Why Make a Will?
It is estimated that in England and Wales some 60% of people die without having made a Will.
Making a Will is a simple process and by writing a Will you will be giving your loved ones and those that you care about directions as to what you would want to happen to your assets, cash, investments and belongings after your death. This will give you peace of mind and prevent your loved ones from having to go through a lengthy and often more difficult process, if you die without leaving a Will.
Dying without a Will is known as ‘being intestate’. If you do not make a Will, then the ‘Rules of Intestacy’, under the Intestacy Act, are used to make decisions about who takes responsibility of your Estate and all of your money and property on your death.
What is a Will?
A Will is a legal document that sets out your wishes and instructions as to how your Estate (being everything you own or have responsibility for) should be looked after and dealt with in the event of your death.
Anyone who is over 18 years old can make a Will.
For a Will to be legally valid, it must be signed and witnessed in a specific way.
What are Letters of Wishes?
This is a document that you can create that is kept with your Will, providing more information and guidance to your Executors as to what you would want them to do and what you would want them to consider in particular situations or circumstances. Letters of Wishes offer direction to your Executors and give them more certainty. They can be written formally or informally and changed at all time. Whilst they do not have specific legal validity, they are regarded as evidence of your thought process when making the decision and giving the instructions that are contained within the Will itself.
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