What Is A Will

What Is A Will?

March 21, 2022 12:05 pm Published by

A will, sometimes referred to as a last will and testament, is a legal document that expresses the last wishes of a person that has passed away. This will typically details how a person wishes to distribute their assets such as property, vehicles, money and other things, upon their passing. Wills are typically managed by an executor and wills should typically be followed to the letter, unless a person wishes to contest it.

What Is A Will

Why Do I Need A Will?

Wills are considered an important part of estate planning and will help to ensure that your wishes are followed upon your death. No matter what assets you might have, whether you consider them valuable or not, it’s important for you to make a will. Some of the reasons you need a will are:

  • If you pass away without a will, then there are certain rules in place that automatically dictate how your assets should be divided, which means people who you might not talk to receive money and people who you’d like to be looked after won’t be.
  • Should you be unmarried, or not in a civil partnership, then it can cause serious financial implications for the remaining partner, as they will be unable to inherit without a will.
  • Wills can also be used to express personal wishes, such as who should take care of younger children if the parents pass away.
  • You can lower the liability of inheritance tax by effectively planning with a will and accounting for things such as trusts.

Whilst it’s important to have a will, it’s also vital to keep it updated regularly. If you split from a partner or have a dispute with a family member or friend in the will, then you’ll need to update it to reflect a change in your wishes.

What Should Be Included In A Will?

When it comes to writing a will there are a number of things you should look to include to ensure everything is accounted for upon your passing. Some of the things you should look to include in your will are:

  • What possessions or property you own such as cars, houses, savings, insurance policies and other things and how you wish for these to be distributed.
  • Who you want to benefit from your will, e.g. children, friends, charities or any other people you wish to benefit and how you want them to.
  • How any children or pets will be taken care of both in terms of monetary and personal care.
  • Who the executor of your will, will be.

What Is A Will

Do I Need An Executor Of The Will?

The simple answer is yes. You will need at least 1 executor of the will, however most people will name at least 2 and some choose up to 4. When choosing an executor of the will you need to ensure they are confident in what they are doing and how they will cope with losing you whilst also dealing with your affairs. Most people choose family or friends to be will executors, however it is also common for people to choose solicitors, banks or public trustees to handle their affairs.

Effective Will and Estate Planning Services

If you’re looking to have a will written or estate plan created, then it’s important to choose a specialist company who can help you. At The Lost Coin Financial Planning, we offer dedicated and professional estate planning services, which will help to ensure everything is planned for and that the least amount of tax burden is placed on your loved ones as well. Just contact us today for more information on how we can help you.

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