The importance of creating a will
Creating a will is vital if you want to be certain that your
wishes are carried out after you pass away. Without a will, parts
of your estate may be seized by the government, unmarried partners
may be left with nothing, legal guardianship of your children may
not pass on to who you would have chosen - essentially, your loved
ones' lives could be left in disarray.
So creating a will is important - but how do you go about
it?
To prepare for creating a will, you need to establish several
things.
You need to decide on executors - people who will be responsible
for distributing the things you owned to those named in your will.
You should pick people who are trustworthy, responsible and
preferably have some knowledge of financial matters, though it is
common practice to allow them to use some of the money you left
behind to employ professionals to aid them in their tasks.
Before creating a will, you will also need to select two
witnesses to testify as to the signing of your will. Witnesses must
be over 18 years of age, and are not permitted to be (or be married
to) anybody who stands to inherit anything through the will.
Lastly, you need to put together a thorough list of all your
property, plus an extensive description of your finances (including
debts and loans as well as savings and investments). This will make
for an easier time when creating a will.
Creating a will will probably require the services of a
solicitor. If you are concerned about the cost, there may be legal
aid available for you if you are experiencing financial hardship or
over 70 years of age.
We have a greater amount of information available on the process
of creating a will in our free Wills guide.
Claims Financial