The Benefits of Drafting a Will

Are you thinking about making a will but not sure how to go about it, or feel unsure about whether you need one? Many people are hesitant to write a will because they don’t see the potential benefits of having one. However, creating wills in advance has a benefit for everyone and ensures the security of you and your loved ones.

When you first think of what a will entails you may think of assets and giving them away. But a will does not only guarantee where your assets go. There are several sections of the document that take into account the people in your life that are nearest to you.

By learning about a will and what it consists of, you will see that the other sections help warrant important issues in your passing. For example, a will can ensure the safety of any children you leave behind and how they will be accounted for if you pass away.

In drafting a will, you can outline who you would prefer their legal guardian to be. Could you imagine your children being left in the care of an individual you might not trust because you never specified this beforehand? Look at your will as an opportunity to have a voice when you are no longer around.

If you are in the situation where you and your partner are unmarried, then you might want to ensure they have the ability to inherit your assets. A will acts as legal proof of your intentions regarding your assets. If this isn’t done, you may leave them in financial turmoil when you die. Take this opportunity to ensure their security when you're no longer about.

Without drafting a will, those closest to you could be struck with fees such as inheritance tax that can be reduced if taken care of in advance. Find a consultant or solicitor to discuss how you can reduce the amount of this tax in the creation of your will. You don’t want those inheriting from you to have to pay large fees in tax after you pass away.

Finally, drafting a will can confirm your possessions and money are allocated according to your wishes. If you have made a will in the past, it may be deemed invalid. This may be the case if you have entered into a new civil partnership.

If you want the person in your previous relationship to still receive something, then you must make this clear when drafting your will. Perhaps this person is still a close friend in your life and you want them to inherit some of your assets.

After reflecting upon everything that a will consists of, you are probably wondering how and where to go about creating one. If you want, you can draft a will yourself. However, this is only recommended if the terms outlined are fairly simple. Most people go through a solicitor to make sure everything is done correctly.

A specialist wills solicitor will be responsible for looking over the will you have drafted and guaranteeing everything you put down is as exactly as you had intended. Often, there are small mistakes made in drafting a will that can be interpreted as something else. Therefore, a solicitor will make sure there are no misunderstandings in what you draft in your will.

Many mistakes occur while making a will, such as formal requirements, not taking everything into consideration, being unaware of the effect marriage has on the will and many besides. A solicitor will help make the legal jargon become clearer and educate you about the regulations that go into drafting a will.

Just as you should consider writing a will in your later years, you should also explore the options you have available as an older person. Maybe you are considering moving into sheltered housing or perhaps you are interested in obtaining equity release on your home?

As you become older, the government and other organisations want to ensure your comfort and stability. This is why senior citizens are offered the option of pension credit – a scheme introduced by government in 2003, to provide a financial cushion in later life – and getting an equity release as an income option.

This allows you to retain your home, at the same time receiving a regular income based on the value of your property. Equity release is best for those that aren’t thinking of leaving their property to anyone when they pass away.

If you have not yet done so, begin thinking about the possibilities of old age and the responsibilities that getting older brings. Speak to both friends and family to help get advice about the best decisions to make.

Constructing a will and looking into the options you have available at this stage in your life will give you greater peace of mind. Taking these steps will also ensure the wellbeing of the people closest to you!