Writing your last will and testament isn’t exactly the nicest thing to do, but it’s something that has to be done to ensure everything you own goes to exactly the right people.
Sorting your estate and assets can be tricky which is why it’s important to look at the entire process to make sure everything is done correctly.
There are many things to bear in mind when writing your will but it doesn’t always seem that obvious, here we take a look at those things.
Is It Written Correctly?
One thing not many people realize when writing their will is that there has to be a certain structure to it. Creating an estate plan, especially if it’s a large one, can be complicated. This is why it’s best to look for solicitors online that will help you write and enforce the will when the time comes.
They will be able to advise on how it should be written, and some even write it for you. Not only this but they will give advice on the best way to give your assets, there are some tax laws that are involved in giving money and any property. Understanding this will be the best way to navigate around it.
The executor is also known as a personal representative. They are the people that will be in charge of handling your estate once you pass away. This is someone you should trust with everything, in every aspect of life. They will be responsible for executing your wishes. They need to be responsible and organized and will work alongside your lawyer to ensure everything is done correctly.
It’s best to speak to that person before the time comes to see if they are willing to accept the role. If they do accept then they need to know where to find any and all important documents regarding your will. This includes all online passwords for bank accounts, etc.
Who Are Your Beneficiaries?
If you have children and other members of the family you are close to then you already know that you want to leave them some money, or whatever it is you’d like. These are your beneficiaries, they inherit the things you leave behind. You’ll need to express your desires very clearly in your will so there isn’t any room for debate. If you want x amount of money to go to your daughter then you should say that. It doesn’t matter what anyone says after the time, if they’re your wishes then they need to be completed.
If you’re in the horrible situation where you might leave behind young children then as painful as it is, you need to think of the legal guardians you want to look after them. The other parent will first get full custody but you need to think about the instance where you both pass away. It’s an awful thought, but one that’s happened many times in the past.
Who would you like to raise your children? Who would accept the honor of raising your children? Do you have friends that have a great relationship with them already? There are plenty of questions that will go through your mind, and they’re all relevant. Just ensure you make the right decision. Don’t forget to discuss with whoever it is you’ve chosen.
Writing a will is a humbling experience for many. Seeing everything you’ve done throughout your life can be a nice reminder of the good times. Take it as an opportunity to connect with people and enjoy the time you have left.