Things to consider when making a Will
Everyone should consider making a will to ensure their wishes are known and fulfilled when they die. This is the case however old you are and whatever your state of health. Without a will, the law dictates who will inherit your property and belongings – regardless of any wishes you may have had.
Your estate
A will enables you to choose who you want to inherit from your estate so it is essential to have a good understanding of how much your estate is worth. When considering this you must consider the property, possessions and investments you own as well as any insurance and debts. Understanding this will give you a clear idea of what you have to leave to the people you love.
Beneficiaries
Once you have an understanding of what is in your estate, you need to consider who you want to leave your estate to and how. For example, you may wish to leave everything to one person such as your spouse or your child or you may choose to leave specific items and cash sums to various individuals and charities. You should also consider alternative beneficiaries in case your original beneficiaries die before you.
Executors
In your will, you will need to appoint someone (called an executor) to manage and administer your estate when you die. You should think carefully about who you trust sufficiently to ensure your estate is properly divided amongst your beneficiaries and all financial matters such as paying any debts or taxes are dealt with. Sometimes appointing a friend or family member will be a good choice however, for more complicated estates a professional executor is advisable.
Guardians
If you have children under 18, you should use your will to formally appoint people who you wish to look after your children as legal guardians – this can prevent legal arguments in the event of your death.
Funeral wishes
If you have any particular wishes relating to your funeral, you can also include this in your Will.
It is important to consider taking legal advice before making a will, particularly if you think any issues relating to your estate could prove complicated on your death. It is also advisable to avoid a Do-it-Yourself will package and have a professional will writer draft it for you to avoid any complications later.
Take expert legal advice and you can then enjoy peace of mind, knowing that when you die, your estate will be properly dealt with and your wishes fulfilled.
If you are confused about the various aspects of making a will or procedures such as selecting an executor or power of attorney then get help from legal services who can help to explain the process and guide you through.
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