Knowing what to include or exclude in your will is not essentially straightforward. However, you need to think about certain things when in the process of writing your will. On this page, you will get an ultimate checklist for will writing. It is wise to learn the process before embarking on this lifetime journey. Remember, even a single mistake during will-writing can ruin your entire generation.
Why You Should Write a Will
Writing a will comes with several benefits to the asset owner. It will make sure that your possessions and money are distributed as you wish once you are dead. Therefore, this document gives you control over your estate even after you are gone.
Wills also reduce the amount of stress on your next of kin. Your beneficiaries will not be going through huge amounts of arrangements and bureaucracies that seem to be overwhelming. The best way to alleviate this is simply writing a will.
A will is good because it will help you to avoid arguments. You will lay out your wishes clearly to your family members and other beneficiaries. As a result, there will be a minimal room for disputes over who will be getting what.
Special Wishes during Your Funeral
With a will, you are free to record any special wishes you have during your funeral. Most people will even indicate what they would like to happen to their body once they are dead. Including such information will help those who are there to execute it without a problem. Your funeral will also run as you wished when you were still alive.
The Executor of Your Will
Executors are people who sort out affairs once you are gone. You need to get a trustworthy person since he is the one to distribute your inheritance among your kin.
Therefore, before you choose an executor, speak to him in advance and let him be happy about it. Besides, you have to tell the executor where you will be storing your will. It is advisable to have a backup executor because the executor may be unable to implement your will when the time comes.
An executor has a very huge responsibility that takes him a considerable amount of time. Thus, you need to choose a trustworthy person that you are sure will do the work properly. If dealing with more complex estates, it makes sense to appoint professional executors.
Get a company that has extensive experience acting as professional executors. You will be sure that everything will flow smoothly even in your absence.
Beneficiaries of your estate are the individuals that you leave your assets to. These could be your children, grandchildren or any other person. What age would you like the beneficiaries to achieve before getting the wealth?
Who Do You Wish to Inherit Your Property
If your child lacks the ability to manage finances, would you like to leave the inheritance to him? How will your estate be divided if one of the beneficiaries dies before you? Are there people you would like to exclude from the will?
Do you wish to donate some of your money to a charity organization? Once all people get their portion of the inheritance, who is your residual beneficiary? This person typically inherits what remains from your property once everybody gets his share.
Do You Wish to Exclude Somebody from the Will?
Excluding some people from your will is acceptable. However, seeking legal advice will make sure that everything goes as you wish.
The people that you exclude from the will can contest. Therefore, seek legal advice to know if your wishes are practical.
In such a case, you can write a Letter of Wishes to accompany your Will. The document will explain why you made such a decision and will greatly help the executor. Remember, these are the people who should defend any claims against your estate.
Inheritance Tax
There is a threshold for inheritance tax though it may vary from one State to another. If the inheritance value goes beyond this, after deducting any loans or debts, you qualify to pay inheritance tax.
Civil partners and married couples are normally expected to transfer unused thresholds between themselves. Therefore, when the surviving partner dies, the estate can claim a double allowance.
Currently, there exists an additional relief that is referred to as Residence Nil Rate Band. All people are not entitled to this and it comes with complex rules. Therefore, look for advice on the best way forward.
You can also minimize the inheritance tax by making lifetime gifts. The challenge is if you die within seven years as the gift may still be taxable.
Also, you can make provisions within your will to minimize the inheritance tax amount. If you feel like the estate is higher than the set inheritance tax threshold, search for specialist advice.
Who Will You Want to Take Care of Your Kids
Do you have children? It is good to include their legal guardians in the will. It will bring peace of mind to your future because someone will look after them just in case something happens.
It is wise to discuss your choices with your children so that you give them someone they are happy with. Also have backup guardians because your preferred people may be unable to take the responsibility when the time comes.
Do You Have Wealth or Property in Several Countries
Learn to plan properly for any properties that are in other countries. The country should deal with the assets properly and avoid exposing them to unnecessary taxes.
Would You Like Someone to Inherit Particular Possessions
Are there certain assets you would like to particularly leave with someone? Be keen to specify it in your will. You also need to include the full name and address of the individual you are leaving the assets to in the will. Besides, also think what will happen if such an individual dies before you.
What are Your Business Interests?
Are you a shareholder in a private company or a business owner? Critically think how you will be passing your interests on. Some of the issues you should address while drafting your will include:
- Partnership or shareholder options
- Changing your company’s articles of associations terms for the sake of implementing the will
Introducing new shareholders or partners from within your family. You can use a trust of different share classes to hold their interest or shares. However, it is crucial to know some of the things that you should never-put-in-your-will especially if they will affect your primary beneficiaries.
Should You Create a Power of Attorney?
You may also wish to make a power of attorney as you create the will because you may lose your mental capacity as you age. Appoint an attorney who will make crucial decisions on your behalf especially with regard to your healthcare and finances.
Storage of Your Will
The other crucial question is where you will be storing your will. You have to make sure that you are storing it in a safe and secure environment. However, the place should also be easily accessible once you die. The document should be safe from theft, fire and water damage. Your loved ones should also be able to get it easily when the time comes.
Conclusion
From this checklist, you now know everything that you should include in your will. Your will should capture all your interests for an easy transition process. When choosing an administrator, be keen to choose a responsible and trustworthy partner. Lastly, store your will in a safe and secure place that is easily accessible.
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