The Importance of Writing a Will
While it may not be a nice subject to consider, the harsh reality is that, at some point, you will not be here anymore. Before that occurs, it can be a good idea to ensure your affairs are in order and that, officially, you have stipulated what you would like done with your belongings when they are no longer of any use to you. Whilst you can use a will writing service, it can also be useful to speak to others for more information, such as Wright Hassall solicitors. They can potentially answer any questions you have regarding the will process.
Any property you own can be left to whoever you choose. In some cases, with property over a certain price threshold, the recipient may incur inheritance tax. This would not be the case when leaving the property to your spouse or civil partner, however, would come into play when leaving to your children or others. Currently, a property can be worth up to £500,000 before a recipient would need to pay any tax.
In some instances, a married couple may wish to have joint wills created. These can also be known as mutual or mirror wills. In this instance, everything would be left to the surviving party, and then passed on to a person of both people’s choosing upon the death of the other person. The good thing about these wills is that, upon the death of one partner, there is no need to change or update the will.
You can distribute your possessions to anyone you see fit. This can involve sending everything to one person, dedicating set possessions to set people, or asking for all items to be sold and the profits split between people.
Your will can be updated at any time, however, there may be an administration fee associated with doing so. You can add or remove people as you see fit.
After your will and testimony have been sorted, it will be up to the individuals as to what they do with your property or possessions. From that moment on, the item will be owned by them, meaning they will be free to keep, sell, or otherwise get rid of the item. This is why making a will requires a lot of thought on your part before deciding who gets what.
You are also able to leave your belongings to charity, who would benefit from either the property or sale of any items. This can be a good option for those who have a strong link with the charity in question, or who don’t have anyone they want to will their items to.
Writing a will can be difficult due to the connections with your future death. It can also take a lot of thought to ensure you make decisions that suit you. While people can contest the will, both in the future and to you while you are alive, as long as you are capable of independent thought, your wishes should be taken into account.