Making a Will is an absolute necessity and a way to take care of your loved ones even after your death. The majority of people don't even think of making a Will till they retire but death doesn't always wait till old age and so making a Will is essential when you have a family that needs to be financially taken care of in your absence.

Several misconceptions are associated with Will such as – When should I make a Will? Can I make a Will on my own? Who will take care of my minor children after my death? How many types of Wills exist? Do I need a Will? These are just some of the popular questions asked on the internet. For those of you who don’t know let’s start with the basics.





What is a Will?

A Will aka testament is a legal document that has all the information regarding your estate affairs and how you want your property to be disbursed among your loved ones and who will be handling the property distribution. If you don’t make a Will, the government will have the right to handle your estate according to the associated laws. So, if you have specific wishes pertaining to estate distribution, you should do it.

Why do You Need a Will?

When you create a Will, you have full control over how you want your money and property to distribute among your loved ones. It is especially essential when you have loved ones who cannot financially take care of themselves or are dependent on you till a certain age. By making a Will, you are ensuring that your loved ones will be taken care of and that they won't have to pay a high inheritance tax.

Another reason you should have a Will is to avoid family disputes after your death. You can also mention in your Will what your funeral wishes are. A Will lets you decide who should manage your estate after your death also known as the executor. In case of having minor children, you can appoint a guardian and create a trust fund that cannot be touched by debtors.

What is a Probate?

In the United Kingdom, Wills need to be approved by the court. When someone in your family dies leaving behind a Will, you need to hire Will and probate service provider. Probate needs to be granted by the court for the executioner or appointed individual to start dealing with estate management and distribution.

Probate Process

The probate process involves the identification of all of the assets as well as liabilities of the deceased. Assets may include property, investments, and possessions while liabilities include debts such as utility bills as well as loans. Once the identification of both – assets and liabilities are done, the next step is to pay the inheritance tax to HM Revenue & Customs (HMRC) and apply for the grant of registration (a document that confirms the legal authority to administer the estate).

Once the Probate Registry gives the grant of registration, settling all the liabilities, liquidating the assets, paying the final estate administration fees and accounting to HMRC for any inheritance or income tax or capital gains tax due should be paid. Once everything is settled and paid for, the remaining assets to be distributed to the beneficiaries and associated documents i.e., the estate accounts should be sent to the personal representative (executor mentioned in the Will) for final approval and decision making.

The final step is to transfer the assets to chosen beneficiaries provided there are no challenges or complications. If any complicating factors are present, the property cannot be transferred till theissue is resolved. The beneficiaries may only receive the assets once everything is solved and settled.