moneyDo you have a will? Discussing or even thinking about making plans for your assets post-mortem has developed a bad reputation.

People consider a scary topic, whether they think it’s a complex, expensive process or because they don’t want to think about their mortality.

It is one of those things people will seek out the most tedious tasks to avoid talking about. However, if you take the time to sit down and plan a will, you’ll actually find it’s not as time-consuming or draining as you might believe.

Creating a will won’t only save your family a lot of trauma once you have passed, it can also save your money and inheritance from being spent in a way you never intended.

If a will has been created your assets will be divided up according to your wishes. Without a will, splitting up your property can become much messier and can end up costing everyone involved quite a bit of money.

Leaving your loved ones without a will to use as a binding blueprint means you have no say in what happens to your assets. Even if you have verbally promised items of your estate to individuals or organisations, without a legally-binding will Intestacy law will overrule this and determine who is entitled to inherit what.

So, can sitting down and creating a will save you a bit of cash? Absolutely. Employing a solicitor to help draft your will is a relatively small expense in comparison to what your family could lose or spend in court trying to secure your assets after your death.

The peace of mind this provides will last until the day you’re no longer here, or at least until you chose to amend your will!

Giving it to a solicitor to look over also means they can advise on potential legal pitfalls. Issues such as not being born in the UK, or having residential ties in another country could end up costing your beneficiaries and family a significant sum of money to resolve, taking into consideration the tax and administration issues involved and there are a number of other things to consider which you solicitor will ensure you take into account.

Having your will validated by a professional can be the difference between your inheritance being spent on legal fees or used to benefit those who matter most to you.

So, you’ve made a will, you’re happy with who’s inheriting what, that’s it right? No, you need to revisit it from time to time. Crucially many people forget to update their wills throughout their life. Changes in your circumstances can invalidate a will, making it worthless.

You’ll need to update your will if you’re getting married, as this will overrule the contents of any previous will. Also in the opposite situation where you get divorced, you’ll need to decide if your former partner is removed, while welcoming a child into the world can also alter inheritance entitlement.

It’s also a good idea to amend your will each time you buy a new property or an asset with a lot of value. By doing this, you ensure that these items are not part of an expensive legal battle.

So, what are you waiting for? Create a will today and save your loved ones the risk of added stress and expense.