Whether a person possesses a little or huge amount of property, it is immaterial. Making a Will is an unwritten rule which is applicable to every one. If a person dies without a Will, the law would dictate as to how and to whom the property should be allocated. Sometimes, this may happen against the wishes of the deceased. His belongings and property could go to the unscrupulous persons, leaving their kith and kin in the lurch.

Moreover, one can reduce the amount of tax on the inheritance if he or she had made a Will, well in advance. Unmarried couples cannot inherit each other’s property without a Will. If either one of them died all of a sudden, the existing partner has to face the financial crisis. It is also important to update the Will constantly.

The Will should include the complete list of the details of property, money, savings, occupational and personal pensions, insurance policies, shares and other possessions. It should also include details regarding the beneficiaries and their share of property. If the person has any children below 18 years, a guardian must be decided and a person who is going to implement your wishes, known as executor, should also be decided. One can also mention how his funeral should be conducted.

A Will must be error-free; otherwise one will not get the benefit they expect. There are many chances of errors occurring in the Will while drafting it. So, it is advisable to have a solicitor to check it thoroughly. The errors in the Will would cause problems after the demise of the owner of the property. In general, people may not be aware of the formalities required to make a valid Will. The person may fail to take into account all the property he or she possesses. He might be unable to put an alternative if the beneficiary dies before the owner makes the Will ready. While changing the will, the alterations have to be witnessed and signed or else it would be invalid.

A valid Will has to be made by a person who is 18 years or above. He must have made it voluntarily with a sound mind. It must be signed by two witnesses. A witness, or the married partner of the witness, cannot claim any benefits from the Will. Even if the witness is the beneficiary, he cannot inherit as per the Will. Once the Will is signed and witnessed, it has to be kept in a safe place. One can hand over it to a solicitor or to the Principal Registry of the Family Division of the High Court or keep it in a bank locker.

If there are major changes in the Will, it would be better if they make a new Will because it is easier than revoking all previous Wills and codicils. However, the old Will has to be destroyed. It can be burnt or torn into pieces. If the copy of the old Will is found at a later stage, then the destruction might be considered as accidental and it cannot be revoked. While making a new Will, it is must to add a clause, which revokes all the previous Wills and codicils.

If a person does not make a Will and if he does not have any blood relations, then his entire estate would go to the taxman. If he has kith and kin, then they have to apply to the courts to administer the estate of the deceased. It is highly complicated and a lengthy process. Even if the deceased had lived with his cohabitating partner for more than 40 years, he or she would not get any share unless and until a Will has been made.

No doubt making a Will is an emotive issue, but it has to be for the benefit of their blood relations. With the advancement of online Will making services and other Will making companies with qualified solicitors, the process has also been made easy.

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James Walsh is a freelance writer and copy editor. It is never too early to write a Will and it is essential that you keep it updated if your life circumstances change, for more information see http://www.lifetime-wills.com