What to include in your Will?
A Will is a legally binding document that should cover you and your loved ones needs and requirements.
We live in an age where people’s lives are seldom straight forward and families often have complexities that need to be considered and addressed. There can be concerns as to how a family member will cope after our death or we are worried about a relationship. Protecting our children can often be the driving force for making a Will. For some, the potential cost of future care is a concern and how we can protect our assets.
What should be included in my Will?
- Funeral wishes – do you wish to be buried or cremated? Including this in your Will avoids your loved ones having to make the decision.
- Executors – who do you trust to administer your estate? They can be family or friends (including those inheriting) or they can be professionals. The key is to ask them if they would like the job as not everyone wants to take this on. If there is family conflict, do not appoint people who will not get on.
- Guardians – if you have children under the age of 18 who will they live with? I suggest that they are not the same people that you appoint as executors.
- Personal belongings – do you have any personal items that you would like to leave to anyone specifically? The answer can be no.
- Fixed Cash Gifts – would you like to leave someone a specific amount? This could be a small amount left to grandchildren. You do not have to include these in your Will.
- Estate (after payment of all bills and taxes, the money/assets that you have left) – who are you leaving it to? This is where we look at percentages, for example I leave 50% to my children and 50% to my grandchildren. You do not have to leave anything outright. We can use a trust if you wish to protect your assets or even protect your beneficiaries from themselves or others.
Inheritance planning should also be considered and this is where your adviser will be able to give you options.
Whatever your concern, your adviser should discuss the various options available to address those concerns and ensure that your Will gives you the peace of mind that you need.
If you would like assistance with preparing suitable Wills or administering an estate please contact our Wills, Trusts and Probate team on 01733 882800 or email [email protected].
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