The idea of not being here for our loved ones is not a thought that many people wish to confront. However, it is important that they do so if they are to ensure that their loved ones are properly taken care of both now and in the future. So, what is the most important factor to consider when making provisions for your family after your death? Undoubtedly, it is creating a will. Here is what you need to know.
Writing your will
Writing a will is relatively straightforward, especially if you choose to do so with the help of a solicitor or a professional will writer. These experts will have the experience and knowledge necessary to guide you through the process and help ensure that the document created is watertight and cannot be easily contested when you are no longer around to stand up for its contents.
It is essential to keep in mind that it is indeed possible for someone you know to contest your will, ultimately affecting your loved ones’ inheritance. Thankfully, you can reduce the chances of this happening by carefully adhering to the various legalities regarding the creation and signing of a will. The chances of contesting a will successfully are higher, for example, if you neglected to sign the document in the presence of multiple witnesses.
At the heart of writing your will, you will need to draw up a descriptive list of your assets. This may include anything of value, such as vehicles, property, jewellery, antiques, etc. From there, it will be up to you to decide how you wish to divide these assets. Keep in mind that the value of certain items is likely to change over time, so be sure to have them valued regularly and to update your will accordingly.
Selecting your executors
Your executors are the people whom you choose to ensure that your will is carried out. Many people will choose friends or family members who they know they can trust and who they know will be comfortable taking on such a responsibility. The good news is that your executor is still allowed to be a beneficiary in your will.
Experts recommend appointing at least two executors and a maximum of four. The more executors you have, the more they will be able to share the responsibility.
Signing and storage
Signing your will is an important step and needs to be approached with care and caution as any mistakes could make it easier for another person to have your will invalidated following your death. Once it has been signed successfully, you will need to store it somewhere safe. You may choose to store it in your home, leave it with a solicitor or at a bank, or keep it with your local Probate Service. Just remember to notify your executors of where it is so that they can access it quickly and easily at the time of your passing.