What is a Will?

Here’s why you need to have one in place.

What exactly is a Will?

A Will is a legal document that stipulates how your assets, which includes any property, money, and personal possessions, will be distributed once you have passed. This crucial document is an integral aspect of estate planning as it guarantees that your desires are met, and your loved ones are provided for based on your wishes.

Why is having a Will significant?

When a testamentary document is not present, the allocation of your assets shall be governed by the laws of intestacy. Such circumstances may result in an undesired distribution that deviates from your intended wishes, potentially causing emotional turmoil and interpersonal disputes among those close to you. By crafting a Last Will and Testament, you retain absolute authority over the distribution of your estate, securing the fulfilment of your preferences in directing the dispersion of your assets among selected beneficiaries or charitable endeavours.

What does a Will consist of?

A Will contains various critical components, including:

  • Details of your executor(s)
  • Specific bequests, such as gifts to individuals or charities
  • Funeral wishes
  • Any Trust Funds you wish to make at death

It is important to update your Will periodically to reflect any changes in your circumstances, such as the birth of a child, change in marital status or a sudden financial windfall.

Types of Wills

There are two primary types of Wills: Single Wills and Mirror Wills.

Single Wills

Single Wills are designed for individuals who intend to create a Will for themselves. This is the most common form of Will, and it enables you to specify how you want your assets to be allocated after your death.

Mirror Wills

Mirror Wills are intended for couples. This type of Will is essentially two Single Wills that mirror each other, with each partner specifying how they want their assets to be distributed after their passing. Mirror Wills are typically used by married couples, civil partners, or couples in a long-term relationship who wish to leave their assets to each other and then to their children on second death.

How can I create a Will?

Although the task of drafting a Last Will and Testament might seem daunting, it need not be. The initial phase involves seeking help from a seasoned professional in estate planning, who possesses the expertise to navigate you through the intricacies and ensure the absolute validity and faithful representation of your testamentary wishes.

Here at Twilight Group, we extend a comprehensive array of services intended to aid you in creating a Will that precisely caters to your unique requirements. Our team of specialists stands ready to offer their guidance, escorting you along the journey and guaranteeing a customized testamentary document tailored to your precise specifications.

Feel free to reach out to us today, and we shall arrange a consultation, enabling you to embark upon the initial stages of safeguarding the future of your estate. Rest assured, with our adept assistance, the allocation of your assets in alignment with your desires and the provision for your loved ones in the event of your passing shall be ensured.

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