By Arshid Idris Solicitor on 15th December 2011
When
Gordon Brown was in charge of the nation's finances, he would often describe
his economic measures and recommend them as "prudent".
When it comes to our own personal wealth and finances, we also need to apply good prudence.
We
all know and understand the idea of saving for a rainy day.
Making
a will is a similar measure; we are planning for a rainy day.
The
good news is that this planning can also involve savings. A saving in stress for
our loved ones if we have made appropriate arrangements to provide for them and
a saving in the tax payable on death. You have peace of mind that you have
planned for your family’s future.
So,
if making a will is prudent planning for the future, why are we so hesitant in
getting the job done?
Perhaps
we lawyers are to blame for making people feel afraid of the process. In fact,
making a will is in most cases a simple task.
Let’s
look at some common concerns:
I
don't know how it works
Making
a will is nothing more than putting your wishes on paper.
If
you use a solicitor, you simply inform him/her how you want your assets to be
inherited and it is the lawyer's job to make a document containing your wishes.
You then sign this document and your will is complete.
Not
sure about the cost
Charges
for making a will vary but typically the cost is between £100 - £200.
Making
a will is complicated
In
fact, making a will is far easier and less stressful than buying or selling a
house and probably easier than arranging a bank loan.
Therefore,
considering the small cost involved and the benefits for you and your family, making
a will has to be one of the most prudent investments of your life.
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