Writing a will is something nobody wants to think about but it is important to keep an up to date will at all times in case the worst was to happen.
Will writing can be a complicated procedure but it is vital the information is correct to avoid any legal difficulties.
We have put together some top tips to help you create the perfect will.
Don’t ask your beneficiaries to help you draft your will as it can cause your will to be challenged by other potential beneficiaries.
You will need two people to sign your will. Make sure these people aren’t beneficiaries and that they have signed it correctly.
If your estate adds up to over £325,000 you will be charged inheritance tax. It is important to seek professional financial advice as there may be ways to reduce your liability.
You will need to appoint at least two executors to administer your estate. These people don’t have to be professionals.
If you have a complicated family set-up it is important that you seek legal advice. If you have young children, you will need advice on setting up a trust.
If you have young children, you will need to assign guardians to look after them in the event of your death. These people shouldn’t be the same as the trustees who are responsible for managing your money on their behalf.
It is important that the instructions you leave are clear. Don’t use nicknames as this can cause confusion. You need to make sure names match those on birth certificates.
If your circumstances change, it is important to update your will. Also, consider where your assets will go if your beneficiaries were to die before you.
It is important that you store your will in a safe place. Tell your close family and friends where it is so that they know should they need to access it.
Before writing your will it is important that you have a clear idea of what you want to happen with your estate. You should also read through your drafted will very carefully and ensure there are no mistakes before you sign it. The most important thing is to not put writing your will off.