13 Essential Things To Know When Writing A Will

Having a will is crucial for ensuring your assets are distributed according to your wishes when you die. It gives you peace of mind and protects your loved ones. But it’s not an easy thing to get around to and very easy to put off, especially if it feels like a complicated task.  It needn’t be though. But where do you even start?

Here are the 13 essential things to know when writing a will:

1. Your Assets: Begin by creating a comprehensive list of everything you own. This includes property, bank accounts, investments, vehicles, jewellery, and other valuables.
2. Your Beneficiaries: Decide who will inherit your assets. Consider spouses, children, other family members, friends, or even charitable organisations. Be specific about who gets what, whether it’s a percentage of your estate, a lump sum, or particular items.
3. Executors: Choose one or more reliable individuals to act as executors of your will. They’ll be responsible for managing your estate, paying debts, distributing assets, and following your instructions.
4. Guardians for Minor Children: If you have minor children, appoint legal guardians. These trusted individuals will raise your children in the event of your death and manage any assets inherited by them until they reach adulthood.
5. Contingency Plans: What if a beneficiary passes away before you? Include backup plans and alternative beneficiaries to ensure your assets are distributed according to your wishes, even in unexpected circumstances.
6. Specific Bequests: Do you want to leave specific items to particular people? Include detailed descriptions to avoid confusion about items like family heirlooms or sentimental pieces.
7. Funeral Wishes: Consider outlining your preferences for your funeral or memorial service, including any religious or cultural traditions you’d like observed.
8. Digital Assets Think about passwords, online accounts, social media profiles, and digital files you own. Include instructions on how you want these handled.
9. Inheritance Tax Considerations: Depending on the size of your estate, there may be inheritance taxes. Consult with us to discuss strategies to potentially minimise these taxes.
10. Professional Guidance: While simple wills can sometimes be DIY projects, it’s often advisable to consult with estate planning experts like Bees and Co. We can help navigate complexities, ensure your will is legally sound, and offer tailored advice based on your circumstances.
11. Witnesses: Choosing witnesses for your will is important. Here’s what to keep in mind:
12. Legal Requirements: You will require two witnesses for your will to be valid.

• You require two witnesses for your will to be valid.
• Witnesses should not be beneficiaries in your will, or spouses of beneficiaries. This ensures neutrality and avoids potential conflicts of interest.
• Choose witnesses who are responsible and easy to contact. They might need to testify in court if the validity of your will is ever contested

13. Storing Your Will: Once your will is written and witnessed, safe storage is crucial. Consider these options:

• At Home in a Secure Location: Store your will in a fireproof safe or lockbox, and let your executor or a trusted family member know its location.
• With Your Solicitor: Many solicitors offer will storage services for a fee, ensuring secure and accessible safekeeping.
• Probate Registry: You may wish to consider lodging your will with the official probate registry, providing an extra layer of security. Read more about this in our blog: Where Should I Keep My Will And Do I Need To Register It?

The Importance of Updating Your Will

Life changes – marriages, divorces, births, financial shifts. Regularly review and update your will to ensure it always reflects your current situation and desires.

Protecting Your Loved Ones and Your Legacy

A well-crafted will removes uncertainties for your loved ones and gives you control over how your hard-earned legacy is distributed.  Making a will is an act of care and responsibility. Contact us at Bees and Co and start planning yours today!

John Bees – Bees and Co.