A Will is a legal document which confirms your requirements for how your assets should be distributed after your lifetime. It is a crucial element of your overall estate plan. Having an accurate and all-encompassing valid Will can help ensure that your assets are distributed correctly according to your wishes, avoid probate disputes, and minimise any potential Inheritance Tax (IHT) burden upon your estate.
Benefits of a Local and Professional Will Writer
Using a local professional Will Writer (as opposed to a solicitor – please see below) is important for several reasons.
Firstly, this ensures that your assets are distributed according to your stipulations, rather than by default under the law. This is especially important if you are estranged from a close family member.
Additionally, a locally arranged Will can help ensure that your loved ones are not left without assistance when navigating the Probate process after your lifetime.
Furthermore, a well-written Will can minimise the IHT burden upon your estate, as well as prevent potential disputes amongst your family members.
What is Included in a Locally Created Will?
A locally created Will should typically include several key components, as follows:
Personal Information: This section of the Will typically includes your name, address, and date of birth.
Full Names and Addresses of your Beneficiaries: This section lists the individuals or organisations whom or which you want to receive your assets after your lifetime.
Distribution of Assets: This section outlines how your assets will be distributed to your Beneficiaries. This can include specific bequests, such as a item of personal property, amounts of money, or a general bequest, such as a percentage of your estate.
Appointment of an Executor or Executors: This section designates an individual, individuals, or organisation to manage the distribution of your assets and ensure that your requirements are satisfied.
Guardian Designation: If you have minor children, this section designates a guardian or guardians to care for your children in the event of your death before they have attained age 18.
Final Wishes: This section can include any final wishes or instructions that you wish your loved ones to know, such as burial or cremation, no funeral service, environmentally-friendly burial, etc.
How to Arrange a Local Will Writing in Devon or Wolverhampton
Arranging your Will locally can seem overwhelming, but it need not be. Here are some steps you can follow to make the process easier:
List your Assets: Make a list of all your assets, including land, property, investments, shares, and bank accounts.
Decide upon your Beneficiaries: Consider which assets should pass to which people after your lifetime.
Decide upon your Substitute Beneficiaries: If any of your Beneficiaries predecease you, who should inherit that Beneficiary’s failed legacy or legacies instead?
Choose an Executor: Select an individual, individuals, or organisation to manage the distribution of your assets and ensure that your requirements are satisfied.
Designate a Guardian: If you have minor children, consider who should act as Guardian or Guardians to them in the event of your death.
Write the Will: You can write the Will yourself, or you can work with a suitably qualified and insured professional Will Writer to ensure that your Will is correctly written and meets all legal requirements. The insurance is important to ensure that if a professional Will Writer makes a mistake in your Will, albeit unintentionally, their insurance would reimburse your family for any financial loss they incur as a result of that mistake.
What to Consider When Choosing an Executor of your Will
When choosing an Executor, there are several key factors to consider:
Trustworthiness: You should select a person or people in whom you trust to manage the distribution of your assets and ensure that all your stipulations are satisfied.
Ability to Manage Finances: Your Executor(s) should have the ability to manage your financial affairs, including paying bills and distributing your assets to your Beneficiaries.
Availability: Your Executor(s) should be able to fulfil their duties in a timely manner and be available to handle any issues which may arise.
Local Will Writing – Final Thoughts
In conclusion, local will writing is an essential component of your estate planning. It ensures that your assets are distributed according to your wishes, minimises the potential tax burden upon your estate, and can help prevent disputes amongst your family members. By following these steps, you can have a well-written and accurate Will which protects your assets and provides peace of mind for you and your loved ones.
Frequently Asked Questions (FAQs)
What happens if I die without a Will?
If you die without a Will, your assets will be distributed according to a law known as the Law of Intestacy. This means that designated family members shall receive a predetermined share of your estate, regardless of your wishes and whether any close family member is estranged from you and can result in disputes amongst your family members.
Can I write my own Will?
Yes, you can write your own Will, but it is recommended that you work with a professional Will Writer to ensure that your Will is correctly written and meets all legal requirements. Unless you are a dentist, would you undertake your own dentistry? Having yourWill written by a local will writing service is always our recommendation.
Who should I choose as my Executor?
When choosing an Executor, you should consider someone in whom you trust to manage your financial affairs, handle the distribution of your assets, and is available to fulfil their duties in a timely manner.
Do I need a solicitor to write my Will?
Whilst you can use a solicitor, this is often a needlessly expensive method of writing your Will. A suitably qualified and insured local professional Will Writer is often a far more cost-effective route to achieving the same result.
Can I change my Will after it is written?
Yes, you can change your Will at any time. Simply destroy the existing Will AFTER you have arranged a new Will which reflects your current wishes. It is recommended that you consult a professional Will Writer to ensure that your new Will is properly written and meets all legal requirements.
For further information WITHOUT fear of consultation fees or obligation, then please visit our Wills page.
TRF Wills (TRF) was created by Michael Cotterill in 2005. He is a member of the Society of Will Writers and registered with the Information Commissioner’s Office.