Writing a will
Writing a will can be a daunting task. It’s hard to think about life coming to an end, but for most, writing a will often provides relief knowing that all property and possessions are going to the right places.
How to write a will
Writing a will can actually be a fairly straightforward task and in the event of death, can save grieving loved ones from what can sometimes be a painful task. Will writing can also be very affordable, as long as simple steps are followed and the person making the will is aware of the advantages and disadvantages. Here is some advice to ease the confusion of writing a will:
1-Be careful choosing who draws up a will
The person can draw up a will of their own accord using a ‘will kit’ from a stationers. However, there can be many complications and it is easy to make errors. It’s suggested to get advice from a solicitor or authoritative body and see which is the best path to take.
2-Choose trusted executors
Executors are responsible for handling the entire estate after death and often handling large sums of money, so it important that in writing a will, the executor chosen is trusted and capable of completing the job in hand.
3-Appoint a substitute executor
Often, married couples would appoint each other as executors. It is advisable that a substitute executor is appointment to avoid any complications if the initial executor is unable to complete the task.
4-Guardians
If the deceased has left children under the age of 18, a responsible guardian will need to be appointed.
5-Trustees
It may seem obvious, but when writing a will, it is highly important that the named trustees are people sound of mind with a good grasp on financial issues.
6-Specific legacies
Often with wills, there are family heirlooms or items of specific value. There should be a specific request as to whom and where these items are to go to in the event of death.
7-Residual legacies
‘Residue’ is what is left after all the specific legacies have been made. As a collection, the ‘residue’ will need to be designated to someone in particular. Failing to do so can result in partial intestacy.
8-Save tax
It is important to include a discretionary trust when writing a will. This can save thousands on inheritance tax after the event of death.
9-Sign the will
After writing a will, it must be signed by yourself and two independent witnesses.
10-store the will safely
Wills should be stored in a proper safe storage facility. This way it is protected from flood, fire, theft, damage or loss. The previously mentioned executors will have a certificate with the information as to where the will is stored.
These ten simple steps are a fundamental part of will writing, if followed correctly; the processes of dealing with death will be made a little easier for the bereft.