We all expect to have a will, and we even have a pretty good idea about what it will say. But that won’t mean much if you die unexpectedly and you hadn’t gotten around to making your will and having it filed with a representative. When you begin, you will discover that there are many things to consider when completing a will. You should consider your children, regardless of age, also your spouse, extended family, businesses, business partners, and long-term investments and portfolios.
Here is a breakdown of some of the most important details to consider when writing a will.
- Learn How to Write a Will: If you haven’t noticed, lawyers have a way of making everything complicated. You may have simple intentions, but your will might become a problem after your death unless you learn how to do it right. There are many resources in this regard. There are even sites to visit where you can write a UK will for free. If you are worried you might make too many mistakes, you can hire a solicitor to help you create one and file it for you.
- Executor: The executor of your will should be someone you trust. Choose someone careful and a stickler for details. They are the person who will be your representative to get things done the way you wish. Choose wisely.
- Children: If you have minor children, it is essential to specify your intended guardian. If both parents pass away, guardianship will protect them from being wards of the state.
- Divide Your Assets: This is the primary function of the will. The more you have, the harder it will be. Take your time and consider the language you use. Avoid causing division among your family and friends. Consider who might need liquid assets quickly, and who would benefit more from investments yet to mature. Younger people have time on their side.
- Letter: A will is often the perfect time to say things that might not have the same meaning while you still live. In some cases, the sentiments expressed will have a longer-lasting effect than the physical property. Choose to be kind and leave the world in peace.
- Put Your Will Away: You should keep a copy of your will for yourself but be careful about who has access to it. Family tensions usually arise from such things. You should have another copy, The official copy, filed with a solicitor or some other services that will activate the proceedings on your behalf. Your executor should know that they are the executor and where the will has been filed.
- Review: The details of life change continually. Make sure to revisit your will from time to time and make changes as details change, like the loss or addition of family.
If done professionally and with consideration, your will can be a blessing to your family and the comfort they need as they mourn your loss. Be thorough and be kind and make your meanings irrefutable. The quicker the estate is settled, the easier life will be for everyone.