We all want the best for our loved ones after we pass, and a will is a good way to make sure that happens. It ensures that you keep control over your life after your passing, and it can take off some stress from your loved ones. There is a lot to think about when writing a will, so do not rush yourself. Outlined in this article are important things you need to know when you are writing your will.
Start by making two lists. One should list all your beneficiaries, and one should list your assets. Take the time to form these lists to ensure you include everything. Some things to think of are jewellery, property, savings, debts, cars, and household items. Once you have a list you will have a clearer idea of the value of your assets. If you are unsure, you can get your assets valued online. Once you know the value of your assets, you can start dividing up your estate.
Divide Up Your Estate
Deciding how you want to divide up your estate can be a lengthy process, but it is important to get it right. You may find that that decision takes a few edits to get it right but try not to rush yourself. A good thing to remember is that your will should be reviewed every three to five years, so any official alterations or ‘codicils’ can be added then. While dividing up your estate you need to think about who your beneficiaries will be, if there are specific items that you wish to gift to a specific person, and what should happen in the event one of your beneficiaries passes before you.
Writing The Will Yourself Or Getting Outside Help
If you have a lot of assets or are finding writing a will difficult, then it could be a good idea to seek help from a professional who can guide you through the process. There are plenty of services that offer wills online so you can draw up your will without the stress of travelling to an office. A company such as Elm Legal Services can help you with the process of writing your will and can ensure that can all necessary legal issues are covered too. Getting help from such a company can make writing your will easier as they can shoulder a lot of the complicated aspects while you focus on ensuring your will is true to your wishes.
Choose A Legal Guardian For Your Children
If you happen to pass before your children turn 18, you need to ensure you clearly outline who will be their legal guardian. This is a major decision as you need to make sure your children are looked after once you have passed on. Discuss with your loved ones about this decision and ensure they know who will be assigned legal guardian after your passing, so it doesn’t come as a shock. It may also be a good idea to have an alternative choice should the worst happen, and your chosen legal guardian cannot take care of your children.
Choose An Executor(s) For Your Will
An executor is someone you name in your will as the person who will ensure your wishes are carried out. Being an executor is a big decision, so it is important that you choose yours carefully. You may opt for a close friend or family member whom you trust. If this is the case, it would be a good idea to name more than one executor, just in case one of them passes before you. Make sure all of this is clearly stated within your will, so your executors know exactly what they are doing. If you don’t have a close friend or family member you want to choose, then you can appoint someone like a solicitor or lawyer to be your professional executor. This may be a better option if your estate is large, or the dividing of assets is likely to be complicated.
Completing Your Will
Finalising your will is an important step in this process. This is the part where you can take the time to review your will and make sure everything you have included is accurate. Return to your original list of beneficiaries and assets and ensure you have checked everything off. Once you are happy with your will you need to sign your will in the presence of two witnesses to make it official. Your witnesses must be independent of your will, as in, they cannot be beneficiaries of your will. If you’re unsure who should be your two witnesses, this article can help you understand how to make the right decision.
Writing a will is not an easy thing to do, but it is a way to ensure your loved ones are taken care of once you pass. By having your wishes clearly outlined, your family can be relieved of some stress, and the issue of dividing belongings becomes a little less complicated. If you are thinking about starting your will, use this article as a step-by-step guide and you may find it a bit easier.