What is a will? Why do I need one?

A will is a legal document which puts in writing your wishes regarding the distribution of your property and the care of any minor children. To be valid your written will must be signed by you and your witnesses.

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Will and Testament

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What Happens If I Don't Have One?

If you don’t have a will, you die intestate. When and if that happens, the state will oversee the distribution of your assets according to a set formula.

The formula often results in half of your estate going to your spouse and the other half going to your children. This can result in the sale of the family home or other assets, negatively affecting the surviving spouse.

Further complications can arise if your children are minors, as the court will appoint a representative to look after their interests.

Tax considerations are another important issue to consider, as a properly prepared will can minimize tax liabilities. This is particularly important for people with large estates.

How Can I Change My Will?

Changing your will is easy. We can simply write a new will to replace the old one, or make an addition using an amendment known as a codicil. A properly written will should minimise the number of changes required by anticipating as far as possible future likely circumstances. Getting your will right and accurate the first time means fewer changes later.

What Do I Do with It Once It's Done?

Creating your will is the first step in a two-step process. The second step is signing, witnessing and putting your will in the hands of your executor or professional advisor. Remember, your wishes can only be carried out if they are known. Putting your will in capable hands ensures that it will be available when it is needed.

To this effect we offer a professional executor/probate service as well as a will storage service.

What next?

If you would like more information or a call back from one of our team

or you can call us today

0161 7911 233

The Bottom Line

Making a will is a necessary – and, usually, fairly simple process – that can save your family time, money and grief, as well as give you peace of mind.

Remember. Money Matters Online makes your personal wealth our top priority. We take that responsibility to our clients very seriously.