Making a will
A will is a legally binding document that sets out how you want your property and any other assets you have, like shares or savings (normally called your estate), to be dealt with after you have passed away.
If you don't have a will in place, it means that the law decides who gets what from your estate, which could mean that some people get more or less than you had intended.
- What is a will?
- Why is it important to have a will?
- What happens if I don't have a will when I pass away?
- What is an executor?
- How do I go about making a will?
- How much does it cost to make a will?
- When do I need to update my will?
What is a will?
A will is a legally binding document that sets out how you want your estate to be split up and distributed after you have passed away. Your estate normally includes things that you own, or your share of any jointly held things like:
- Your home
- Stocks, shares and savings
- Any payouts from pensions or life insurance policies you have - where there isn't a named person for the payouts to go to/or the plans are not in trust
- Any possessions you have, like your car, jewellery, antiques
Less
- Any outstanding mortgage or loans that you have used your home as security for
- Any other outstanding debts you may have, like credit card bills, overdrafts or personal loans
- Outstanding household bills in your name
- Funeral expenses
- Any legal costs to carry out your will
Review your will regularly to make sure it's still up to date.
Why is it important to have a will?
It's important to have a will, as it sets out what you want to happen after you pass away, including:
- Who you want to appoint to make sure your will is carried out - this person is known as an 'executor'
- It makes sure your estate is divided up as you want, and everyone gets exactly what you want them to
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