Having a Will that is up to date and which reflects your wishes for the distribution of your assets on your death is a sensible part of everyone’s financial planning.
There are many horror stories of do it yourself Wills. It is definitely an area where you should get professional help to ensure that your wishes are accurately reflected.
Having a Will is especially important if you have young children. It gives you the opportunity to designate a guardian for them in the event of your death.
A Will includes some other basic elements -
• Your name and place of residence.
• A brief description of your assets.
• Names of your spouse, partner, children and other beneficiaries, such as charities or friends.
• Alternate beneficiaries, in the event that one of your original beneficiaries dies before you do.
• Specific gifts you wish to make, such as a painting.
• Establishment of trusts, if desired.
• Cancellation of debts owed to you, if desired.
• The name of an executor to manage and tidy up the estate.
• Your signature and those of witnesses. A witness cannot also be a beneficiary under the Will.
Having put a Will in place it then needs to be updated as circumstances change. Marriage, children, and divorce are all examples.
It is also important to put your Will somewhere that it will be found when you die. Often your solicitor will retain a copy in their records. Life File is another option.
The appointment of an executor requires consideration. This is the person who completes the instructions of the Will, pays creditors, taxes, cancel subscriptions and so on.
The administration of an estate can sometimes be reasonably complicated and often a trust company or solicitor will act as executor.
If the assets are not to be distributed immediately but are to continue on, perhaps providing ongoing income to beneficiaries or holding assets for a future generation then the executor’s job will become that of a trustee who will have ongoing responsibility for the management of the estate assets.
If you die without a Will you are said to be “intestate”. In this situation your assets will be divided according to the law - even though this may not equate with your wishes.
It is undoubtedly better to complete a Will. This means that your specific wishes will be actioned rather than the arbitrary rule of law.
If your Will is nonexistent or not up to date procrastinate no longer.
