Make a Will while living still
"Make a Will while living, still,
I warn ye once again.
To make a Will while living, still
The dead can't hold a pen."
There are many ways to go about making a will. You can make a will online and there are numerous legal sites that offer this service. This service is usually cheaper than going to see a solicitor but if you would like the reassurance and more personable service that a solicitor is able to offer then you should seek legal advice about making a will.
Firstly, it is essential to come to a conclusion about what you would like to include in your will. It is important to consider what it is that you own and how you would like to leave it. You must also consider who you want to carry out the terms of your will, whether this be a family member of a friend, it is crucial that you can trust them to follow your wishes. This person is called the executor of your will. You also need to take into consideration any guardians or children you are leaving behind, what they are entitled to and whether you want to donate any charitable gifts.
Although it is not essential to meet personally with a solicitor to discuss in detail the terms of your will, this will help you in the often complicated process of allocating parts of your estate to family members and friends. There are benefits of using a solicitor, for example, they are trained in law and can advise you on a range of issues about making a will. Most solicitors set a standard fee for wills and there are usually no extra fees if you want to make a standard will.
If your estate is of a considerable size and worth a great deal, it is advisable that you meet with a solicitor to discuss the details. If you do chose to use a solicitor to aid you in the process of making a will, they can advise you on how to phrase your wishes and whether it is worth seeking further advice about tax planning. You should seek advice on tax planning if your estate is worth a large amount or you have business in stock and shares.
It is sometimes the case that a Solicitor will advise you to write a letter to accompany your will. This is a good way of demonstrating to those you left behind a more personal version of the terms of your will. By writing a letter of instruction you can ensure that any areas of your will that needed further explanation or clarification are seen to. This is a good way of reaching further reassurance that your affairs will be sorted as you wish.
When you have finished making your will you must store it in a safe place. The solicitor will usually keep the original version and give you a copy but you can request the original for your own safe keeping if you would prefer. It is sensible to check the terms of your will every 5 years to ensure that the terms correlate with your current circumstances.
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