Prosperous Retirement Planning – Writing Your Will


A Will helps you decide how your property and possessions can be treated after your death. It is not mandatory to prepare this document as per law but is the best way to ensure that your estate is secure and is passed on to your loved ones and dependents as per your wish. If you die without writing a Will, the assets may be distributed as per prevailing law and not the way you desired their distribution.


A Will lets you name the beneficiaries of your property and estate after your death. There are several good reasons to prepare a Will: 

·        You can make written decisions about the division of your assets between the people you care for - if you do not have a Will, the law decides who gets what

·        If you have a partner but are not into a married relationship, your Will makes it clear whether he/she is entitled to the ownership of any of your assets or properties after your death

·        If you are divorced, you can decide whether to leave anything to your former partner

·        If you write a Will, you can make sure you do not pay more Inheritance Tax than necessary


Preparation of a Will


Anyone can create a Will but it is advisable to avail the help of a solicitor as there are myriad legal formalities that you need to follow to ensure that your will is valid. You may also need some legal advice for more complicated matters. A probate lawyer can also advise you about the way Inheritance Tax affects you while passing your property and assets to your heirs.


There are certain requirements that must be fulfilled to consider a Will valid:


·        It must be in a written form

·        It must be signed and must have some witnesses

·        You must be over 18 years of age while preparing it

·        You must have the mental capacity to make the Will and understand the impact it  will have on the treatment of your assets after your death

·        You must not have made the Will as a result of pressure from someone else


The beginning of Will must state that this shall annul all others. If you have an earlier Will it must be destroyed. 

While writing a Will, you need to have a good knowledge of the wealth and property that you possess and a clear idea about the people to whom you need to transfer such assets. Besides this, the Will must also mention as to who would be the guardians for any of your children under 18 years of age. You also need to choose an executor who will sort out your estate and carry out your wishes after your death.

You should review the Will at least every five years and after any major change in your life - getting married, separated or divorced, having a child or moving house. Any change must be made by a 'codicil' or by preparing a new Will. 

Preparing a Will in advance ensures an appropriate distribution of your wealth and can ensure a carefree retirement.                                                                                       

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