While the process of writing up a Will is not necessarily a complicated one, a small but crucial mistake along the way can lead to serious consequences and complications when it comes to fulfilling your last wishes.
In light of that fact, we’ve prepared this article to walk you through all the most important steps and considerations you must keep in mind while preparing your Will. By knowing these steps you’ll be better prepared to make simple informed decisions. now that can save a mountain of headache and problems in the future.
Compiling Your List of Assets
The first step in the process is compiling a list of your assets. Assets refer to anything of value that you own, from liquid assets like money in the bank, financial assets like stocks and bonds, or physical assets such as property or vehicles.
It’s important to consider everything you own, including items that may not have financial value, but may hold important sentimental value. A broken old watch or favourite piece of furniture can still cause strife if multiple family members want regardless of financial value.
Just as the first step in creating a Will is making a complete list of all assets, the next step is to prepare a thorough list of the beneficiaries. Who do you want to receive your assets after you’re gone? If there’s anyone you want included, the best way to see those wishes carried out is to make sure they’re on your list together with clear instructions on what they should receive.
Choosing an Executor
The next critical step is choosing an Executor. This is the person who is legally responsible for carrying out your final wishes and distributing your assets after your death. Naturally, it’s important to choose someone reliable and trustworthy, since they’ll be handling a lot of very important work..
It’s also important to choose someone who can be trusted to be fair and impartial. If you know that your two children don’t get along with each other and fight over everything, it’s probably not wise to select one of them to be your Executor. Likewise, if your children are very young when you write your Will and you die unexpectedly, they may be too young and inexperienced to be up for the task.
Lastly, it’s important to talk to your potential Executor and let them know that you’ve picked them for the job, as someone unprepared or unwilling to complete the task likely won’t do a good job of it. It is also important to choose a backup Executor, who can be a professional solicitor if your estate is complicated.
Arranging Your Affairs
It is also important to ensure that your loved can help you if you are unable to make decisions for yourself.
A Lasting Power of Attorney will be required to make sure that decisions are made for you if you become incapacitated and unable to make decisions.
Using a Trustworthy Legal Professional
There are a lot of steps and considerations to keep in mind when preparing a Will. Missing any of these critical steps can result in all sorts of complications for your family in future.
That’s why so many people hire a solicitor to find and correct any mistakes, and why Elizabeth Middleton Solicitors pride ourselves in ensuring that our clients get the best possible advice in Probate, Wills, Lasting Power of Attorney, and Equity Release. We specialise in meeting the legal needs of our clients while also providing the kindness, understanding, and support that we know our clients need at a difficult time. Contact us today to find out how we can make your legal future more secure.