If you die without making a Will, the law will decide who inherits your prized possessions, property and money, so of course it is best to take control of this by having a Will. If you wish to know more about dying ‘intestate’ click here
Making a Will is a relatively straightforward process and costs less than you may think. In the long run, it will save time and energy for your friends and family and feel reassuring to you, knowing that your wishes will be carried out. It’s an opportunity to look after the people you love and the charities you feel passionate about.
How do I make a Will? – Making a Will, Made Easy
We asked Michael Graham, a Director and Head of Private Client at Cleaver Fulton Rankin Solicitors, to share with us his expert knowledge of making a Will.
Read on to find out more about how to choose an executor, things to consider and the real reasons why making a Will can be so important to the people you love.
Why should I make a Will?
Making a Will is the only way you can be certain that your estate passes to the people you want it to. Statistics show that as few as one in three people have made a Will and that’s not counting those people who have Wills that are out of date, tax inefficient or generally inappropriate for their needs.
What happens if I don’t make a Will?
The main risk is that your estate will pass under the rules of intestacy to people that you did not choose as beneficiaries, and in some cases to people that you don’t like! It can also lead to litigation and tax problems in more complex estates.
Why don’t more people make a Will?
Many people mistakenly think their estate isn’t large enough to warrant making a Will. The fact is that if you have any assets at all, making a Will ensures they go to the people you want to benefit (your beneficiaries) when you die. Other people simply never get around to it and it’s the kind of thing people keep putting off. As with all things, the sooner you do it the better.
Where do I start when making a Will?
Talk to a solicitor – the overall cost is usually much more affordable that you might think. Professional advice is invaluable.
Think about your estate – your assets – and how you might want it to be divided and among whom. You will also need to think about choosing one or more executors. Just making a few notes provides a good start for you solicitor who will know what questions to ask to make sure everything is taken care of as per your wishes.
What is an Executor and what do I need to think about when appointing one?
An executor is a person who carries out the instructions in your will when you die. You can choose anyone over eighteen to be an executor. For example, a spouse, civil partner or adult children. And you can choose as many people as you like, within reason. The most important quality is that these are people you trust. Executors can also be professional advisors, for example a solicitor, accountant or a trust company.
What if I want to leave a gift to a charity?
This is very easy to do – in fact, hundreds of people do it every year in Northern Ireland. Your solicitor should be familiar with how to write such a gift into your Will. Or you can contact Will to Give and ask for more details – they’re the experts in this area and have done so much to encourage charitable gift giving to all kinds of charities, large and small.
Take action now
- To find out how you can leave a gift to charity, click here
- Email info@willtogive.org.org.s214960.gridserver.com for your free Will Making Guide
- Get in touch with a solicitor here
- Follow Will to Give on facebook and twitter
Most importantly, don’t leave it until tomorrow or the next day, take control and act today!
