Writing a will often feels like a morbid thing to do, but it’s something that needs to be done. In order to protect your estate and to protect those you’ll want to look after should you at any point go too soon, or eventually, when nature takes its course.
It’s never really too early to start thinking about a will, especially when you’re earning money and have assets. Some people wait until they get married, while others wait until they’ve had children. Regardless, writing a will isn’t something you’re usually given much advice about by anyone. Here are some top tips for writing a will when you’re not sure what to do.
Consider what assets you have
Firstly, it’s useful to know what assets you have to work with and what that means when it comes to collating them all into your will.
These assets can be made up of a number of things, including:
- Property
- Bank accounts
- Other types of investments, like stocks and shares
- Personal belongings
- Debt and liabilities
As shown above, there can be multiple assets that you already have and therefore make up your estate. It’s good to make a note of anything and everything that you have, so that you can then go about assessing what you want to give out and how you want it noted within the will. After all, you don’t want to miss anything off.
Draft a will through a professional will writer or solicitor
To help with writing the will, it’s a good idea to get a professional will writer in place or to use a solicitor. This will help you to get the will written properly and within a legal framework that’s identifiable in a court of law.
Drafting the will can take a bit of time, so you’ll want to allocate plenty of time in your day or whenever you choose to have the appointment with your will writer. Typically, writing a will can take anywhere from thirty minutes to an hour or more, depending on how much estate you have and what you’d like to do with it.
Everyone’s personal situations will be different from the next, so it’s important that you take your time and not rush the process either. Hale and Hawthorn are worth looking at for a will-writing service.
Choose your executors
It’s good to pick executors of your will as these individuals will be responsible for making sure any and all processes are carried out properly according to your will’s request.
It’s worth noting that up to four people can be named in the administering of your estate. However, it’s considered best practice to choose at least two. You want people who are capable and willing to do it, as well as being trustworthy enough, too.
Many people will end up choosing their spouse, a family member or a close friend. These executors can also be beneficiaries of your will, so there’s no problem in choosing the same people if you prefer.
Name beneficiaries and be specific about what they receive
One of the most important parts of writing your will is naming the beneficiaries who will be receiving your assets. Now, these beneficiaries could be any number of people. Your assets could also be distributed to charities close to your heart.
It’s good to think about who you want your money to go to beforehand, and then what assets are going to whom. This will make the will-writing process easier if you know this ahead of time.
Of course, you might change your mind in the run-up to the meeting, or even during the meeting as it’s discussed. However, having some idea of where your money goes is a good thing to think about.
Keep the will safe
When it comes to creating the will and signing it, you’ll then need to keep it safe somewhere. That means either storing it in your home, somewhere out of reach from anyone or holding it somewhere off-site. There are will-writing companies that provide this service, so it’s good to think about what option suits you best.
Of course, keeping the will in your home is free, but it can be risky if you don’t keep it safe. Keeping it elsewhere in a place that’s highly safe and secure will come at a cost.
It’s worth noting that you can change your will at any point, but you’ll want to do this as and when it’s appropriate. Be sure to keep an eye on your will and when it needs updating to make sure it’s the latest and most up-to-date of your wishes.
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