Your Will (Last Will and Testament), is a legally binding document. It allows you to decide what happens to your belongings, your estate, after you have passed away. A Will tells your family and friends what you would like to happen in the event of your death which can make the process less stressful and upsetting.

If you do not create one, or one cannot be found, you will have died in what is referred to as intestate. It is then up to the government to decide who inherits from you. Under these rules only married or civil partners and close relatives can inherit.

There are various types of Wills that can be created. These include mutual Wills, mirror Wills and living Wills. The one that is most suitable for you is created in relation to your personal circumstances. Wellingborough Wills can advise you on which is the most appropriate for you as we understand there is no one size fits all when it comes to your personal choice.

What makes up a will?

Inheritance

A Will is used to distribute your assets according to your wishes. Items like jewellery, family heirlooms or personal items are completely your decision and can be implemented in your Will. This also includes who you would like to inherit your property. You can also consider cash gifts for friends and relatives and place any charitable donations into your Will.

Executors

In your Will you will choose someone to be your Executor. This will be a person who will be in charge of your estate once you have passed away. This can be someone close to you such as your husband or wife, your children (if they are over 18) or even a close family friend. If you would prefer a professional executor, you can choose a company such as Premier Solicitors of Bedford. They will perform your wishes as laid out within your Will.

The executor’s role is a big responsibility when it comes to dealing with your estate. It is important to choose your executors carefully and ensure they are willing to accept the role in the event of your death. Their job includes distributing your property, informing companies of your death such as your bank, employer, DVLA, insurance and pensions and it includes processing claims with your creditors.

Guardians

It is important to appoint guardians for your children who are under 18, as they will be legally responsible for your children in the event of your death. If you haven’t made a Will or updated your existing Will to include guardians for your children, then the courts can decide who look after them. It is recommended that whenever a child is welcomed into the family that your Will is updated accordingly.

Trusts

If you would like to add a Trust Fund to your Will then these have numerous benefits. You can see more about adding trusts here.

Funeral Wishes

An important part of your Will is documenting your funeral wishes. This provides you with the opportunity to record your decisions such as if you want to be buried or cremated, donate your organs, or even leave your body to medical science. Funerals are personal decisions and we all have ideas about what we would prefer for our own day. Having your wishes laid out allows for ease of planning for your family or friends. You may also wish to consider a Funeral Plan where everything is paid for and decided in advance, so those you leave behind are relieved of this added stress and worry at an already difficult time..

Storage

Once a Will has been created it is important to store it away safely and in an accessible system. If you store it yourself, you will need it to be in a safe place where it can be easily found and be safe from damage, including fire and water. If you would prefer to leave it with a professional facility, we are able to offer this through a partnership with Premier Solicitors of Bedford for only £25 per year. Find out more about our storage solutions here.

Review

Your Will should be reviewed every 3-5 years or sooner if your circumstances change such as a house move, children, marriage or divorce, loss of a family member or even a change in personal finances. Crucial details should be looked at regularly to reflect changes within your life. Many people create a Will and feel they’ve ticked the box, but it should never be tucked away. Wellingborough Wills can provide helpful advice to update your documents correctly with your best wishes and interests at heart.