5 Things to Remember While Writing Your Will in 2019.
February 26, 2019 by Staff
Filed under Money/Business, Weekly Columns
(Akiit.com) Most of us don’t want to think about a time where we are no longer around but it is absolutely vital that you plan for your departure in order to ensure that all of your final wishes are carried out to the letter.
There are so many things to consider and cover when writing a will and anything you miss out or fail to explain properly could prove costly at a point where you will be unable to do anything about it.
Here is a look at some key considerations when writing your will.
Who will look after your children?
It is generally considered a good move to seek professional help and find someone who can assist with estate planning as this should help to make sure that all of your instructions and final wishes are properly conveyed in a legal document.
One of those crucial decisions is deciding who will look after your children if you die before they reach adult age.
It is normally a good time to think about writing a will once you have children and this is an opportunity to nominate someone as a guardian. Writing this into your will can allow you the chance to have a say in your child’s future educational needs and financial matters, even if you are not around because of tragic circumstances.
Make a list of everything you own
Another very important task is to make a list of all your assets and how you want to distribute what you own after your death.
What you own and what you owe will often change over time but at least you will have your assets and intentions down on paper, and you can change these details at any time by updating your will.
You need to appoint an executor
An executor is a person who is charged with overseeing the distribution of your assets and ensuring that your final wishes are carried out.
Due to the trusted nature of this position and the level of control this person or persons will have, it is important to think carefully about who to name in your will as an executor.
Who is going to get what you own?
You will also have to provide details of any beneficiaries in your will.
Beneficiaries are the people who will be given some or all of your assets depending on who you decide gets what.
You can name your children as a beneficiary but the executor might take control of these assets until they reach a certain age.
It’s a good idea to talk over your beneficiaries and what you want to do with your assets with a professional who can give you guidance, especially if children are involved.
Funeral instructions
You might not be that comfortable discussing your funeral arrangements with loved ones but it is recommended that you include these instructions in your will.
If you have strong views about whether you want to be buried or cremated or want to donate some of your organs, put all of this specific information down in writing so that your instructions can be followed when the time comes.
If you manage to cover these important topics and more besides in your will this will provide peace of mind that your final wishes should be all taken care of.
Staff Writer; Greg Poole