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Showing posts from February, 2024
An overview of will writing Writing a will is a crucial yet often overlooked aspect of personal financial planning. Many individuals delay or avoid the process of creating a will, either due to discomfort in addressing their mortality or simply because they perceive it as a complex and time-consuming task. However, having a well-drafted will is essential for ensuring that your wishes are respected and your assets are distributed according to your intentions. In this article, we will explore the significance of will writing and the key components involved in creating a comprehensive and effective will. What is a will? A will, also known as a last will and testament, is a legal document that outlines how an individual's assets, properties and possessions should be distributed after their death. It serves as a guide for executors, appointed individuals responsible for carrying out the deceased's wishes, and ensures that the deceased's intentions are honoured. The key component
What are mirror wills? When you and your husband, wife or civil partner take advantage of a professional will writing service, you’re often asked whether you want mirror wills. What does that mean and how will it affect the way your will works? Usually created by spouses or partners, mirror wills name each of the two testators as the main beneficiary of each other’s wills, with similar default beneficiaries in the event that one of you has predeceased the other, or both of you die together or within a short period of each other. Having a mirror will is a very common will writing option for husbands, wives or civil partners who want to leave everything to each other, with their entire estate going to children on second death. Can you change or replace one of the mirror wills without affecting the other? Yes. All you’re doing when you make mirror wills is having an individual will written that’s similar in content to that of your husband, wife or civil partner. The wills are stan