6 Things you Need to Know Before Making a Will

You might not feel that you need to make a will yet, but it is never too early to do it. No-one wants to believe that they will die prematurely, but it is always best to prepared for this eventuality and know that your will, would be carried out in line with your wishes. Here are six things that you need to be aware of before you make you will.

1. You can create your own will

Firstly, many people assume that they need to go through legal professionals in order to create a will, so it’s worth noting that you don’t actually need to get a solicitor involved with your will at all. As long as you sign the document and get it approved by two independent witnesses, the will should be legally binding. For a more professional look, you can buy templates online or in stationery shops. Generally, creating a will yourself is fine if your will is relatively simple – for example if you are leaving your whole estate to your partner or children.

2. Professional advice can be hugely beneficial

While DIY wills are perfectly acceptable and legal, it’s important to note that any complex issues, for example, setting up trusts or appointing power of attorney, it can be wise to make use of a will and probate solicitor. Anyone with a complicated estate will benefit enormously from having a professional deal with the issues for them. This could relate to anything from foreign investments and ownership of a company to people with individuals who are financially dependent on them. The general rule with wills is that everything must be stated – even if it might seem absolutely obvious to you.

3. Name an executor

One of the most important things that you need to do is to name an executor. The executor is the person you who you provide with the right to carry out your will. They will be responsible for wrapping up everything after your death, including paying your taxes, closing down your accounts and correctly distributing your estate. As such this is one of the most important decisions you can make in your will – consider the fact that there may be tension around the way that the will is distributed, so you need to choose your executor very carefully.

4. Remember the small stuff

One of the major problems with wills is that they simply aren’t specific enough. Everyone remembers to explain where their largest assets should be going, even though this typically isn’t necessary – if you have a joint bank account or own your home with your partner, this will automatically be given to them. What’s far more important are the smaller things. This could include items that have sentimental value, or specific articles that certain family or friends might assume will be passed to them. Unless it is stated in the will it cannot be guaranteed that this will be carried out as you wish.

5. Name a guardian

If you have children under the age of 18, then it is absolutely essential that you name a guardian. Once again it is important to note that you should never assume that it is obvious who the guardian should be. If your will does not name a guardian, the court will have to be involved in the case and someone else will be responsible for choosing the guardian, potentially not taking into account the same ideas and rules that you might assume that they would follow. It may be upsetting or overwhelming to try to choose someone who would be expected to care for your children, but it’s very important that you take the time to do it now.

6. Wills need to be regularly updated

Many people make will once – perhaps when they buy a property for the first time – and then never take the time update or amend it. At best this can lead to a confusing situation for the executor of your will, for example, if you were to name a beneficiary who died before you did. At worst this would mean that the vast majority of the will is irrelevant and the court would have to get involved to sort out the situation, and this could lead to it being done not in accordance with your wishes. You must update your will on a regular basis.

*This is a collaborative post.