5 Tips to writing a will
While writing a will is not necessarily complicated, there are some easy mistakes that can be made that can create a messy and invalid will, so take a look at this selection of helpful tips in creating your will, to ensure your loved ones and your estate are taken care of after you’re gone.
1: Speak to a solicitor
Solicitors are qualified professionals with expertise in will writing, so they know all of the common mistakes to avoid and the best practices to apply.
Before creating your will, ensure you know the value of your estate. This includes:
- your property
- personal possessions
- money, minus all your debts (including mortgages, loans, overdrafts and credit or extended purchase agreements).
2. Decide who gets what.
Divvying up the pie that is your estate needs careful consideration. Who gets what slice, and how big of a slice are they getting? Leaving your assets and money to friends and loved ones is common place, but you can also leave amounts to charities if you wish. Charities take a large sum of their donated income through legacy donations, so even small amounts can be worthwhile.
3. Talk to the family
Your estate is yours to do with as you wish, but communicating that to your nearest and dearest before you’re gone can remove any need for unpleasantness afterwards. Again, if you wish to leave money to charity, explain your desire to do so to your family and be proud of your choice.
4. Who’s taking care of the children?
Often, we assume will writing is just for the older generation so why consider children? When in fact having children can be the kickstart to organising a will for many (as it should be.)
Considering who you would ask to take care of your children if you were gone is a crucial consideration. Ensure you discuss it with the intended guardian first.
Another consideration is to appoint executors- those who will deal with your estate in the event of your death. You could choose adult children, friends, family or even professional advisers.
5. Delegate your digital
It may sound strange, but many of us have a whole digital life these days. From social media log ins, to cloud stored photos, it’s an important asset to consider. Delegate those details to a trusted loved one in your will so you know that element of your legacy won’t be lost to the ether, or made complicated to handle following your death.
Wills are not regulated by the FCA