What is a Will?
A Will is a legal document in which you state what you would like to happen to your estate. Your estate consists of your house (less any outstanding mortgage or other loans secured on it), cash and savings, your car, household and personal effects, proceeds from any life assurance policies and pensions where there isn't a named beneficiary or the plans are not written in trust LESS any outstanding loans, credit card balances, household bills, funeral expenses, etc.
If the gross value of the total estate is less than £5,000 (England, Wales & Northern Ireland) or £25,000 before debts (Scotland) it is called a "small estate" and can be distributed without a Grant of Probate or Confirmation of the Estate.
However, it doesn't matter how little you think you are worth, it is important that you make a Will. Without a Will, your relatives and friends could face severe difficulties. And, although you may not like it, if you don't make a Will the law will decide for you, which may not be what you would have wished. You must sign and date your Will in the presence of two witnesses (England, Wales and Northern Ireland) or one witness (Scotland).
You must appoint an executor in your Will to ensure the terms of your Will are carried out. Sometimes one executor is sufficient but where there are potential beneficiaries who are not yet 18, then two executors are advisable. The executor's role is explained further below.
Your Will is an invaluable opportunity for you to clearly let your intentions be known relating to:
1) Who you wish to act as executor of your Will
2) Who you wish to act as guardian of your children and how you wish to provide for your children's upkeep
3) How you would like your funeral conducted
4) Whether you wish to donate your organs or donate your body for medical research
5) Provisions to reduce death duties (Inheritance Tax)
6) How to provide for your pets or favourite charity
7) Who you wish to receive what of your personal items, investments and or property. Whether the gift has real value like your house or only has sentimental value like a watch or wedding ring.
What happens if you don't make a Will?
Making a Will is relatively straightforward and not very expensive. However, in spite of this, seven out of ten people in the UK die without a Will. This often causes delays, hardship and worry - and even costly legal bills can result if there is confusion and disagreement among those left behind.
Should you die without a Will or if your Will is deemed to be invalid (e.g. if it wasn't completed or signed correctly) then you are said to have died intestate.
This results in the law deciding who gets what of your estate. However, there is one set of rules for Scotland and another set of rules for England and Wales and another set of rules for Northern Ireland.
By proceeding past this point you will be departing from the regulatory site of The Mortgage Gallery Limited. The Mortgage Gallery Limited is not responsible for the accuracy of the information contained within the site that follows. We would like to point out that we act on an introducer only basis to Will Drafters Ltd for Will Drafting & Probate and no fee is charged to you for this introduction. The FSA does not regulate Will Writing and Probate.
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