Posted by Michelle Young, Will Writing & Estate Planning Expert
Writing your Will can be quite a daunting task, and it is often hard to understand what you should include. To make sure everyone gets what you want to give them, and that your final wishes are followed, find out what you should include, and how you should include them.
If you are thinking about writing a Will to make sure your estate and assets are distributed as you wish after you pass, it may seem like a large task ahead of you. To make this easier for you, here is exactly what you should include in your Will, how the distribution works and how to make sure the right things go to the right people.
When you first decide to make a Will, the best way to start is to list all your assets and property to work out what you have, how much your estate totals and what you would like to give to whom. This is also a good way to find out whether your loved ones will be affected by Inheritance Tax.
Most Will distributions are made up of three separate aspects:
There are, broadly speaking, four different types of legacy you can leave to family or friends, depending on how you want the legacy to behave.
Another aspect of legacies to be aware of is the creation of ‘trusts’. This allows you to say who you would like to benefit from what you leave immediately after your death, and then who you would like to have benefited from the same items or property once the first person you have chosen has passed away. This is what a trust would be: “I leave my share of the house to my wife for the rest of her life, and then it will pass to my children.” These types of gifts are particularly prone to going wrong, so it is often advisable to get legal advice if you would like to include a ‘trust’ in your Will.
If or when you decide to have children, it is a good idea write a Will. Especially while your children are underage, your Will allows you to state who you would like their legal guardian to be if you pass away before they turn 18. You will also need to use your Will to say where the money will come from to look after them. These details are usually set out in the form of ‘trusts’.
If your children are set to inherit money and/or property on the event of your death, it is held in trust until they are 18 or until they get married. Your executors will specify how the ‘trust’ should be managed if you don’t specifically say.
This process can also be a great way to look after any pets you have. You will be able to designate the same care and monetary provision in your will as you would for a child and be able to designate someone to look after them if you pass away.
Your Will is also where you state who the executors of your Will should be when you pass away. You should choose these people with care since they are the people who will be making sure your Will and wishes are followed. Your executors can be friends or family and, due to this, are often likely to also be given something through your Will too. The only restriction on executors is that they cannot also act as an official witness to your Will.
Making a Will is not a difficult task if you find the right support. Here at Funeral Planning Experts we can put you in touch with specialist Will Writers, all of whom provide a simple and straight forward service, allowing you to ensure your final wishes are met.
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If you are considering writing a Will, you might also be interested in a funeral planning.
A funeral plan allows you to pay for your funeral, ensuring that your loved ones aren’t faced with any unexpected costs.
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To learn about funeral plan packages, we have put together an overview of the different levels of funeral packages available.