Will Services

How wills work

 

Wills work by taking in to account all that a person owns inclusive of finances, insurance, pensions, savings, personal belongings (this could include jewellery or antiques), property, furniture, and motor vehicles. Debts are also included in the valuation. This is known as a person's 'estate'. The estate is valued, and in the event of death, is divided as specified to the parties that they have chosen. This could be to family, friends, or even to charity in some instances.

 

Several things must be in place for a will to be valid. You can learn more about these by getting in touch with us. 

 

How wills are executed

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Wills are executed by whoever is in possessions of the will. This is usually the executor of the will, but it could also be a beneficiary of the will. 

 

The order in which a will is executed is generally as follows;

 

• After death, the most recent copy of the will is tracked down

• The executor of the will, will need to gather all assets. This includes money, insurance, property, possessions, etc. This also includes debts. 

• An application for probate. Probate forms need to be signed and a swear on oath is required. Once settled, the document goes to whomever the individual has assets with. Those organisations will unfreeze accounts so funds and assets can be accessed. 

• Inheritance tax is paid. The amount of inheritance tax varies on the estate

• Outstanding debts are settled. This could include bills, mortgages or other loans the individual had. 

• The final step is to distribute what is left of the estate to the parties named in the will as per the deceased's wishes. 

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What should be included in a will? 

 

When having a will written, it’s important to consider some information before you begin the process. This can make it easier, and means you are prepared. 

 

• A record of all of your assets, finances (this includes savings and pensions) and insurance and any debts you have

• An idea of who you like to leave things to

• An idea of who you would like to be your executor

 

Why wills are important

 

Having a will in place before your death is important, no matter if you don’t consider yourself to have much in terms of possessions or money. If you die without a will, the money or possessions could be allocated in a way that you wish them to be distributed, and this is because when you don’t have a will, there are rules in place that dictate how your estate is allocated.

 

Keeping your will up-to-date is also important. If your circumstances change (For example, if you have separated from a partner who was in your will, or if you marry or enter a civil partnership) that you change the content of your will to reflect your wishes in the event of your death.