A Will is a legal document that sets out instructions for who will inherit your estate and what should happen after you die.
You can specify the type of funeral you would like, how your assets are to be shared out, who should look after your children as well as any other wishes.
It is a legally-binding document but you need to make sure it has been drafted and prepared properly, otherwise it may not be valid, meaning your wishes will not be fulfilled and your estate will be dealt with under the intestacy rules – as though you had no Will at all.
You do have the option to draft a Will by yourself without the guidance of a Solicitor. However, this is not without risk and there are a number of common errors people make when drafting a Will rendering it legally invalid.
In addition to this, some fail to take into account all of the money and property available, make invalid alterations, or being unaware of the effects marriage or divorce when it comes to a Will.
A Will is therefore a means of setting out instructions for your executors, ensuring your loved ones are provided for in the most tax-efficient way andmost importantly, provide you with the peace of mind that no complications will arise after you have passed.
