Writing a will is something that we tend to push to the back of our minds, but putting a will together is extremely worthwhile because without one there are no guidelines in place about how you want to divide out your assets e.g., your money and your worldly possessions. With a legally binding 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.
Step 1: Make a list of your beneficiaries
The first thing to do when thinking about putting your will together is to make a list of who your beneficiaries are going to be, you can have as many as you desire. For example, it may be specific family members or close friends. The beneficiary does not have to be related by blood, or some people choose to donate to a certain charity. It is important to note though that the more beneficiaries there are, the more challenging it can be to divide up your assets. Bear this in mind when making your decision.
Step 2: Calculate the total of your assets, their value, and how you intend to split them
Once your beneficiaries are names you need to decide how the assets will be split between them and the value of those assets. Assets are items of value, for example, your life savings, jewellery, and sentimental pieces or heirlooms.
You can divide your assets by choosing which beneficiary is to receive which asset or assets. By giving as much detail as possible when writing the will, this will ensure that the correct beneficiary gets the correct assets at the correct value. It may be that you wish to edit this information within the will as times and or loyalties change.
Not all the information in a will is set in stone, information can be changed and altered over time. Estimations in value are prone to change 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.
Step 3: State who will look after any dependents if under the age of 18 years old
In the event of death where there are minors left under the age of 18 years, a guardian must be named. A guardian will be responsible for making important life decisions on behalf of your children, e.g., decisions about their education, general upbringing, and lifestyle. A guardianship clause will provide you with an important opportunity to decide about who should take that control. This will allow you to feel as confident as possible that you have made the best possible plans for your children’s future and security.
Step 4: Appoint who will sort out your estate and carry out your wishes
An executor is a person responsible for passing on your estate. You can appoint an executor by naming them in your will. The courts can also appoint other people to be responsible for doing this job. Anyone aged 18 or above can be an executor of your will. There is no rule against people named in your will as beneficiaries being your executors.
This is common.
Many people choose their spouse or civil partner or their children to be an executor. Above all, you must choose somebody you trust. It’s going to be up to them to follow the instructions in your will and to find fair solutions to any disagreements.
Keep your will safe
Once you have made your will, it is important to keep it in a safe place and tell your executor, close friend or relative where it is. If a solicitor makes your will, they will normally keep the original and send you a copy. You can ask for the original if you wish to hold it.
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.
Related blog: The Dangers Associated with DIY Wills