What Do You Need To Consider When Writing A Will?
Writing a will lets you decide what happens to your money, property and possessions after your death.
If your will is not sufficiently detailed with the essential information, then your final wishes may not be carried out accurately. And if you die without a will, the law will decide who gets what.
The following are points to think about before having your Will drawn up:
An executor is the person who sorts out your property when you die and carries out the instructions in your will. They will need to decide when to sell your property so that those who inherit the proceeds get the most money.
It can be a complicated job even if your instructions are simple, and therefore it is important to choose the right person for this job. A good executor should be somebody you trust; you should also make sure they’re happy to do the job before you write them into your will. It is possible to appoint a professional executor, for example a solicitor if you wish.
If your children are under 18, then you will need to appoint a guardian to look after them in the case of your death. If you do not specify a guardian, then it will be up to the court to decide who is responsible for your children. It is important to discuss this role with your choice of guardian.
You can choose to give details of your preferred funeral arrangements in your will. This can ensure that you have your funeral wishes met after death, as well as giving your loved ones peace of mind that the service was what you intended. You should inform them that these have been included in your will, in case they do not have sight of it straight away.
You can leave specific gifts in your will to individuals or charities. This could include a sentimental item, such as a piece of jewellery.
The residuary estate is what is left of your estate after the payment of specific gifts, debts, funeral expenses and inheritance tax. You can leave it to one person or split it between several.
However, you must take into consideration that your estate may be smaller than you originally anticipated, meaning that the beneficiaries may receive less residual amount than you intended.
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