Planning your estate: wills

How to plan and make a legally valid will.

Most people don’t like to think about their own mortality, but planning for the future is important to ensure your property, money and possessions are distributed the way you intend.

Writing a legally valid will is an essential part of this, and can provide peace of mind for you and your loved ones.

Despite this, a study from You Gov found that 62% of the UK’s adult population did not possess a will in 2017. In fact, most people tend to put it off, with only 36% of 45 to 54-year-olds saying they have a will, compared to 67% of over-55s.

When asked why they hadn’t made a will, the main reason was simply that they “hadn’t got round to it yet”.

If you’re among the majority of people in the UK who haven’t drafted a will, this article covers why you need one, how to go about making one, and what could happen if you don’t.

Why do I need a will?

The simple reason for having a will is also the most obvious: to ensure your wishes are fully met after you die.

It’s the only way to guarantee your estate – which is made up of your money, possessions, property and any investments – goes to the people or causes you care most about.

This should provide financial security to your family and their descendants, while wills can also be used to outline guardian arrangements for any children under the age of 18.

While on the topic of family, dying without a will or having an ambiguous will can cause family disputes, so making your wishes clear should mitigate any potential for conflict.

If you’re married or in a civil partnership, having a will is less important as your spouse or civil partner will be your next of kin and beneficiary to at least half of your estate.

However, your partner has no right to inherit your estate without a will if you are unmarried or have not entered into a civil partnership.

To read complete article click http://oxonaccountancy.co.uk/wp-content/uploads/2018/12/oxonPWP_APU_Dec18-planning-your-estate.pdf