What is a Will and why is it important to have one?

What is a Will and why is it important to have one?

A will is a legal document that lays out how you wish your assets to be distributed and dealt with after you have passed away. This takes away any ambiguity of how you would have liked your possessions to be shared amongst your family and loved ones. If you have young children, the will can also decide who you would like to be the legal guardian of your children in the eventuality of your death. 

In the absence of a will, any assets, property or money left behind will be shared by the law. This could mean that anybody out of your immediate family, such as unmarried partners will be unlikely to receive anything. If you are in ownership of any important or valuable heirlooms and would like to pass these down to specific family members or loved ones, this will also form part of your will. 

Even though a will doesn’t need to be written in legal style, there are a few requirements before a document is considered legally valid:
– A will must explain how your possessions, assets and/or money should be divided when you die;
– A will must have been written when you were capable of making your own informed decisions;
– A will must be written in the presence of two witnesses who are not set to inherit from you. These witnesses must then sign the document.

Writing your will and planning your funeral are vital steps in later life planning and go hand in hand. At Capital Life, we understand the importance of having a will and would like to assist you in ensuring that everything will be as stress free as possible for your loved ones when the time comes. This is why all of our funeral plans include a free will service to give you the peace of mind that not only will your funeral arrangements be sorted but your assets will be distributed fairly and how you would have wanted. 

To learn more about our funeral plans and free will service, call our helpful advisors on 0800 411 8683 or contact us.

You can read more regarding Wills, Inheritance Planning, Probate, and LPAs here.