that your final wishes for how your assets and property should be distributed will be honoured after you pass away. It also ensures that any debts or taxes are paid off before anything else is distributed among beneficiaries. Making sure these details are handled properly can save family members from having to go through a drawn-out court process.
Having a valid will in place is the best way to make sure that your financial affairs and assets are distributed according to your wishes when you die. It’s important for everyone, but especially those who are married, as it provides clarity and direction during an emotionally difficult time for loved ones.
Can I Change My Will After It’s Been Signed?
It is possible to make changes to a will, but it must be done in the correct way. The process for changing a will varies from state to state and depends on the specific details of the document. Generally, any changes made must be witnessed and signed by two people who were not named as beneficiaries in the original will. In some cases, you may need to create an entirely new will if major changes are required.
It is also important to note that if you have created a living trust, then any changes made to the trust should also appear in your last will and testament or vice versa. This ensures that all your wishes are respected and carried out according to the law. Making sure that both documents are up-to-date is essential for protecting yourself and your loved ones in case anything unexpected happens.
Conclusion
Making a will is an important step in ensuring that your wishes are respected and carried out after you’ve passed away. It can provide peace-of-mind for both you and your loved ones during an emotional time. Taking the time now to create or update your will can ensure that everything is taken care of when the time comes.
Jody is the Managing Director and founder of My Key Finance Ltd. He has over 22 years of experience as a mortgage & protection adviser. He is an authority within the UK business protection market & specialises in key man insurance, relevant life cover and shareholder protection. Jody has written articles for Business Matters, Business Directory and has been featured in Forbes. He is Authorised & Regulated by the Financial Conduct Authority and is CeMAP qualified.
As editor and author of our blog, Jody hopes to educate and advise people with more in-depth information & guidance on life insurance and business protection.
Jody & his wife Lori featured in the BBC programme “The House £100k Built” He is also a keen Arsenal fan and loves nothing more than watching his son & nephews play football at the weekend.
