Have you ever wondered what ‘The Will You Didn’t Know You Needed’ really means? Picture a carefully curated photo album, filled with memories, milestones, and moments that encapsulate your life’s journey. It’s a way to share your story and leave a lasting impression. Just like that photo album, a Will actively shares your assets and ensures your legacy lives on.
In this article, we’ll help you understand ‘The Will You Didn’t Know You Needed,’ the essential collection for your family’s future.
Why is Having a Will Important?
- Control Over Your Estate: Prevent intestacy laws from dictating your assets; they may disregard your preferences. A will grants you the power to choose who gets what and manage your estate as you see fit. UK law allows full testamentary freedom to any mentally capacitated individual to dispose their assets however way they want, subject to the provisions of the Mental Capacity Act Code of Practice.
- Appoint Guardians for Minor Children: Choose a guardian for your under-18 children in your will. Specifically, it is important to realise that this guarantees their care by a trusted person when parental responsibility is absent. More importantly, it is the only document that may grant legal guardianship outside of court.
- Minimise Disputes: Having a will reduces the chances of family conflicts and disputes over inheritance by clearly outlining your intentions.
- Tax Planning: Similarly, a will actively reduces inheritance tax and other financial considerations, making estate management easier for your family.
- Peace of Mind: Beyond financial benefits, ensure clarity and security by recording your final wishes. You ensure your legacy honours your desires.
What to Include in a Basic Will
- Personal Information: Your full name, address, and date of birth.
- Executors: The person who will manage your estate, ensuring your wishes are carried out.
- Guardianship: For any dependant children
- Specific Gifts or Assets: Detailed instructions about specific items, money, or property.
- Residuary Beneficiaries: The individual/s or organisation/s who inherit the estate’s remainder after debts, taxes, and specific gifts
How We Can Help
At Baligod Law & Co we offer expert advice and assistance in drafting basic to complex, bespoke Wills or reviewing your old will.
Download our FREE Wills brochure {here} to gauge what type of Will you may need to suit your own unique circumstances. We hope this guide, ‘The Will You Didn’t Know You Needed,’ makes the process easier.
We’re here for you, whatever you decide. Our team will help you through the process, keeping your assets secure and making sure your loved ones are well provided for.
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Same-day Will? Could it really be that simple? Complete our form {here} beforehand, and walk out with your executed Will!