Writing a Will isn’t something that we tend to want to think about, but creating one is very worthwhile. Without a Will, guidelines and rules are used to allocate how your assets are divided, e.g. your money and possessions. It is likely that this isn’t how you would have wished. Therefore, with a Will, you can choose which asset you would like to leave to family or loves ones.
McPartland Solicitors will help you to write a Will that ensures your estate, no matter how large or small, is divided according to your wishes.
Use the following guidelines to help you draft your Will.
Make a list of your Beneficiaries
The first thing to do when writing a Will is to make a list of who your beneficiaries are going to be. For example, specific family members or friends. People will sometimes name a person who had an influential place in their life as a beneficiary, whether or not they were related by blood, or alternatively, some people put down a charity.
Everyone is different and remember that you choose how many beneficiaries you would like. The more there is, the more challenging it can be to divide any assets to beneficiaries, so you should make a decision with this in mind.
Write Down All Your Assets & Their Value
Once you have named your beneficiaries, the next step is to decide what assets you want to give and the value of each. Your assets are things that have value, such as your savings and certain pieces you would like to give to a beneficiary, like a camera or jewellery.
Heirlooms and any sentimental items that are important for you to pass onto your loved ones are also considered your assets.
Some assets can change in value e.g. your pension if it’s eligible, a business you own, investments like stocks, shares, and property. These can be more challenging to estimate, so if you would like professional advice contact McPartland Solicitors.
Choose how you’re going to divide your assets
You can divide your assets by choosing which beneficiary is to receive which asset or assets. To ensure that everyone gets what you intend to give them, try to be as detailed as possible at this stage of creating a will. It may be that you wish to edit this information within the will as times and or loyalties change.
Protect Beneficiaries
You can let your beneficiaries know that you have added them to your will, though choosing to tell them what asset they are receiving is down to your preference. You may be able to protect your beneficiaries from inheritance tax.
Make a Draft
When you have named your beneficiaries, written down your assets and their value, and decided which beneficiary is receiving which asset, you can now begin to draft the Will.
Make sure that you are creating a Will that ensures your estate is divided according to your wishes, by contacting H McPartland & Sons to discuss with an experienced team member.
Our solicitors are familiar with the law and will be able to help you make the most effective choices.
Find out more on Wills.
Related blog: The Dangers Associated with DIY Wills