Did you know that about 70 per cent of the UK population have not made a will? If you are one of these people then you really need to look into making a will because if you die without having made one then you will have no say in who inherits your estate. If you die intestate (which means you have not made a will) then the UK government will deal with your estate and split up your estate between your family members according to a set of laid out government rules. However if you do not have any surviving family members then unfortunately all your money goes to the government which is a shame because if you had made a will your money could have gone to your friends or a charity of your choice if you have specified such a wish.
Making a will is not difficult to do, you can use an online will writing service, you can go to your local solicitor who for around 150 pounds could draw up a will for you or you can buy a will writing kit from a stationery store for around 10 pounds.
Here is a list of some important things you should consider when taking out a will:
1. You should make it very clear who gets what in your will.
2. You will need to get two people who are not benefiting from the will to act as witnesses. They do not need to see what is in the will, they just need to witness you signing it.
3. You will need to name two people to become executors of your will. The reason you will need two executors is to cover the scenario that one of the executors dies before you do. Your solicitor can be an executor of your will as can a beneficiary of your will.
4. It is a good idea to keep your will in a safe place and let your know your executors where it is kept. You could keep it at your solicitors, at your local bank or at the local probate registry which would cost you around 15 pounds.
5. Make sure you review your will every few years so that you can make any necessary amendments as your life circumstances change.
Well hopefully this article will encourage you to get round to writing your will soon so that your wishes for your estate are carried out when the time comes.
Miguel Poza runs a website about saving money where you can find
out about many free money saving tips and read other personal finance related articles which will
help you save money on your finances. You can check it out at
Money Guide UK
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