5 Important Points You Need to Cover in Your Will
Depending on your personal circumstances, the process of drafting a Will can be relatively straightforward. On the other hand, the process can become much more involved, especially if there are several people you would like to name as beneficiaries to your estate or if the assets you possess are substantial.
Whichever category you fall into, there are still several important points that need to be covered to ensure that your Will is as accurate and as comprehensive in its detail as it needs to be.
1. Guardianship and Custody of Minors
If your children are still young, it is imperative that their welfare is accounted for in the drafting of your Will. You will need to ensure that you have nominated the parties who you deem as suitable for looking after your children in the case you’re no longer able to.
This isn’t so much of an issue if you’re married but is still an important point for consideration and needs to be discussed with your family. In addition, it might be worth looking into whether setting up a series of trusts is the best way to ensure that your children are taken care of financially.
2. Distributing Liquid Assets
You have the ability to include everything in your Will that you own – and you should do so. This includes money, heirlooms, personal possessions as well as any other items you would wish to be passed onto specific members of your family.
Each asset should be named in your Will specifically; making them much easier to be distributed during the process of probate.
3. Distributing Property Assets
The property we own are usually some of the most valuable assets we possess. If you’re in possession of any property at all – even if it’s just your primary residence – this should be included in your Will to ensure that there are no issues with your Will being contested in the event of your death.
4. Funeral Arrangements
Some of us will have a very specific set of wishes for the way in which are funerals should be organised. This may be for religious reasons or simply personal preference, but your Will is the best place to let your wishes be known.
To ensure that you receive the burial service, cremation or funeral procession that you desire, be sure to detail your requirements explicitly within your Will.
5. Appoint an Executor
It is always a good idea to appoint an executor who will oversee the process of probate on your behalf. Your nominated executor could be your solicitor or even a member of your family or a close friend, but do ensure that the person you nominate is happy to complete this task.
Heritage Wills: Providing a Range of Will Writing Services
For more information on the services we provide in relation to the drafting of Wills and nominating Powers of Attorney, get in touch with a member of our team on 01603 894500. If you would prefer a face to face appointment, we can also schedule a home visit by one of our trained consultants at a time to suit you.