What is a Will? A Will – more formally known as a ‘last Will and Testament’ – is a legal document that records how a person’s property, money, investments, and other assets (their Estate) will be distributed after they pass away.
If someone passes away without a Will in place, then their Estate is divided according to the ‘rules of intestacy,’ strict rules that decide who receives part of the deceased’s Estate and how much they receive.
There are many good reasons to prepare a Will. A Will means that you are in complete control of who inherits your assets when you pass away, meaning that you can decide to leave money, property, family heirlooms, or other items to particular people. You also can choose to leave money to one or more charities.
If you have children, you can make a note of who should care for them when you’re no longer here. This is important because without a Will in place, the courts will be left to decide who takes over as legal guardians of your children.
Your Will can also record any wishes you have around your funeral plans and allows you to appoint someone to manage your affairs and distribute your assets after you pass away. This person is called the executor and will be responsible for applying for Probate and managing the whole process.
A pre-paid funeral plan is a simple and practical way to plan and pay for your funeral in advance so your loved ones don’t have to. It allows you to lock-in the Funeral Director’s services at today’s prices, protecting you against future increases, and could represent a significant saving in the long-term.
A Will should always be written, witnessed, and kept safe so that it is easy to find when it is needed. It is a good idea to make sure that someone you trust knows about your Will, or you can leave this with a solicitor or other trusted professional.
Capital Life’s affordable and stress-free Will-writing and inheritance planning services can make sure your family and loved ones are taken care of if you pass away. Contact them today and make sure your loved ones are protected.