If you’re planning out your estate and thinking about what happens to your family and belongings after you’re gone, writing a will is vital. However, it’s not quite as simple as leaving a list of written instructions. If you’re not careful, your will could end up invalidated, meaning that the law would determine where all of your belongings are going to go. For a working, legal will, here are a few things that you need in place.
A Full Accounting Of Your Assets And Beneficiaries
Before you put pen to paper, start by thinking about the full picture of what you have and who you want to leave it to. Take the time to audit and make a list of all of your assets, including property, savings, investments, personal possessions, and digital accounts. You should also think about who will benefit from your estate. Think of relatives and any people who are close or special to you. You might want to have a secondary choice for your major assets in case the primary is unable to inherit them for any reason. When you’re writing out the will, clearly linking the assets to their beneficiaries can prevent disputes. You want to avoid any kind of uncertain wording.
An Executor Of Your Will
When you have your will written out, you need someone who is able to execute it. This is the person responsible for managing your estate, which includes paying off your debts, gathering your assets, and distributing them to your beneficiaries. It should be someone whom you trust and who is capable of putting in the time and effort to do it well, even if they’re under pressure from your family members. A lot of people will appoint someone professionally to ensure that they are a neutral party with the necessary experience, such as a solicitor or a professional executor. Whatever you decide, discuss it with them in advance to ensure they’re prepared. A reliable executor ensures your wishes are carried out smoothly and legally.
Two Valid Witnesses
In order for a will to be legally valid, it must be signed by the testator, which is you, as well as two witnesses. Your choice of witnesses must be over 18 years old and cannot be beneficiaries of the will, nor can they be the spouse or civil partner of any beneficiaries. If they are, then any wishes leaving assets to them are likely to be voided. Again, many will ask their solicitor to be the witness to ensure that matters are clear-cut and formal. The signatures all have to be added when all three members are present in the same room, and should be done in a calm, distraction-free environment.
A Budget
The average will is not overly expensive to do right. You can find some DIY wills, with templates often costing up to £50, but there are serious pitfalls to trying to handle a will yourself, which can create fights and costly complications down the line. Instead, finding out the cost of a will with the help of a solicitor or accredited will-writing service can offer you some peace of mind. How much this costs will depend on a few things, such as the complexity of the will, depending on the nature of the assets, as well as if you need them to act as a witness or the executor on top of helping you prepare the will. It’s a small price for peace of mind that your legacy will be protected and distributed properly.
Update And Store It Properly
If you go through any life changes, be it marriage or divorce, having a child, buying new property, or your assets change, then you should update your will to reflect it. A will doesn’t have to be set in stone once written. You should review it every few years, but make sure that you have it signed by valid witnesses every time that you do. Storage is equally important: keep it in a secure, accessible place and let your executor know where it is. Options include keeping it at home, with your solicitor, or registering it with the National Will Register.
Although it’s not technically legal, it’s almost always recommended that you have a solicitor to help you ensure that your will is legally airtight. There are a few factors, such as shared property, that can complicate matters, so it’s worth getting some help in doing it right if you have any wishes to leave behind.