Writing a Will could be the most important thing you'll ever do and yet it is estimated that two thirds of UK adults still do not have one.
To help get you started here are a few things to think about when preparing to write your Will.
- Make a list of everything you own and what it is worth (assets)
- Include any life insurance policies and pension assets (if not already assigned)
- Subtract any money you may owe on death, such as mortgages and loans (liabilities)
- Estimate how much your estate is likely to be (the difference between your assets and liabilities)
- Make a list of those whom you want to benefit, including names and addresses. Think about any wider family and friends also
- Think about who you would like to be guardians for your children and seek their approval
- Think about whether you want to leave gifts to any charities. See our legacies page for more information
- Make a note of who you DON'T want to benefit
Once you have all of this information you are ready to start drafting your Will.
Putting your affairs in order- what exactly does this mean?
The phrase ‘putting your affairs in order’ is quite commonly used, but what exactly does this process entail? We’ve written this blog to help explain in detail what may be involved in the process and we also highlight some of the key things you will need to consider along the way.
Wills - The importance of getting it right
The Coronavirus has affected everyone in many different ways, but one thing is for sure, it has provided a reminder to many of us about the importance of having our personal affairs in order. For most people this process starts by writing a Will.
Intestacy: What Happens if I Don't Have a Will?
We are getting a lot of questions from clients around this topic at the moment, so we thought that an article outlining the intestacy rules would help to guide you.
Producing a valid Will whilst social distancing
The last few weeks have forced us all to change the way that we live our lives. From working, to schooling, to socialising and even shopping – we have had to adapt. There is no doubt that technology has played a big part in allowing us to adapt and indeed stay somewhat connected to the loved ones that we cannot meet in person.
New service for identifying charitable bequests
A new system alerting charities to when they have been left money in wills is to be established by HM Courts and Tribunals Service (HMCTS) following a decision to end its current arrangement.
Don’t forget your digital legacy
When we think about what we leave behind when we die, the majority of us take an approach that gives little regard to the vast amount of digital assets we hold.
Online Life = Digital Legacy
We all increasingly live our lives online whether it be through various social media profiles to paperless billing for your gas and electricity account. When you’re in control, there’s no denying it makes life simple and even if you lose or forget your password, a link will be sent to your email account and within seconds you’re back in control.
Giving Away Your Home
If you are thinking of giving away your home or other assets you must read this. Download our free guide today.
The steps cohabiting couples should take when drawing up a will
There’s no denying the huge steps forward seen in creating equality for same-sex couples in the UK during the 21st Century, first with the Civil Partnership Act 2004 and then the Marriage (Same Sex Couples) Act 2013. However, as heterosexual couples have marriage as the only option open to them to make their relationship formal, there have been suggestions of a new inequality having now been created. A legal challenge by mixed-sex couple Rebecca Steinfield and Charles Keidan to be able to enter into a civil partnership instead of a marriage was unsuccessful earlier this year, meaning it’s unlikely the situation will change for heterosexual couples in the near future.
Wills and Planning for the Inevitable
Research just published underlines how ill-prepared most people are in terms of their end of life planning.
The Jones Family: Family Wills Bundle
Wills for everyone in the family can be expensive. Read about our exclusive Family Wills Bundle offer, easily explained by the Jones family, here!
What does the Inheritance Tax Change mean to you?
Last week, during the Budget, the Chancellor formally announced a key change to Inheritance Tax (“IHT”) that would take affect from 2017.