First of all, it’s important to know that there are some bits of basic information that every Will needs to contain  

There are many reasons why people don’t make a Will, but sadly, all too often it’s because they don’t realise the serious consequences of dying intestate. ‘Intestate’ and ‘intestacy’ are the legal terms used to describe when a person dies without a legally valid Will.  

Here are a few reasons why it’s very important to make a Will.  

Sometimes people don’t write a Will because they mistakenly think those they love will receive their possessions and money automatically. And sometimes people think they don’t have assets high enough in value for a Will to be necessary. Both of these beliefs are based on myths and aren’t true.  

Mirror Wills (also known as ‘Couples Wills’) are actually two separate Wills, created for two people in a relationship. They are most commonly made for people who are married, in a civil partnership or cohabiting but they can be made for any two people.
 

When you have a child or children, making a Will becomes all the more important. It is your opportunity to choose who would look after them should you die before they reach the age of 18.  

By making a Will, you can decide who should care for your pet in the event of your death. In the same way you can appoint a legal guardian to take care of your children after your death, so it is  

The only way you can be sure that the home you own will go to the person you want it to, is to make a legally valid Will.  

Choosing an executor is a very important decision. You are appointing someone who will be responsible for carrying out the wishes you set out in your Will.  

There are two types of gifts that can be left in a Will, Gifts of money and Gifts of items  

Anyone can leave money to a charity in their Will – this is known as a legacy.  

If you are a sole trader, you are free to decide what happens to your business after your death. That is also true if you own 100% of the shares in a company. In these circumstances, you may choose to gift your business or your shares to someone in your Will.  

Inheritance Tax is a type of tax that most of us have heard about, but hardly any of us know the ins and outs of, or how it can be affected by writing a Will. This section covers everything you need to know about Inheritance Tax.  

Witnessing a Will is a big responsibility and choosing the right person to take on that responsibility is an important decision to make. As part of the Wills Act, witnesses are necessary to ensure the document becomes official and legally binding. It is very important to understand who can and cannot witness your Will and how the process should take place in order to ensure your Will is watertight and cannot be contested or declared invalid at a later date.  

The Government recommends that you update your Will every 5 years, but it’s also important to update your Will whenever a major life event happens such as:  

It is crucial to update your Will when there have been any major relationship changes in your life, such as:  

Once you’ve completed your Will, printed, signed and witnessed it, we recommend that you securely store it for when the time comes – along with telling your Executors where it is!  

A Lasting Power of Attorney (LPA) is a legal document that permits someone to make decisions or act on your behalf. The person you nominate is known as an ‘attorney’. An LPA can come into effect in two circumstances; at a time when you decide you no longer want to make decisions by yourself, or, at a time when you lose the mental capacity to do so.  

When an individual makes a Power of Attorney (POA) they draw up a legal document to grant someone, or more than one person, permission to make important decisions on their behalf. The powers only come into effect at such a time as the person making the POA, who is known in legal terminology as the ‘donor’, either chooses to hand over responsibility, or loses the mental capacity to do so.  

If you set up a Trust in your Will, your Trustees will need to be given certain powers in order to administer it. At Valulife we follow best practice when defining these powers and incorporate what are known as the ‘STEP Standard Provisions’.  

Whilst none of us want to think about our funerals earlier than we need to, arranging and paying for your own funeral ahead of time has many advantages.