Estate planning is an important step in ensuring that your loved ones are taken care of after you pass on. A will can provide a legally binding document to establish how your assets should be distributed after you die, and can also specify who should take care of certain aspects of your estate, such as taxes on your estate’s property. In this article, we share five tips on how to write a will online in the UK that is both legal and effective. Let’s just straight into it!
Consider the Value of Your Estate
Ideally, you want to take an inventory of everything significant item or assets that you own, noting their worth and how those assets will be distributed after your death. This means listing everything including land, houses, cars, and any other property.
Where possible, also get written appraisals of valuable but often forgotten items that could be included in an estate including artworks and jewelry.
Finally, don’t forget to also list all the liabilities you have, such as credit card debt and student loans.
Pick Your Beneficiaries
When choosing who to include in your will. It’s important to think about who would be best suited to receive your assets.
Some people might want to leave their wealth and property to loved ones they know well. While others may prefer to leave more of their estate to charities or other causes.
If you have children or grandchildren who you want to provide financial stability or help with education after you die. Make sure they are listed as beneficiaries.
On the other hand, if you have close friends or family members who you feel would be deserving of your money. You can also add them as beneficiaries instead.
It’s also possible to appoint a guardian for minor children or grandchildren if necessary.
Designate an Executor of Your will
Who should you name as the executor of your will? There is no definitive answer to this question since it depends on your personal circumstances and the preferences of the person you have chosen as your beneficiary.
However, some factors to consider when making this decision include whether you are married. Have children, or are in a partnership. If any of these people are reliant on you financially. They may be reluctant to accept responsibility for carrying out your will if they feel that they will not be able to cope with the financial consequences.
If you are unmarried or childless, it’s often sensible to appoint a relative or close friend as executor. This person is likely to be sympathetic towards your wishes and can provide procedural support during the will execution process.
Alternatively, you can nominate a trustee – someone who has been authorized by law to carry out wills on behalf of the beneficiaries – who will be responsible for appointing an executor once all relevant documents have been filed with the appropriate authorities.
Choose an Online will Writing Service
There are a few things to consider when choosing an online will writing service. First, what type of service do you need? Do you just need a basic will template or do you want more assistance?
Second, how much flexibility do you want in terms of format and content? Third, how long do you want the process to take? And finally, how much money are you willing to spend?
One popular online will writing service is Wills Trust LPA UK. This service offers a user-friendly interface and includes features such as an interactive will maker and a trust builder.
The service also offers 24/7 support and a variety of templates to choose from. Wills Trust LPA UK charges £39 per order. Additional services, such as probate registration and dealing with estate taxes, are available for an additional fee.
Store Your will Safely
Most online will writing services offer storage for free but it’s important to ask before using them. This way, you can also access the digital copy of your will anytime, anywhere. You can also print out a copy and store it in a safe place.
Having a will is important not only for your loved ones in case of your death, but also for ensuring that your assets go to the people you want them to. There are a few key steps that need to be taken in order to have a will drafted and executed properly.
Luckily, the tips we just shared above should help take the mystery out of writing a will and make the whole process easier for you.
Make sure to speak with an attorney if there are any complex or specific provisions you would like made in your will. Finally, always keep copies of your will so that you can update and revise it as needed.