MAKING A WILL
The following information is provided by the Law Society of Northern
Ireland.
Why should I make a
will?
What
if I don’t make a will?
How do I make a will?
Who should I choose as executor?
How much will it cost?
Can I change my will easily?
When should I change
my will?
Why should I make a will?
You may think that you are to young to make a will. You may think
you are not rich enough. Maybe you have never thought about it
at all. But the best time to make a will is now, when you are
healthy and in a state of mind to prepare for the future of your
children and those who depend on you.
What if I don’t
make a will?
In the event of a tragedy, those you care about will be burdened
by unnecessary worries on top of their bereavement.
There are many questions that
must be answered now
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Who will look after your children?
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Who will feed them, educate them and bring
them up as you would?
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Who will made the decisions that will affect
their future?
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Who would you NOT want to dictate you children’s
future?
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What will happen to those you want to go on
living in your home?
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Who will get your most valued possessions?
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Who would you NOT want to get them?
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Will your partner have the use of all that
you have built up together?
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Will he or she have enough to live on?
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These questions must be answered sooner or later.
By making a will you can choose who will "wind up" your
affairs. You can choose what will happen after your death. You
can choose how your family will benefit. Without a will the law
makes rules for what will happen and those rules may not suit you.
It is particularly important for divorced and unmarried couples
to make wills as the rules do not really provide for them. A divorced
or separated spouse may be entitled to some or all of your estate.
How do I make a will?
Although you can make out your own will, there are many complications
even in the most simple cases. Many expensive mistakes are made
with home-made wills. You may not know it, but there may be taxes
to be paid after death. In many cases these can be avoided or
greatly reduced by seeking good professional and impartial advice
when making a will.
A Solicitor will suggest how you can best provide for your family.
He or she will also point out any difficulties that may arise and
suggest ways of dealing with these. You make it easier for your
solicitor if you bring with you a list of all your assets; your
house, pension expectations, insurance policies etc. You may be
surprised at the way it mounts up.
Who should I choose
as executor?
Your executors will have to deal with your financial affairs after
your death. You should pick people whom you know and trust. Your
husband or wife, reliable friends or relatives would be suitable.
Alternatively you could ask your solicitor to deal with this
for you. A combination of a member of your family and your solicitor
may be sensible.
How much will it cost?
Not as much as you might think. A simple will can be made by a
solicitor quite inexpensively. You can make it easier for your
solicitor if you bring with you a list of all our assets; your
house, pensions expectations, insurance policies etc. You may
be surprised at the way it mounts up.
The cost to those you leave behind may be much greater if you
do not leave a will. Think of them.
Can I change my will easily?
Yes, very easily. A simple change like a legacy to charity or to
a favourite niece, nephew or grandchild can be fixed up by a
small addition to your will called a ‘codicil’. If
the change is more complicated then the whole will may need to
be re-written. But your solicitor can do both these things for
you with little trouble. But be careful, changing a will is just
as formal a procedure as making one, and it has to be done correctly.
When should I change
my will?
Any will you may have made is cancelled if you get married, so
you must make a new one then. However divorce may not leave the
same effect. Otherwise you should review your will regularly.
About every five years would be sensible.
You should also talk to your solicitor if there is any major change
in your circumstances; for instance if you buy a new house, come
into money or start a new business.
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