Writing A Will? What To Think About

Whether you’re a young, energetic person or someone who is a little bit older and has seen the most of life, one thing that you could both be thinking about is writing a will.

Writing a will seems rather doom and gloom as you are thinking about life after you. Everyone likes to think that they’re invincible, however, the time, unfortunately, does come for everyone eventually.

Writing a will isn’t as simple as it looks on the TV. There are lots of stipulations and preparation that must go into it if you are wanting to do it properly. Read on to find out what you should be thinking about when writing a will.   

What happens if you get a divorce?

A lot of couples tend to write up their wills after they have been married, this is to ensure that their partner is receiving most of each other’s possessions as they love each other and this is what they want at the time.

However, people change over time and so do relationships, people fall out of love through no fault of their own and usually, divorce is the only answer.

So, what happens after a divorce and you have placed the in your will? Certain areas of the world are different, but in both England and Wales, if you get a divorce, it means that the divorce can alter the terms of your will.

The will remains valid, however, unless stated otherwise, your ex-partner will receive little to no benefits from it. This is what divorce lawyers will always advise you before writing your will.  

Decide who your executor is

The executor of a will is the person responsible for making sure that the wishes you engrained into your will are given out properly to the people that have been selected.

This is a very important job and should be a task that you give to a trusting companion.

They are in charge of a number of jobs such as finding out where you will is hidden and ensuring that banks and any other relevant companies know that you have passed away.

They are also the ones that set up accounts for paying funds and any ongoing bills.

Furthermore, they will distribute the belongings and assets that have been passed on in the will to the chosen family or friends.  

Decide who will benefit from your will

In your will, you must decide to who you want to leave certain prized possessions too. This could be things such as land, estate, or jewellery to name a few.

Naming these beneficiaries and stating in writing what each of them is entitled to be an easy way to avoid any confusion after your passing.

There are a number of beneficiaries you can choose from, such as family members from all different generations, spouses, boyfriends or girlfriends, friends and even charities.

The choice is completely up to you. Always ensure that you are giving to people that you want to and never allow someone to persuade you to place them on your will.  

Inheritance tax is a tax that occurs on all property, money, and possessions after you pass.

If you have a large fortune that you are giving away, you should always be mindful of the size of the inheritance tax that you will be paying.

You personally won’t have to pay the tax most of the time, however, it is always important that you speak to a financial advisor and discuss with them what is the most tax-efficient method of giving away your large fortune so that your family don’t have the hefty surprise.