In light of the Coronavirus pandemic, and its drastic effects on social mobility and health in the United Kingdom over the past weeks, many people have rightly thought about making their wills. But as many solicitors’ offices and will-writing services have shut at this time to prevent the spread of the infection, there have been many questions surrounding how this important task can still be completed.
Following on from the tragic death of Caroline Flack now comes the news that she died without making a will.
The recent plight of TV host Kate Garraway and her family highlight that not only are Lasting Powers of Attorney crucial to have in place but that they are also not just for the elderly.
When you make a Will you can decide not to include people who you don’t want to benefit from your estate. You can even go as far as to explicitly exclude them and direct your executors to resist any claim that they may make on your estate.
Many people can find the concept of LPA’s confusing and it is easy to see why. They are important but complex documents. Here we will list the most common misconceptions that we come across when advising our customers on LPA’s
The five main high street banks have declared that £137 million of unclaimed money laid dormant in 2019 (this is monies that have laid dormant for 15 years plus). This figure is growing every year and is mainly due to the number of unclaimed accounts and pensions that are left unadministered, or are simply forgotten about.
When making a will, most people will consider which assets they wish to leave to their respective beneficiaries. Money, jewellery and cars are just some of the many items that people will specifically refer to in a will. But what about digital assets?
Detailing what gifts you want to make when you pass away is usually dealt with by making a will where you can set out all of your wishes. According to the Wills Act 1837, this must be in writing and signed by the testator in the presence of two or more independent witnesses who are present at the same time.
It is fairly common for a couple making Lasting Powers of Attorney to appoint each other as their sole attorneys. It makes sense to let your spouse/partner make decisions on your behalf without someone else having to be involved.
Death is a difficult subject, both emotionally and legally. It can conjure up images of complicated discussions with those who are, professionally, best able to prepare for it. For some, this means contacting the family solicitor. For others, it perhaps means finding one in the first place. But are lawyers essential at all at this stressful stage in our lives?
According to the law, anyone can make a will. Theoretically, all one needs is a piece of a paper and a pen. Is it advisable? No, but there are lots of do-it-yourself kits available as templates for this purpose.
It may come as some surprise to hear that only about half of Britons have written their will. Perhaps many have put off preparing for the end as it’s too grim a subject, or simply because it sounds too daunting. But it is an immensely helpful thing to have, and not at all too much trouble to do. Thanks to Kwil, you can access, amend and affirm your will from anywhere.
There are multiple types of will available, each with their own special benefits. They range from Single Wills, Couples Wills, Mirror Wills, to more complex ones.
Along with a list of your assets, a will must include those individuals or institutions to whom you are leaving your estate. It should also contain the names of certain people who can validate the document, as well as carry out its orders.
Other than allocating our estate, many of us will have more sentimental instructions that we will want carried out, like the giving of gifts and any other funeral wishes.
We all know the saying that ‘nothing is certain in this world, except death and taxes’. But not many of us realise that tax can have a drastic effect on those we leave behind. With inheritance tax potentially taking a great deal of our estate away from our loved ones, writing a will can help avoid it being applied and ensure our loved ones get as much of our estate as possible.
As highly important documents, a will must be kept in a secure location. Most will-writing services instruct their customers to put them in storage, but there are better ways of ensuring your documents are kept safe. Thankfully, Kwil can provide you with the best security available, as well as the chance to amend your will from wherever you are.
As probably your most valuable financial asset, it is important to know exactly what will happen to your home once you’re gone. Writing a will makes certain that you have your say on this important issue.