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Belfast,
United Kingdom
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United Kingdom
When you pass away your family and friends are often the ones who will sort out your ‘estate’. Leaving a written will ensures that this process will run as smoothly as possible.
If you don’t write a will, you risk your estate being divided up in a way which you may not agree with. It also means that you won’t be able to leave specific gifts to your loved ones or charities.
Writing a will can actually help reduce the amount of Inheritance Tax owed to the Government. Leaving specific gifts to your spouse/civil partner or children will (in most cases) automatically exempt that asset from being liable to Inheritance Tax.
If you have children or other dependants, your will can be a tool to ensure that they are looked after properly once you’re no longer with them.
Writing a will also allow you to decide who should look after your children as their legal guardian if they are under the age of 18. Failure to do this can result in the courts appointing a guardian which risks somebody you may not agree with being in control of your children’s affairs.
If you have stepchildren and want them to be provided for it is extremely important for you to write a will. Unfortunately, the legal system will not account for stepchildren when dividing your estate should you die without creating a will.
Unmarried partners won’t receive anything from your estate unless it is specifically mentioned in a will even if you have been together for most of your life. Writing a will is the only way to ensure that they will be entitled to the proceeds of your estate.
Writing a will is the best way to guarantee that your unmarried partner/stepchildren do not lose their home if you pass away. You can leave them the property in its entirety or give them a right to reside in the property. If no will has been created to this affect, the property risks being passed to other parties who may seek to remove your unmarried partner/step children.
The unfortunate reality is that the death of a family member often leads to disputes. At a time of heightened emotions, it is all too common to see family’s squabble over the deceased assets. Writing a will and leaving specific personal items to those you care about it the best way to ensure your family knows what you wanted to happen to your estate. Writing a will can help avoid arguments and reduce the stress felt by your family and loved ones.
Within your will, you can name an executor, or multiple executors, who will be in charge of carrying out your final wishes. Choosing your executor in advance allows you to select the best person for the task. It also gives the executor prior warning so they can prepare themselves.
If you have any pets you may want to consider who will look after them once you’re gone. It isn’t just human family that you need to plan for! It is common to assign somebody to look after the animal as well as setting aside a sum of money to provide for the animal’s needs.
If there is a charity that is particularly close to your heart you may want to consider leaving a donation to them in your will. Many charities are reliant on this type of donation in order to continue carrying out their amazing work. As well as supporting a good cause, you could potentially reduce the amount of inheritance tax paid by your family if you leave more than 10% of your assets to a registered charity/charities.
Your will is one of the most important documents you will create during your lifetime. It will dictate your last wishes along with providing financially for your loved ones. There are several things you should consider before making your will.
An Executor is somebody that has been named in the will and who is responsible for administering the estate. This can involve instructing a Solicitor to carry out valuation and distribution of the estate in accordance with the wishes of the deceased as laid out in the will.
When it comes to choosing an executor, you should carefully consider the following:
When it comes to leaving gifts in your will, first you’ll want to draw up a list of who you would like to leave something to. This typically can include:
When it comes to leaving gifts in your will, first you’ll want to draw up a list of who you would like to leave something to. This typically can include:
Getting an exact valuation of your estate can be a tricky business and many executors will instruct Solicitors in order to help them do so. You can make this part of the process a little easier by having a rough idea of what your estate may be worth.
Follow our step by step guide to get a rough idea of how much your estate may be worth:
Many people will have family members who are dependent on them to meet their financial needs. This can be financing the family home, providing food and shelter or even ensuring a disabled relative receives adequate care.
If you have dependents it is very important that you consider them carefully in your will.
If you have an unmarried partner, you will need to incorporate them into your will to make sure they are entitled to the proceeds of your estate.
If you have children under the age of 18, you may need to set up a trust to hold the proceeds of your estate for the benefit of your children until they come of age. You will also need to decide who you would like to appoint as a Trustee to oversee the Trust Fund.
If you have stepchildren these will need to be addressed specifically in your will as the legal system will not automatically qualify them as eligible to receive the proceeds of your estate.
If you are entrusted with the care of a disabled family member or friend, you may be worried about who will look after them when you’re gone. A solicitor can help you set up a trust designed specifically to ensure that your disabled dependent is well looked after once you’re no longer with us.
Facing the inevitable is never easy but we hope we can help put your mind at ease with some practicable tips that might make your passing easier on your loved ones.
Many of us will keep our important financial documents e.g. insurance policies, bank details bundled together in a safe location. It is a good idea to inform somebody you trust of the location of these documents so that when you pass away they will know where to look.
If you are leaving specific gifts to somebody e.g. jewellery, it is a good idea to inform somebody of where to find that item upon your death.
Obviously this step is optional, but if you want something specific to happen at your funeral or memorial service after you die it's a good idea to get it in writing, and let your family know your wishes. Doing so gets rid of the headache of planning for your family, and ensures you get what you want. You don't need to go in and plan everything out, but here are a few things worth considering:
If you’re worried that you might lose your mental capacity to make informed decisions, you may wish to grant Power of Attorney to somebody you trust. This will give them the ability to handle your financial/legal matters should you ever be deemed incapable of making an informed decision.
If you have been diagnosed with a neurologically degenerative disease, we suggest you contact a solicitor as a matter of pressing concern and have them draw up a Power of Attorney.
Leaving your last wishes in a will is the best way to ensure your family knows exactly what your last wishes are. It will give you peace of mind knowing that your loved ones and even the charities you care about will be provided for in the event of your passing.
Please feel free to use CompareLegal.com’s Quote Generator to find a local Solicitor who can help you draft your will.
Your will doesn’t have to be on special paper or use a lot of legal language.
A document is a valid will as long as it:
When someone dies without a will, their estate is divided up according to the rules known as Intestacy.
These rules don't take into account the closeness of your relationships, or who is most in need and more often than not will not be an accurate reflection of the last wishes of the deceased.
