Creating a Will is planning what will happen to your finances/estate upon your death. A Will is written confirmation of where you would like your finances spreading throughout your family, spouse or friends once you’ve passed away.
Failure to create one could result in delayed payments to family members who may need finances for things such as funeral costs etc. Wills can be amended by the owner whenever they please but will only come into effect upon death of the individual, and the most recent draft of the Will that has been approved will be the official, legally binding document.
Making a Will at an Early Stage
In order to make a Will you need to be above the age of 18 and be ‘of sound mind’. It is good practice to begin creating your Will at an early age to cover all boundaries for your family as there can be unexpected results involved with death without the creation of a Will.
Estates can be issued to distant relatives of whom you may not have had any contact with and can be issued to the Government if you fail to create your will. We’re sure you’ll agree that ensuring your finances go to your most loved relatives is of paramount importance to you upon your death.
Keeping a Will Updated
It is important when events happen to keep your Will up-to-date. By keeping it up to date you are ensuring that your estate goes to the people you wish for them to go to and you can keep your power of attorney as the person who is most capable of dealing with your assets should anything happen to you.
Powers of Attorney
Should anything unexpectedly happen to you during your life i.e. disability or dementia, you need to know that you have somebody (a donee) there who can take care of your affairs on your behalf. This written document is known as a Power of Attorney.
A Power of Attorney can give the rights of the Will to the donee and he/she can carry out the necessary procedures to ensure that the assets are distributed fairly as how the incapacitated individual would have liked them to be distributed.
As you can see, creating a Will is very complex and can be very frustrating for spouses and families if done incorrectly. It is strongly advised that you seek professional help when deciding about creating a Will as ensuring your assets go to where you want them to is vitally important to everybody involved.
Wills and Power of Attorney’s are not regulated by the Financial Services Authority.
