Most people in the UK haven’t drawn up a will. And I suppose that’s understandable; nobody likes to think about the possibility of their death. Burying your head in the sand doesn’t help anyone though, least of all your family. You might not want to think about death, but you won’t like the thought if your assets being split in the wrong way once you’re gone.
It doesn’t need to be a difficult or a traumatic process though. Follow these easy tips, and you’ll have the burden of your will lifted from your mind in no time.
Who’s Drawing Up Your Will?
There are different methods available to you when you’re thinking about drawing up your will. First of all, you have companies and solicitors who draw up wills professionally. Your solicitor should be regulated by the an authority.
The other option is to do it yourself. You can get will writing DIY kits to help you out. It is definitely possible to take this route, but, be careful, if there are any mistakes, it cause big problems down the line. Some employers and trade unions will also offer will writing services, so check that route too.
What to Include
So, what should you include in a will? Well, basically, everything you own. Your property, assets and money should all be included, anything that you want to pass on or has value. Then everyone and every charity or organisation you want to give to should be named. It’s then important to name the executioners of your will.
Appoint a Guardian
Your guardian will take care of your children (under 18) until they’re old enough to look after themselves. This a job that’s very important so make sure you discuss it at length with the guardian before you name them in your will.
You will also need trustees who look after the inheritance of any under 18s until they can claim the money for themselves. Make sure your trustees are reliable and have a good understanding of finance so they can look after the inheritance appropriately.
Signing and Witnesses
Once your will is all completed and drawn up, make sure you sign it. It’s not quite as easy as just signing it though. You have to sign it in front of two independent witnesses for it to be legally binding.
An independent witness can’t be mentioned in your will at any point, and they can’t be married to anyone who is mentioned in your will.
Think About Storage
Your will needs to be safe but not too safe. Think about it, what good is your will if no one can find it once you’re gone? This isn’t an easy balance to strike, but it’s an important one. You should make sure at least one person know where it is secured so they can retrieve it.
It’s probably best to use a storage company to keep it secure. It could get damaged or lost in your house if any disasters like floods or fires occur. The cost of using a private storage company will be worth it, don’t skimp!