Planning your inheritance is becoming easier because of the numerous guides and packages now available.
One of the most recently published is the general estate planning brochure A Guide To Planning Your Inheritance by Lifetime Assurance and Ernst & Young. The brochure takes account of Budget changes. It explains the whys and wherefores of a will, tax liabilities and ways to estimate the size of your estate.
In general, to be valid a will must be made by a person who is aged 18 or more, if under 18 is married, and is of sound mind. There are statutory rules which apply to making a will, such as the signing and witnessing of your will. If these rules are not adhered to your will may be invalid.
When making a will, you must sign at the end of the will and in the presence of two or more people. If a beneficiary or a spouse of a beneficiary witnesses a will, the inheritance to such a witness is lost.
It is vital that a will is dated properly as a standard declaration in many wills revokes any previous wills. If the will has any staple mark, pinhole, clip mark, traces of Sellotape or glue or if the will has a torn edge, evidence will require stating how such damage occurred and also stating that nothing of a testamentary nature was attached to the will.
"Professional advice in drawing up a will is essential as even a minor flaw could invalidate your will. Your solicitor will advise you on how to go about making your will," says the guide. For a free copy call in to any branch or telephone 1850 237 237. "Last will and testament" packages have been available in the United States for years but now a similar product is available here. Make Your Own Trustworthy Will is a new package available for £9.95 (€12.63) from Legal Care.
Most wills are usually drawn up with the aid of a solicitor and cost between £60 to £100 depending on the amount of work involved. Although this provides peace of mind, it is not legally necessary as a will can be any document which is written in ink on paper, or typewritten. A will becomes legal when you have signed it in the presence of two witnesses.
A witness may be anyone over 18 years old, of your choosing except beneficiaries and spouses of beneficiaries, as mentioned above. The importance of the executor, the person responsible for administering your affairs after your death, is also discussed in the package. It is important once they are appointed that the will clarifies that they are not subject to any personal expenses in the process of winding up your estate. Beneficiaries are the recipients of your estate and one of the most carefully considered aspects of a will. The final section of the package includes examples of wills and the reasons why they were compiled in a certain way. The Legal Care will package has detailed explanations of each step of the process.
It is essential when using a product such as this that the booklet is read several times before beginning the process. Checking and double checking is also essential to ensure that the will would be considered valid.
According to Make Your Own Trustworthy Will editor Mr Joe Reynolds, companies in the insurance/assurance, banking and mortgage sectors are considering offering these packages as a gift to customers.
