It is very wise to prepare for the fact that you will eventually die. Putting your financial matters in order will help your family cope much better with your loss. However, are you finding it difficult to actually get your Will written? It is not all that straightforward. After all, you do not make a Will all that often. Then there is the expense of it all. So, where do you start? How do you go about getting this important job done? Read this article if you want to know because it contains 10 killer tips that should help you with making a Will. Read it all the way to the end to learn as much as possible.
1. Get started by organising a list of assets and liabilities. Then go on to list all of your family members. Imagine what they would need in order to survive financially if you were to pass away. The situation would be different if you are young with no children than if you are married with three children under ten years of age. It would be different again if all your children are grown up and financially independent. Go on to finish the list of beneficiaries with anyone else that you might like to leave something to.
2. Be very clear about who gets what item when making a Will. Name individual assets very clearly if you want them to go to a specific person. Give a detailed description of the item and include the full name and address of the beneficiary. Remember, the Executors only have the written document to work with after you have gone and they may well need all the help that they can get.
3. The document must be signed by the person making it (called the testator) in the presence of two witnesses. Those witnesses must not benefit from the estate in any way.
4. You should include the following information in the Will:
* Your name and address
* A description of your assets
* The names of your parents, spouse, children and anyone else who can inherit from the estate
* Substitute beneficiaries in case the original ones die before you do.
* The name and address of the person who you wish to act as Executors to the estate (these are the people who carry out the instructions given in the document).
* The name of a guardian to look after your children if they are aged eighteen years or less.
* Your signature.
* The signatures of the witnesses.
5. It is a good idea to have at least two Executors in case one cannot fulfil the task or dies before you do.
6. Similarly, it is a really good idea to give a substitute guardian in case the first one cannot fulfil the task for any reason.
7. Possibly, you may want to establish a trust. This could save tax, provide additional security to the beneficiaries or even give a certain amount of privacy, if needed.
8. Make sure that the final document is kept very safe and secure. Many lawyers offer to retain it for you for free but the very safest place is in a bank vault. Make sure people know where to find it.
9. State at what age you want children to have access to their inheritance. You can choose from 18, which is the usual age, up to age 21 or even 25.
10. You can also include your wishes regarding funeral and burial arrangements.
The above tips have given you all you need to actually start the job of making a Will. There is also more benefit to following the above points. You should find that anyone who prepares your Will should have less work to do now that you are organised with the above information. They should charge you less money as a result saving you some cash.
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