Planning for retirement Making a will - Financial expert and presenter of BBC Radio 4s Moneybox Paul Lewis gives his tips on planning for retirement talking about making a will
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Making a will is vital to make sure your wishes will be met after you die – and that you don’t pay unnecessary taxes to the government.
There are many reasons to make a will, for example:
You can make your own will, or you can instruct a solicitor to make one for you. It's usually best to get advice from a solicitor except in very simple cases.
Make sure it’s absolutely clear what you want to happen to your whole estate. You can make specific gifts to people and then state where the residue of the estate (any property or money left over) is to go. Or you could divide your estate in certain proportions, for example, half to your spouse and a quarter each to your two children. You can leave money to charities in your will, too.
Have you made a will? Is it still on the to-do list?! Experts from Age UK and Solicitor Gillian Coverley will be helping us understand why they are important and how to go about making a will.
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Review your will at least every five years and after any major change in your life, such as moving house or the arrival of grandchildren. If you don’t, it can lead to complications and upset for your family. For example, your will may mention a house you no longer own, or refer to older grandchildren but not younger ones.
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