Conversations relating to Wills are often pushed to the side in favour of more uplifting and positive ones. No one wants to talk about what happens when they die. Ensuring your family is prepared for your death is essential if you want to make sure your wishes are met.
So, how do you talk to your family about what’s in your Will?
It may be difficult for you to find the words to articulate how you want your wishes to be carried out. But to make sure that your family is prepared to hear your thoughts, you need a Will stating who will look after your estate and benefit from it as well.
Preparing for these difficult conversations can be intensely challenging. We are here to help. Here are some tips when approaching your family and loved ones to discuss what will be in your Will
Why It Is Important to Talk About Your Will
Death is traumatic and ignoring the conversation now may leave your loved ones with a more complicated situation to deal with.
It is much better to ensure that your loved ones know your wishes before you die. This stops any arguments or ambiguity as to what your wishes were.
Your Will Is Not Just About Money
Contrary to popular belief, a Will contains more than just your wishes for what happens to your money and assets when you pass away. It can make provision for family heirlooms or items of sentimental value to family and special friends which can’t happen without a Will.
A well drafted Will can protect your assets so that your children get at least half of your property if you’re married in the event that the surviving spouse requires care.
It may also protect a vulnerable beneficiary so their gift does not affect his receipt of benefits.
Before going into this conversation with your loved ones, (if you want to discuss it with them) you should be prepared. It’s encouraged to have notes prepared on the rough topics you want to address- do you want your funds to go to a charity, or do you want them to go to your grandchildren’s education? Establish the answers to these questions and more before opening this conversation with your family.
Bringing Up Finances
Conversations about your finances are never easy, especially when you’re talking about your finances after you pass. It is helpful to think about who has the legal responsibility for carrying out your instructions. Choose someone you trust.
Do you only want to leave money to your children or do you want to leave aside money for future grandchildren you haven’t met yet? These are some of the points you might want to think about before instructing a Solicitor to draft your Will.
You should also consider important password information and how the executors of your will would access your finances if you are no longer around. For example, if you have cryptocurrency, your family will need access to your login information in order to administer your Estate
Changes to Your Will
Updating your Will is essential to keep up with your changing circumstances. The law changes as well from time to time therefore your Will should be reviewed to make sure that it is up to date.
Now is the Time to Write Your Will
Once you have decided what you would like in your Will such as who you would like to benefit the it is time to instruct us. . Our experienced lawyers at Elizabeth Middleton Solicitors know and understand the importance of having a Will and how to ring fence your estate against care fees so that your children get at least half of your estate.
Our modern office in Winnersh Triangle has facilities second to none. We will look after you, make you a coffee or tea to make sure you are comfortable before taking your instructions. We can also meet you at your own home (COVID rules permitting). Contact us today so that we can help have the right Will for your estate.