Why make a Will, what happens if you do not have one and the process of making one.
By Jonanthan Hickman Ashfords LLP. Published 2020-10-23BOLD-Living
A guide as to why you should prepare one but also what happens if you dont't
- You are able to choose who is appointed as your Executor(s). Executors are the people charged with handling the administration of the estate after your death. Commonly these are family members such as a surviving spouse or children but can be anyone of your choosing including friends or a professional, such as a solicitor.
- The Will can include your wishes in respect of the disposal of your body and your funeral.I
- f you have children that are under the age of 18 at the time of your death and there is no one surviving with parental responsibility, you can appoint guardians under your Will.
- Possibly the most important aspect is that your Will should deal with how you wish for your estate to be distributed. Your estate consists of all your assets such as your property, bank accounts, shares and other investments as well as your personal items such as jewellery and household items.
- You can also set up trusts under your Will but I will not go into greater detail in this article because, as you can imagine, that is a subject all on its own. Should you wish to discuss trusts, I would recommend seeking the advice of a solicitor. When you are considering whether to make a Will, one of the questions you may ask yourself is the obvious question as to what would happen if you had not prepared a Will at the time of your death.
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