Your will is one of the most important documents you will ever sign. It allows you to decide what happens to your money, possessions and property after your death.
The government has provided useful information on making a will and how it can affect any tax payable after death.
Although you can write your own will, your estate may be complicated, and you may need to seek legal advice.
Wherever you are looking for advice and solicitors Manchester is a significant legal hub, and experienced probate lawyers can be found at numerous sites including https://bridgelawsolicitors.co.uk/offices/wilmslow-manchester/ among others.
Here are four things you may not know about wills and how important they are.
1. If you do not make a will, Intestacy Law comes into play, and any possessions will be distributed in accordance with those rules. This may result in someone you did not expect to benefit from your passing. If you have a spouse or a civil partnership, the estate, up to a particular limit, will automatically pass to your partner. If not, it will follow the bloodline. The state may benefit if no bloodline beneficiaries can be found. Note that partners who have co-habited do not inherit in the case of no will being made.
2. If you make a will, it is important to name beneficiaries specifically and not just use phrases like “my partner”. If the identity of your partner it is not clear when you die, there could be confusion, and this may mean the will be challenged or indeed fail. Full titles and names must be used wherever possible. This highlights the need to constantly review your will and update it if your circumstances change.
3. You will need to gather together several things together before you make your will. These include full names and addresses of beneficiaries and the executors of the will and a full schedule of your assets. Take time to prepare this, as you may overlook some elements of your estate such as your pension rights, which may be transferable. Also identify any specific gifts you wish to make and business assets you may own.
4. Anyone over 18 can be appointed an executor and obtain probate.
If you do not have a will, seek advice as soon as possible.