Wills are much more important than people think, yet 60% of the UK adult population still do not have a Will!
Writing a Will forces us to think about our own mortality, which is not something that most of us want to do. This is usually why the task is postponed – as well as people believing that they are not wealthy enough to warrant one in the first place.
Now is the time to stop putting off the inevitable. We will all need a Will one day and putting one in place (with the right advice) is not as difficult as many imagine. It creates peace of mind for you and will likely make things considerably more straightforward for those you leave behind.
Here are some tips and considerations to keep in mind:
Get a professional to do it
You wouldn’t perform surgery if you weren’t a surgeon, so while you may think that it is straightforward, it is best to seek out someone who really knows what they are doing. This will help to avoid any issues in the future.
Make sure you get the right type
Surprisingly, there are different types of Will. Which is the correct one for you will depend on your circumstances, so ask the person who is putting it in place to make sure you have the right kind.
Avoid silly mistakes
Having a professional draw up your Will will ensure that silly mistakes are avoided that could cause complications in the future or could even make your Will invalid. Things such as spelling mistakes are annoying but not disastrous if they don’t change your intentions, but things such as not having two witnesses make your Will completely invalid.
Make Lasting Powers of Attorney
It is all well and good sorting out what happens when you die, but what about sorting things out while you are still alive? Lasting Powers of Attorney allow someone to act on your behalf if you do not have the physical or mental capacity to attend to your own affairs.
There are two different types – one to deal with your property and affairs and one with your health and welfare.
Keep them up to date
There is little point in having a Will if it is not updated with your changing circumstances. Things such as marriage completely invalidate a Will, so be aware of any changes in your life that may mean your Will needs to be changed. If you store your Will with a company they sometimes offer a free rewrite, so if you need to make changes contact them first.
Redwood Financial are always here to help and advise you. Book a meeting with one of our Advisors: Email: info@redwoodfinancial.co.uk or Tel: 01489 877 547
