Will the taxman be the biggest beneficiary on your death?
Making a last will and testament is the best way to control precisely what happens to your money, possessions and property when you die. An added benefit is that you can avoid paying more inheritance tax than necessary and stop the tax man being the main beneficiary of your estate. Although a legally valid will does not require a solicitor to draft or witness it, it will only have power in law if it is drafted correctly and is up to date. Therefore you should consider some form of advice to prevent problems for your beneficiaries. You need to get your will formally witnessed and signed to make it legally valid. Again, a solicitor isn't required by law for this. If you want to update your will, you need to make an official alteration (called a codicil) or make a new will. What Should Your Last Will and Testament Say? A will should clearly say... - who will benefit from your estate - who will care for any children you have aged under 18 at the time of your death - who is going to sort out your estate and carry out your wishes after your death (your executor) - who your executors are - what changes should be made if you outlive any beneficiaries Taking Legal Advice If your personal or financial situation is more complex then it's best to get help from a legal expert. For example: - if you live with a person who is not your married or civil partner - you want to leave money or property to a dependant who can’t care for themselves - your have complex family structures such as children from previous marriages etc - you are not permanently resident in the UK - if you are a UK resident with property in another country - you're a business owner or partner Is Your Will Legally Valid To ensure your will is legally valid it must meet the following rules: - you must be 18 or older - must be written of your own volition - made by a person of sound mind - in writing - signed by the person making the will in the presence of 2 witnesses - signed by the 2 witnesses, in the presence of the person making the will - the two witnesses, their spouses or civil partners must not benefit from the will Whichever option your prefer, don't delay. It's possible to complete a simple will online in less than 30 minutes and the benefits for your loved ones could last a lifetime.
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