Writing a will is an essential part of managing your estate, and it’s essential that everyone with a long-term partner – and especially children – has a will drawn up. This will is how you have a say over who gets what when you pass on, and how you can make your final mark on the world as a whole.
Thinking about writing a will is not an easy task, so to help you get started, here is a guide on how to prepare yours, which will hopefully help your loved ones through this stressful time.
What Assets Do You Have?
One of the most essential steps when it comes to writing a will is to have a full list of your assets, and, of course, your debts. Unfortunately it doesn’t matter what is written in a will if you have debts, as debtors can come and claim what they are owed first.
In order to avoid this you need to specifically note down what you owe (and to what company) as well as what assets are to be liquidated to pay it off. Alternatively, you can work with a financial advisor to minimise or eliminate those debts ASAP with a new financial strategy.
Who is your Executor?
You can have a friend or family member be your executor, or hire a professional do to the job. The executor is the one that manages your estate, pays off your debts, and then distributes the rest of your assets as according to your will. You need to 100% trust this person, so if you worry your children are going to squabble, it’s best to use a solicitor.
Who are Your Beneficiaries?
The next big question you need to ask yourself is who are your beneficiaries? This can be your family, your friends, or you can even leave a charity gift in a will. There is no limit as to who can be your beneficiary, though do keep in mind that dependents do have special rights, even if they aren’t named beneficiaries. Your legal partner, or children under 18, will have special rights, regardless of what your will says.
Who Gets Guardianship?
If you do have dependents, specifically children under the age of 18, it’s very important that you outline who gets guardianship if you pass on. This way, you can specify that your cousin or close friend gets guardianship over your own parents, for example. Before naming anyone as a guardian in this case, always make sure you have their consent and that they are fully informed that they’re being named in your will.
Where are You Storing Your Will?
The best place to store your will is with your solicitor. In fact, using a professional will writing service (that includes witness signatures, financial planning, and will storage) will ensure that your will gets executed the way that you want it to. Other locations you may wish to store your will include a security deposit box, or in a safe at home.