It is difficult to start
Death is a very sensitive subject to most people. Not only will you have experienced some of your loved ones dying in your own lifetime but as you retire you are also taking a step towards old age and potentially facing the subject of your own death one day. It is an idea that many people refuse to think about and put off making any sort of arrangements for when that day comes along. Despite this, you will most likely already be aware of the importance of having a solid will in place just in case the worse should happen.
Benefits of having a will
If you are unfamiliar with the reasons of why you need a will, and that perhaps should already have one completed, then don’t feel silly or stupid. The fact is, it is such a difficult subject for many people to address that simple points like this are often overlooked. In turn, people feel like they are unable to ask questions around the topic and it leads to a large hole of uncertainty and misinformation.
The main idea behind having a will is to nominate benefactors that will inherit your money and possessions upon your death. The importance of having a legally binding document that signifies what you wish to happen when you pass away is twofold. Not only does it reduce any chance of fraud but it allows the your local authority and the government to treat your assets as you have suggested. The penalty for not having a legally binding will already signed when you pass away can be that your benefactors will need to pay a large tax or that heartbreakingly, your assets are auctioned off or even destroyed.
Writing the will – A case study
It is well recommended to choose a legal firm to help you write your will. Research the best in your area and always go with one that you trust.
From personal experience, and testimonies from friends and relatives, Peter from the UK decided to ask Direct Wills and Trusts UK for their expertise in compiling his own documents.
Many different will writing companies offer a similar service and it is a fairly simple procedure.
“First you meet with one of the staff from the firm who explains to you everything you will need to know and allows you lots of time to ask any questions you may have.
At this stage you are often given a quote and you are able to decide if you would like to meet that specific fee. You then should spend as much time as you would like deciding where you would like your assets to go and nominate specific benefactors.
Each firm may set out this information in a slightly different way, but essentially all of this information will be compiled in a single document. You then are required to sign the document with a witness present who can testify that you are not being forced to do so. The will writing company I chose also offered a will storage facility. I would strongly recommend this, as then you can leave it with them and simply forget about the whole experience if you so wish!”
Do you have any advice to offer those looking to write a will? Please get in touch to share your experiences.