A will is a legal document that states what you want to happen to everything you own when you die. It includes things like money, property, investments and possessions, which legal professionals often call your assets. All your assets lumped together are called your estate. If you have children under 18 years old, making a will also allows you to say who you would like their legal guardian(s) to be.
If you die before making a will, the government will follow the rules of Intestacy, a set of guidelines that decides who gets your assets. But these rules are over 100 years old, so do not consider modern family dynamics like unmarried couples, step-children or your personal preference. If you’ve got children under 18, and have not appointed a legal guardian, social services and/or the courts can make decisions about who takes care of them.
How a property is owned is an important aspect when organising ownership now and for when it is passed on in the future. Setting it up correctly can save hundreds and thousands and save on heartache.
There are two ways you can include gifts in your will; a specific amount of money (like £5,000) or a particular possession (like a piece of jewellery). You must describe your gifts clearly, so there’s no confusion for your executors, the people who carry out the wishes in your will, or your beneficiaries, the people inheriting from you. We’ll help you describe your gifts accurately in our will writing service.
How a property is owned is an important aspect when organising ownership now and for when it is passed on in the future. Setting it up correctly can save hundreds and thousands and save on heartache.
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