What to consider when writing your will
Having a will written is one of life’s necessary evils. None of us want to think about life without us in it, but in order to ensure that your money and personal possessions are passed onto your loved ones you need to have a will in place stating your wishes. You should always consult with a professional will writer such as wills and probate Cheltenham company beesandco.co.uk/our-services/wills-cheltenham/ to make sure that your will is legal and filed in the correct manner.
Here are five things that you will want to consider.
- Executors – who do you want to have ensuring that all of your wishes are carried out. Many people will choose either their spouse or children but if you do not want to burden your family members with this you can appoint a professional executor instead. If you have young children and have trusts set up for them it is your executors that will act as trustees of their inheritance if they are underage at the time of your passing.
- Assets – these are the property, investments and any savings that you have in your name. It is worth having an estimate of how much this may be as you may want to consider having these items put in trust for your loved ones.
- Beneficiaries – these are the people that are set to gain from your estate. It is usually your spouse and any children that you may have, but you can name anyone as a beneficiary in your will. It is important to think about all eventualities when making your will such as if you die and leave your assets to your spouse and they remarry can that individual then receive your assets upon your partners death or do you want to protect your half for your children. A professional will writer will help to talk you through all of these eventualities.
- Guardians – these are the people that will look after your children if you should both pass either at the same time or both before your children reach the age of 18. These individuals will be responsible for their upbringing and their welfare and may or may not be the same individuals as the trustees.
- Business rights – if you own or part own a business you will want to consider what happens to this when you die. WIll someone inherit the business, will your shares in a business be split between your family or will they pass to a business partner?