Writing a will is an important task that ensures your wishes are carried out after you pass away. The last thing you want is your savings going to the tax man, especially the way they are spending our tax these days! Even if you only have a few assets that don’t seem much, a large TV, a car, a 3 piece sofa, you can leave everything you leave behind to chosen loved one’s or charities.
Here are some steps you can follow to write a will:
List your assets: Start by making a list of all your assets, including your home, bank accounts, investments, vehicles, and personal belongings. Try not to leave anything out.
Decide on beneficiaries: Decide who you want to inherit your assets after you pass away. You may choose to leave your assets to family members, friends, or charitable organizations.
Choose an executor: Choose someone to serve as the executor of your will. This person will be responsible for managing your assets and carrying out your wishes after you pass away.
1) Choosing an executor of a will is an important decision because the executor will be responsible for carrying out the terms of the will and ensuring that the deceased person’s wishes are followed. Here are some best ways of selecting an executor of a will:
2) Consider someone trustworthy and responsible: It is important to choose someone who is trustworthy, reliable, and responsible. This person should be able to handle the administrative tasks involved in settling the estate, such as paying bills, collecting assets, and distributing property.
3) Choose someone who is willing to serve: Before naming someone as an executor, it is important to make sure they are willing to take on the role. Serving as an executor can be time-consuming and requires a significant amount of work. Make sure the person you choose is willing to take on the responsibility.
4) Consider their relationship to you: It is important to consider the person’s relationship to you. An executor can be a family member, friend, or even a professional, such as a lawyer or accountant. Consider the person’s availability, ability to communicate with other family members, and whether they have conflicts of interest.
5) Choose someone with financial knowledge: An executor may be required to make financial decisions, such as selling assets or managing investments. It can be helpful to choose someone with financial knowledge or experience, such as a banker or accountant.
6) Consult with a solicitor: It is always a good idea to consult with a solicitor when creating a will and choosing an executor. A solicitor can provide guidance and advice on selecting an executor and can ensure that your wishes are carried out in accordance with the law.
Ultimately, the most important factor in selecting an executor is choosing someone you trust to carry out your wishes and handle your estate with care and diligence.
Write the will: You can write your own will using a template or hire a solicitor (There will be costs involved in this) to help you. Be sure to include your name, address, and the date. Specify who will inherit your assets and how they will be distributed. You may also want to include any specific instructions or wishes you have for your funeral or burial.
Sign and witness the will: Sign the will in the presence of witnesses who are not beneficiaries or related to you. This ensures that your will is legally binding. In the UK this is normally a member of the Notary Public.
The witnesses to a will should be neutral and disinterested parties, which means they should not be named as beneficiaries in the will or have any interest in the estate. In most jurisdictions, a witness must also be an adult (18 years or older) and of sound mind.
Here are some best practices to follow when selecting witnesses for a will:
1) Choose witnesses who are not beneficiaries: It is important to choose witnesses who do not stand to inherit anything from the estate. This ensures that they are neutral parties who do not have a conflict of interest.
2) Choose witnesses who are trustworthy: Witnesses should be individuals you trust to verify the authenticity of the will. They should be reliable and responsible enough to appear in court if necessary to attest to the signing of the will.
3) Choose witnesses who are available: Witnesses should be available to sign the will at the same time as the testator (the person making the will) and in the presence of each other. This ensures that they can confirm that the testator signed the will willingly and was of sound mind at the time of signing.
4) Choose witnesses who are competent: Witnesses should be competent to understand the significance of signing a will. They should be able to read and write, and understand that they are signing as witnesses to the will.
5) Follow local laws: The requirements for witnesses to a will can vary by jurisdiction, so it is important to follow local laws. In some states or countries, for example, witnesses may need to sign in the presence of a notary public or other authorized official.
Remember that the witnesses to a will play an important role in verifying the validity of the will, so it is important to choose them carefully and follow local laws. It is always a good idea to consult with a solicitor when creating a will to ensure that you are following all the necessary legal requirements.
Store the will: Store your will in a safe place, such as a safe deposit box or with your solicitor. Be sure to tell your executor and family members where your will is located.
Storing a will in a safe and secure location is important to ensure that it can be easily located and accessed when needed. Here are some best places to store a will:
A fireproof safe or lockbox: A fireproof safe or lockbox is a secure place to store a will. It can protect the document from damage caused by fire or water and can also keep it secure from theft or loss.
A safe deposit box: Many banks offer safe deposit boxes that can be used to store important documents, including a will. This can be a secure option, but it is important to ensure that the executor of the will has access to the box when needed.
With a solicitor: If the will was prepared by an solicitor or legal firm, they may offer to store the document for you. This can be a convenient option, but it is important to ensure that the executor of the will knows the location of the document and how to access it. Again, there will be a cost for the storage.
A trusted family member or friend: A trusted family member or friend can be a good option for storing a will, especially if they live nearby. It is important to ensure that the executor of the will knows the location of the document and how to access it.
Regardless of where you choose to store your will, it is important to make sure that the executor of the will knows the location of the document and how to access it. You may also want to consider making copies of the will and storing them in different locations to ensure that it can be easily located if the original document is lost or destroyed. It is always a good idea to consult with a solicitor when creating a will to ensure that you are following all the necessary legal requirements.
Update the will: Review your will regularly and update it as needed if your circumstances change, such as if you get married or have children.
Writing a will can be a complex process, so it is important to seek the advice of a solicitor if you have any questions or concerns. A will ensures that your wishes are carried out and can provide peace of mind for you and your loved ones.