Getting your
will drafted is one of the most important things you can do as a parent and or a home owner. Granted, you won't
benefit from it expressly while you're alive, but having complete control over
where your estate will end up after your passing actually provides a rather odd
sense of security. After all, you can't out a price on ensuring that your
family is looked after when you're no longer around, so don't leave it up to
chance.
The To Do
List
The first
thing you need to do when considering getting your will drawn up is to think
about whether you want to do it yourself or pay a professional solicitor to do
it for you. Both sides have benefits, and both will be legally binding
documents. The main difference will be the price, however, with a DIY
kit costing as little as £10 in many stationary stores, and a professional
consultancy costing up to a few hundred. You should be aware, however, that DIY
kits need to done expertly, to the letter, and without any ambiguities in
their contents. Therefore, if you're not 100% sure, go professional and contact
Coles Probate Services for a consultancy.
Next up, you
need to be roughly aware of the size of the estate that you will be leaving
behind. Again, this is something easy enough to obtain, and a simple
consultancy with a professional probate lawyer can give you the low-down
through analysing your individual circumstances. Once this has been obtained,
consider then what you will be leaving behind in terms of financial burdens.
Funeral
costs are the major one, with funerals costing upwards of several thousand
pounds – with the Daily
Mail reporting an average cost of £7,600 in 2014. Be sure that whoever is left
behind to take care of this (think spouse, children, parents and siblings), a
little cash gift is waiting for them to at least, in part, cover these
expenses.
Next,
consider what further financial burdens you shall leave behind – be they mortgages,
loans
or otherwise – and take appropriate steps to cover for these. Here, it might be
wise to take out an official life insurance policy or set as much money as
possible aside to help out. Also bear in mind at this stage what level of tax
you may be privy to pay – or your inheritors shall be expected to pay – in
relation to the size of your estate. There are some things you can do to
avoid/reduce the amount payable, though, so get
clued up on what you can do.
Decide Who
Gets What
And the last
step of the process is to sit down with your loved ones and decide where any
left over money shall go. Who will get the house, the car, your savings and
your possessions? Normally, this period of consideration will be relatively
fluid as most things will likely go to your spouse or your children. Put some
serious thought into what might change in their respective circumstances
between now and a time when you may pass, though, in order to get a better idea
of who should get what.
Fundamentally,
be pragmatic. Consider the bigger picture of your Last Will and Testament, and
how its contents may affect those you’re leaving behind. Be mindful of what you’re
doing, and – most of all – get it done in due time.
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