Wills are an important part of any person’s estate plan, and they can have a big impact on the distribution of your assets after you die. Whether you have children or not, creating a will is something that you should consider doing to make sure that your hard-earned wealth goes where you want it to.
In this quick guide, we’ll show you how to create a will online in UK, including key things to keep in mind when creating your document.
From choosing an executor to making sure your will is legal and valid, this article has everything you need to ensure that your wishes are carried out smoothly after you pass away.
How to write a will online in the UK
Here’s a step-by-step guide to creating a will online without a lawyer;
Choose an online will making website
While there are many reputable companies out there, it’s always important to do your research before signing up with any particular company. Here are some tips on finding the right online service;
Choose a digital platform that offers a variety of features
Many reputable services offer templates and services that help you put together a will easily.
Ask for reviews before choosing an online service
Review sites can help you compare different services and find the best one for you.
Make sure the online company has a UK location
This is important because not all laws in the UK are followed by international online services. For example, intestate succession laws differ between the UK and other countries, so choosing an overseas service could result in less than optimal estate planning outcomes.
Be aware of potential fraudulent tactics used by some unscrupulous online services
For example, some fake services may ask for personal information upfront (such as your date of birth), even if they do not offer any legal help or advice related to wills. Always be suspicious if something feels too good to be true – check out reviews and make sure the company has a legitimate UK address before signing up.
Value your assets
This is easily the most important part of writing a will – know exactly what you want to happen to your assets after you die.
Make a list of all your assets, including cars, land and homes as well as financial items such as stocks, bonds, savings and investments. You should also include jewelry, artwork, sentimental items, life insurance policies, and retirement accounts.
You should also list all the liabilities you have, such as credit card debt and student loans. Once you have this information, be sure to organize it into categories.
The idea here is to make it easier to value your assets since your debts and loans will be paid off first using your assets.
Select your beneficiaries
A beneficiary is anyone who will receive your asset or income as a result of your will. This could include spouses, children, grandchildren, friends, close relatives and even charity organizations.
Keep in mind that some assets – such as life insurance plans – have designated beneficiary(s) already included in the policy. Don’t try adding more beneficiaries to your plan as this could cause misunderstandings and disputes.
Be specific about who receives what asset by writing their name in full and providing a good description of the asset. This will ensure that your wishes are carried out accordingly
Choose an executor
An executor is the person in charge of carrying out your wishes after you die. This includes taking care of all of the paperwork involved in distributing your property to your heirs, paying off your debts, and applying for probate.
It’s important to pick someone who is trustworthy, organized, and able to handle a lot of stress. You’ll also need to contact the person beforehand to confirm their interest in the position.
Make sure that your executor has access to any important documents and information such as online passwords, your will and insurance policies.
Sign and store your will safely
According to UK State law, for a will to be deemed genuine and legally binding, you must sign it in the presence of two independent witnesses.
Finally, store your will in a safe place. One way to ensure that your will is safe is to keep it online. This way, if something were to happen to your computer, either accidentally or as a result of a crime, you will be safe.
Keep your will updated
A will is a living document and can change over time as life events happen. Be sure to update your will anytime there is a change in your financial situation or life such as the birth and death of a loved one, marriage, or divorce. This will ensure that your wishes are carried out as smoothly as possible after you die.
Never modify the original document, instead include a supplement if you are just making minor changes. Similar to the will, these changes must be signed and attested to by two independent witnesses.
A will is a legal document that sets out your wishes for your possessions and money, as well as who will be responsible for your minor children.
By putting together a will, you can ensure that your loved ones are taken care of after you pass on. If you have any questions about writing or updating your will, please don’t hesitate to reach out to an attorney.