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It goes without saying that after death you have no control of your finances, money and assets you have acquired over the course of your life. This means you also have no control of who you are leaving it too if you don’t write an official legal will.
If you do die (it happens to everyone eventually) and leave a valid will then you have a higher chance of controlling where all your hard work and money goes, who it benefits. It doesn’t matter what age you are when you make a will as I know it sounds awful but sometimes death can happen suddenly and at all ages and if there is no legally valid will in place then the government will control who gets what which can be a very messy situation. By writing a will at any age you can have the peace of mind of what will happen after death.
Unlike in the past where if you hadn’t made a will, your life partner (husband/wife) would get all your belongings. The law has changed, as said before the government would decide on what to do with everything.
In the case of death without a will, who will inherit your estate (what you leave) really would depend on who is alive out of your relatives and family. If there are no relatives around you then all of your assets and estate will go to the crown, the Duchies of Lancaster or Cornwall and nobody wants that and its best to try and avoid. However if you have long lost relatives then these will try and be traced first.
It doesn’t have to be a complex will, try a simple will. This will be easy and avoid confusion after death. Simple wills will only contain information such as;
- Who you are, this will be enough to identify you and that it is your will. Add your address and who they can contact to identify you.
- Names of Your beneficiaries, beneficiaries are people of whom you are leaving things to, whether it be family, charities, friends. Include their address, name, birthday etc and this makes it easy to get in touch with them and track them down after your death.
- The name of your executor, an executor is the person who is going to be responsible for making sure all your wishes are carried out correctly according to your will. A back up executor would also be a good idea. As with anything there needs to be somebody to stand in if the other cannot. And also make sure they are fine with doing the job before you just name them.
- Who is going to look after any children you many have or anybody else you are a guardian for.
- And last but not least who gets what, who gets your estate, money and anything else you may have acquired over the course of your life.
- And lastly make sure it is typed, hand written wills are known for problems so it is advised you type it.
Make sure your will is constantly being updated as things change, finances change and people change.
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