Death is never a pleasant subject. Especially when the death being discussed is your own. However, this being said, it is absolutely essential that you effectively plan how you would like to divide your estate, whilst you are still alive and of sound mind. Failing to do this can cause serious issues for your family to deal with once you have passed. According to survey carried out by Gorvins Solicitors, over half of adults in the UK haven’t written a will, but what is it that is stopping so many people from doing so?
It seems there is an element of each of us that believes our time will never come, therefore a will isn’t always our first priority. But, without a will, your loved ones will be left vulnerable to emotional and financial disputes, which can worsen their grief during an already difficult time. Planning ahead further than your retirement, will not only ensure that your final wishes are carried out, but will also help those who you care dearly about from having to face the damage that has been caused.
Creating a will isn’t a particularly expensive venture, and certainly wouldn’t cost as much as trying to resolve disputes following your death. Typically, you can expect to pay around £300 to have a professionally written will by a legal professional, which is less than a one-way flight to Madeira. When writing your will, there are a number of extremely important elements to consider to minimise the risk of a dispute between your loved ones.
D.I.Y wills aren’t an easy way out
You may think that you are saving money but writing your will yourself, however in doing this, you are opening yourself up to a mine field of complications further down the line. It is very easy to make mistakes when attempting to write a will, however overlooking even the smallest details can make your will completely void.
Choose Your Executor Wisely
The executors of your will are responsible for carrying out the instructions in your will following your death. You need to ensure that the people you choose are responsible enough to handle such a big, emotionally and physically draining task. Before you make the final draft of your will, ensure that they are happy to be appointed such a position.
If your executor is your spouse, you need to consider adding a second person. If in terrible circumstances, you both died in the same accident, there would be no one to carry out the instructions.
Keep your will updated
As your circumstances change, it is important to keep your will updated. If you are separated from your husband or wife, but haven’t officially divorced, they will still be entitled to your entire estate. On the same note, an act of marriage will revoke any stipulations made in a previous will. Therefore, if you pass away without updating your will following a new marriage, your new spouse will inherit your estate, regardless of if you have children from a previous marriage. If the estate is valued at less that £250,000, your children could be left with nothing.
When creating a will, it is essential to get professional help, especially if you are living in an overseas country. Such services will be able to foresee any potential issues that can arise following your passing. Overlooking important parts of your will can not only cause tension and anguish between your family, but fixing the mess can come at a considerable cost. Planning for the future is the only way to ensure your true wishes are carried out.