There is this ongoing belief in the UK that making a Will is founded upon the amount of assets that you have. In other words, the more that you have in your possession with a monetary value, the more important it is considered to be get a Will written. This is a clear misnomer and something that Laura Richardson discusses now in the article that follows when it comes to completing effective estate planning . . .

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One of the top excuses that we hear regularly for not making a Will is that people believe that they do not own enough assets to warrant a Will being made. However, we at Andrew Douglas Wills and Legal Services believe that making a Will is incumbent upon every adult to ensure that your possessions are passed on to the beneficiaries of your choice, however financially insignificant the possessions may seem. Making a Will is not just about securing the future of your assets, it is also about giving you the peace of mind that your treasured items, significant possessions and family heirlooms are passed to the right people. We at Andrew Douglas Wills and Legal Services have compiled a list of assets that you may have in order to assist you to document your own assets.

  • Property, whether owned outright or with another party. It is important to check the status of any property that you own with another party. If a property is owned ‘jointly’, then on your death your share will revert to the joint owner. If your property is owned as ‘tenants in common’ then your share will be passed according to your Will.
  • Cash, including any savings, investments and bonds or financial securities.
  • Insurance payouts. Some companies will offer a form of life insurance within your contract of employment, of which you may be unaware! It is advisable to ensure that the pay out of your life insurance will be held on trust by your chosen recipient. This ensures that the money will be released without having to wait until such time as Probate is granted for your estate which means that the money will be readily available for use shortly after the time of your death.
  • Jewellery, watches or other high value personal items. The value of these types of items quickly adds up. It is often the case that these type of items are gifted personally to a chosen recipient for sentimental reasons, and in order for this to be legally binding, it needs to be formalised within your Will.
  • Shares and Investments. Again, it may be that your contract of employment includes the benefit of company shares. It is well worth gaining advice regarding the financial aspects of your Will.
  • Electronic items. This includes your mobile phone, any computer, or tablet, television, music player etc.
  • Do you have a collection of items that may be valuable? It may well be worth having any collectible items valued.

This is not a definitive list, however by making a list of your assets you may find that actually you have more to pass on than you originally thought so that making a Will should be vital for you!

If you would like to discuss making a Will, Andrew Douglas Wills and Legal Services offer a free initial consultation to discuss your wishes. Whoever you wish to leave your estate to, whether in Braintree or the surrounding areas of Essex, why not contact us today via www.andrewdouglaswills.co.uk?

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