It is always an incredibly difficult time when you have to think about what happens after you’re gone, especially when you’re trying to write a will. It can be hard to know where to start, and how to make your will airtight so your final wishes can be executed exactly as you want it.
So what should you include in your will? Read on for a helpful guide of the type of details to include.
One of the first things you want to include is to name your Executor. This is the person who will be responsible for your affairs after you die, making sure everything is in order in accordance with your will. You should pick somebody with your best interests at heart, such as a relative, close friend or solicitor. Make sure you pick somebody who you think can handle the responsibility that comes with the role.
If you have any specific requirements for your funeral, you should state them in your will. This could be whether you want to be cremated or buried, a location for your grave or details about the actual ceremony, such as music or readings you would like.
If you have details about your funeral in your will, you should make your executor aware beforehand, to ensure your wishes for the funeral are followed, as in some cases the will is not read until after the funeral.
Distributing Money & Assets
The primary purpose of most wills is to distribute money and assets to your loved ones after you die. This is collectively known as your Estate, which includes any possessions, property, stocks, shares, pensions and money you have.
Your will can specify beneficiaries, who will receive something from your Estate. You can name as many beneficiaries as you want, or keep it simple and only have 1 or 2. Beneficiaries can be family, friends, organisations or charities.
If you’re leaving money for children or want it saved for other purposes, you can set up a trust. This is a way to give them the money but only for a specific purpose or when the beneficiary reaches a certain age.
Your beneficiaries may have to pay Inheritance Tax on what you gift them unless they are exempt beneficiaries such as spouses and charities.
Richards & Lewis
If you need assistance in writing your will, granting powers of attorney or a probate lawyer, get in touch with the expert team at Richards & Lewis, Ebbw Vale’s leading wills and probate solicitors. We ensure that will writing and probate processes are approached with the care and responsibility they need, providing you with the peace of mind that after you’re gone, your affairs are dealt with correctly.
So get in touch today by giving us a call on 01495 350 018 to talk with one of our friendly and expert lawyers about exactly what you need. We don’t just help with wills and probate, so check out our website now for the other sectors we work in.