Trusted Will Writing Cumbria
Nobody wants to think about dying, but it’s important to consider what will happen to your assets when you’re gone. Making a will allows you to choose how to distribute your possessions and property rather than the laws of intestacy deciding for you.
You can select specific gifts for those who are most important to you, making sure that heirlooms and items of sentimental value go to family members who will appreciate them most.
A will also give you the opportunity to select an executor that you can trust to handle your affairs effectively, and leaving a will ensures that your loved ones will have no added complications or costs when it comes to administering your estate.
You can also make certain that any unmarried partner is provided for in a will as the law will not automatically recognise common-law partners’ claims to an estate.
Making a will can even ensure that those who inherit can make savings on inheritance tax while guaranteeing that your final wishes will be carried out.
When it comes to getting a will, it makes sense to get a cost comparison to make sure that you are getting the best value for money.
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Trusted Will Writers Cumbria
Death is vicious – we are all going to die someday. If this happens while you are will-less, besides the grief, the people you care about may experience a terrible financial nightmare.
Planning for death may seem uncomfortable; you should consider how worse the situation would be if you were incapacitated or dead due to old age, illness or accident without sorting it.
It is very important for you to know that regardless of your age if you have assets such as savings, a house, and business or perhaps people you would like to take care of, you should consider making a will.
- Children: in case you have children or even step-children under the age of 18 years, you should allocate funds and the person to look after them.
- Divorced: in case a previous partner remarries; you may consider updating the will to capture what happens to the assets.
- Property: in case you have ‘tenants in common’ mortgage, its crucial to outline the fate of your share of the house.
The four main functions of a will:
- To point out your executors You need to identify a trusted and responsible friend to execute the whole financial process after you die.
- To allocate your estate You have to define how your estate will be shared amongst those you leave behind.
- To mitigate inheritance tax In case you pass away without a will, there are stringent laws regarding whom and how your estate is shared.
This has two disadvantages:
- The money may not be directed to where you want
- The money is likely to be inadequate for inheritance tax purposes.
Contact Trusted Will Writing Cumbria today
To find out more about our will writing service Cumbria all you have to do is give us a call. One of our friendly team members will chat with you about your personal circumstances and what you wish to include in your will. We will then schedule a visit, at a time of your choosing, for one of our Legal Consultants to come and visit you.
They will gather all of the necessary information together in order to prepare and write your will. Once this stage has been completed you will then receive your completed will for approval. The whole process takes an average of 28 days. To find out more information please do give us a call today. We offer a fixed fee and guarantee the lowest local will writing prices.
Writing wills is the only way to ensure that your money, possessions, property, as well as your investments, has gone to the people or the causes that you care of.
How to write a will
Find out the value of your property. You can draw a list of your lasting assets and your debts too.
The assets that usually make an estate are
- motor vehicles
- your company
- your home, furniture and other household pieces of stuff
- all your savings (bank/building society accounts)
- insurance,
- pension funds
- investments like stocks and shares
- other property that you own
- other personal belongings registered under your name
Then calculate the amount of debt you have. Debts may be a mortgage, a bank overdraft, a credit card balance, loans or equity release. These assets should be valued on a regular basis since their value keeps changing over time. To clarify this you can contact the people responsible to know how long lasting they are.
The will should be transparent regarding your assets. Ensure you have stated well who you would like to gain from your will. Decide where the remains of the assets will go (any money or property that is generally left after meeting the funeral along with administrative expenses, taxes, and legacies). State what to be done if one of your beneficiaries dies before you. If you desire to give any particular gifts to specific individuals like charity, ensure that you have included the correct information like the full names, addresses, and the charity’s registered number. Erroneous information might make your chosen charity to be denied the gift. This is a long lasting decision make sure it is satisfactory to you.
Executors deal with the distribution of your assets once you are dead. It involves a lot of work and accountability, thus think about the people you appoint cautiously.
It’s now the time to write your will
Make your own will:
Make your own will and ensure that it is valid. It should be correctly drafted and signed.
Lawyers:
It is typically best because they offer legal advice. Look for one who specializes in wills. Ensure that they are registered with the relevant body.
Banks:
Some of the banks have will-writing services as well as advice regarding asset planning.
Professional wills writers:
these are not qualified solicitors; hence, they might not be regulated. Do thorough checks if they are registered before you choose one? You do not want to mess up because of less research on solicitors.
Ensure your will is valid
Your will should be in writing, and only you should sign it and witness by at least two people who should as well sign it in your presence. You should have the mental capability of making the will and also understand the effect that it will have. Finally, you should make the will willingly and not from anyone else pressure. The beneficiaries, their family or civil partners are not supposed to act as witnesses; otherwise, they will lose their right of the inheritance. They are not even supposed to be present when the will is being signed. It is not advisable for an executor to be a witness.
Making a will in sickness
The will can be signed on your behalf if you are not capable provided that you are in that room and you have the mental capability to make the will. It should contain a clause stating that you understood everything prior to signing it. In case of a severe ailment, you might require a statement from a medical practitioner certifying that you have understood what you are about to sign then you can get an attorney. You can as well appoint somebody else to have a short-term power to sign your legal documents by giving them a general power of Attorney.
Keep updating your will
You are supposed to review your will after every five years or after a significant change like a moving house or new grandchild, and you should never make changes to the original will. For minor amendments, you can add just an addition, called a codicil that must be signed and witnessed just like the will, even though the witnesses don’t need to be the same. For significant changes like remarrying or divorce, the will requires to be changed. You must make a new one and cancel the previous one.