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Single Family Will

22nd March 2010
By Michael Flowers in Estate Planning
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Writing your Will is often seen as a difficult task, it's ascertained that seventy pc of us are yet to make one. Obviously no one likes to discuss death, particularly their own. Yet writing a Will is an important step in your family's future to guarantee grieving loved are looked after and your estate is distributed according to your wishes.

Take the example of billionaire aviator, Howard Hughes, he never made a Will and for 15 years his surviving kin fought over his huge estate. You may not be a multimillionaire but its still worth taking the time to consider your Will and this article is going to highlight some significant issues.

1. Internet Wills, DIY kits or see a solicitor?

nowadays there are many options for making a Will and which option you select actually depends upon how complicated your estate is. DIY kits are fine if your confident filling out legal forms and your estate is relatively easy. An internet Will or online Will is a sensible choice for the majority as they ask you easy questions and construct a Will based mostly on your answers. The better sites don't use mechanical systems and will take a look at your Will for errors before it is produced. If your estate is complicated or you're a made individual then its likely best to speak to a solicitor.

2. Your executors

These are the people or person who will be accountable for distributing your estate after death. They will also be answerable for clearing your debts, burial costs and any Inheritance Tax culpability that can arise . It could be a demanding role and you will need to pick some you can have faith in. If you're married, your other half will typically take on this role but its a good idea to designate an alternative in case they are unwilling or unable to perform the role.

3. Taking care of your children

If you have kids then it's a smart idea to designate guardians in your Will. For married people the surviving partner will usually take on the parental responsibility but if the worst occur and both father and mother die at the same time your chosen guardians would then take on the responsibility. For unwed couples its even more vital, if the female dies, her male partner does not mechanically get guardianship. Single Family wills are just as critical since there just as many assetts over time as married couple. Its critical you designate each other to avoid problems like this.

4. Be specific

If you have items that are important to you and you would like to leave them to certain family members you must be clear about what the item is and who you are giving it to. For example you may wish to give your grandmother's wedding band to your child or perhaps you need to give a £1000 to Macmillan's Cancer Research. That's's fine, but designate the gift with as much detail as you can.

5. Storage

A Will is only valid and exercisable if it can be discovered and is not damaged. Its an important legal document so you should store it safely. A good tip is to make additional copies of your Will and give them your executors, guardians or family.

6. Sign it

It may seem quite clear but unless your Will is properly signed, dated and witnessed it won't be legal. Many people go to the effort of having a Will drafted only to leave it unsigned collecting dust in their office drawer.
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About the Author
Reporting on Single Family Wills in the Wacodistrict.
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