The' ins and outs' of Wills

Wills may seem gloomy, considering what to do with your belongings when you die is not something anyone would want to do on a frequent basis, but none the less it is an essential requirement to ensure that your belongings end up where you want them. In its bluntest form, making a will is the way you set down your wishes for your assets and property after death, in a legally binding fashion.

Is a Will required?
Despite individuals reluctance towards the 'creation of a will' process, it would be completely unadvisable to not have a will. Every adult should have a will in place and continue to update it and review it on a regular basis when circumstances change. In my opinion the two most important reasons to have a will are the following:

• The main purpose of a Will is to decide who should receive what from your property and possessions after your death. Without this in place the law decides where your wealth and assets go through the intestacy rules.

• The second reason to write a will is more for young deaths. If you have children under the age of 18, your will is there to appoint guardians who will be responsible for your children in the case of both parents deceasing.

So the question of whether a will is required or not depends on whether you want to decide where your wealth and assets should go and who should look after your children in the case that both parents should die.

How to make a will?
After deciding whether or not as an individual you want a Will, the question of how to make a Will is the next element to consider. There are three main ways to make a Will:

• Do it yourself (DIY) Wills: This is exactly as it reads, you make your own will, most commonly with a DIY will kit, which aims to assist you in the general form of which you should write your will.

• Will Solicitors: If you feel that your will is potentially to complex for a DIY will kit then you can have your will professionally drafted by a will solicitor. Ensuring that the process is carried out officially and correctly covering all required areas.

• Professional Will Writers: This is another option, they are not solicitors, they are just professionals in the business of writing wills who should have vast experience and qualifications in writing wills.

Each has its own advantages and disadvantages but my advice would be to go for a professional will write or a will solicitor to avoid the hassle of trying to compose your own will where you may miss out vital areas.

Types of will
There are various different types of will available. The following is a brief list of those available to you:

• Single and Mirror Wills: Wills created by one person, regardless of relationship status, covering the general requirements of a will.

• Property trust wills: These wills are intended for use by people who have particular interest in protecting a property's value for future generations.

• Flexible interest trust wills: This will system offers the same protection as a property trust will but also included protection of large savings.

• Discretionary trust wills: This will performs the same functions as a single will but allows the addition of ensuring you can leave money to those who would not usually receive it.

• Living will: This allows an individual to set out what medical treatment procedures they would want to receive should they become ill and incapable of making their own decisions on the matter at the time.

• Lasting power of attorney: Is in the will and is a legally-binding document allowing you to grant another person the ability to deal with your financial matters on your behalf.

The process of making a will, albeit morbid, it is a vital process to protect your items and ensure intended beneficiaries receive what you required them to. The process can be quite complex which is why, in my opinion, it is always best to seek legal advice on the matter.

I am a legal writer who specialises in Probate, if you would like more information about wills and would like to find a solicitor, I suggest you have a look at lawontheweb.co.uk.