Making a will is one of the most important things that anyone can do as they start to get older. Creating this document will help to safeguard your assets and to provide for loved ones after you have passed away.
There are several things to consider when you are putting a will together, which will ensure that everything is done correctly and nothing is left to chance. This can be a confusing process for some people, so it is best to have as much information as possible before you make a start. Read this helpful guide to the most important things to consider when you are making a will.
Don’t Leave It Too Late
One of the biggest mistakes you can make is leaving the will too late. You might not have all your critical faculties towards the end of your life, which could mean that you are not able to communicate how you would like your assets shared after you have passed away.
This means that you should prepare a will when you are still healthy and can make all your decisions for yourself, which will ensure that there can be no ambiguity later on in life. Consider using a professional will service in Essex whilst you are in the prime of life.
Consider Joint Assets
If you are married, it is likely that you have a joint bank account with your partner in both of your names. A joint account can only be accessed if both of the account holders sign to release some of the funds. This is a useful safeguard to prevent people who are divorcing taking all of the funds with them.
The status of the joint account needs to be written into the will, otherwise, the assets will be frozen and will not be claimed by the surviving partner. If the money is a significant amount, this will be incredibly frustrating because the money could be used to care for the surviving partner in their old age.
If you are making your will, you should explicitly state that you give permission for the funds to be accessible in the event of your death. This will allow your partner to access the money for their own use.
Consider Your Property
You will need to decide whether you want your house to be sold or kept in the family when you pass away
Consider Your Private Pension
A private pension allows people to save large amounts of money to be used in their retirement. Again, in the event of your death, your partner or children will not be able to access the funds and they will be frozen. This is to protect against fraud. However, you can insert a clause into your pension to state that the funds can be accessed by family members in the event of your death.
Use this guide to prepare your will correctly.