What to consider when making a will
Making a will is one of the most important steps you can take to ensure that your estate is handled and divided according to your wishes after you pass away.
Below are some of the key issues to consider when making a will:
1. What do I need to do to start?
Make a list of all your assets, including those owned in your sole name and jointly with someone else. You should include any property you own, bank accounts, investments, insurance policies and any other items of value. It is also helpful to have an idea of how much each.
h is worth.
2. Who should inherit my estate?
You will need to consider who you want to inherit your estate. These people are known as your beneficiaries and can include family members, friends, and charities. Would you like certain people to receive certain items, or a set sum of money? What would you like to happen to the rest of your estate? Would you like it to go to one person or be divided between a several people or charities or a mixture of both? If one of your beneficiaries should die, what would you want to happen to that asset or share of your estate?
3. Who shall I appoint as my executor?
The executor is the person responsible for carrying out the instructions in your will. You can have more than one executor. Your executors will need to identify the assets and liabilities of the estate, are responsible for safeguarding the assets, preparing any inheritance tax forms, paying any tax, applying to the Probate Registry for the grant of probate, settling debts, and distributing the estate to the correct people.
There can be a lot of work to carry out and so you should choose someone you trust who can handle the administrative tasks involved. It is helpful to ask the person you would like to appoint if they would be happy to undertake this task before naming them in your will.
4. How should any debts and liabilities be settled?
You need to consider how any outstanding debts and liabilities will be paid. For example, mortgages, credit cards, and other financial obligations. If a mortgage or equity release (a special type of mortgage) is secured on a property it is likely that this will need to be paid off in the event of death. If you wish to make gifts in your will have you got sufficient assets in your estate to cover these and any debts?
5. Do you have any specific funeral wishes?
It is helpful to specify any funeral arrangements in your will. I would recommend letting family/your executors know your wishes during your lifetime. If you have a funeral plan, it is helpful to store a copy of this with your will and let your loved ones know you have this in place.
6. Are there any legal requirements?
Yes, and these must be complied with for your will to be valid. They include specific rules in relation to the signing and witnessing of the document.
7. Should I let my family and executors know I have made a will?
It is important to let your executors, and, if you wish, your family members, know you have made a will and where it is held, which can prevent delay in administering your estate after your death.
8. Should I review my will?
Yes, it is important to review your will to check it fulfils your wishes and in particular when there are major life events such as marriage/civil partnership (which revokes a will), divorce/dissolution of a civil partnership, the birth of children, or significant changes in your financial situation.
Creating a will can be complex and it may be beneficial to seek assistance from a specialist, such as an Accredited Lifetime Lawyer, who can provide expert guidance on the legal aspects of the will and help ensure that your wishes are clear and legally binding.