The prospect of creating your first will can be daunting for many people.
It is, incorrectly seen as a document that is only signed and created for people who are close to passing away. However, it is generally advised that if you have children, if you have recently bought a property or come into a large amount of money, you create a Will. That way, all of your assets can be divided as you wish them to be when you pass away.
Of course, the idea of creating a Will from scratch is daunting, and this article will walk you through some of the steps you need to take to ensure that writing your will for the first time goes off without a hitch. So, enjoy!
List All Your Beneficiaries
Firstly, it is advised that you list all of the beneficiaries that you have. In simple terms, these are the people or, indeed the charities who will receive a portion of your assets after you have passed away. If you wish to leave a legacy gift or are planning on leaving a legacy gift to MacMillan or another charity, you should write this down, so that the lawyer who is going to draft the first copy of your will should be made aware of this.
It is also important if you live in the United Kingdom or the United States that if you want to leave part of your assets to any step-children, grandchildren nieces, or nephews, that you stipulate this clearly in your will. It may seem obvious that you have a great relationship with your stepson; however, legally, if you pass away without naming him in your will, he will not inherit anything when you pass. So, be sure to get his name down as well as the names of any other distant relatives when you hand the will template over to your legal team.
Seek Out a Lawyer
You can use an at-home or DIY Will kit, but hiring a lawyer or attorney to write your will is the preferable route for many people, and for a good reason. You need to have a professional trained in this area who can help you offer reassurance that you are unlikely to find anywhere else in the crafting, writing, and even the wording of your will. They will ensure that all of the wording in the will is correct, all the terms are correct, and that your will adheres to any laws in the area where you live.
Finding a lawyer to draft your will may be difficult depending on where you live, especially if you live in a remote area. So, you may need to go online and seek the advice of friends and family to narrow down the list of professionals who can assist you with this task. Also, while it may seem obvious, don’t just choose the cheapest option to write your will. They may produce a document that seems legal, but may be full of errors. Shop around and get an average of how much it will likely cost to have your will drafted, and then, choose your favorite professional.
Inventory Your Assets
Next, you need to look at the assets that you have. As mentioned before, writing a will is more common after you have purchased your first home, or if you have come into a large sum of money. You will need to list all of the expensive things that you have that you would like to be passed on such as a home that you own, any cars, jewelry, stocks or bonds, or other valuables. You also need to make sure that you have the person or beneficiary in mind who will receive them.
Name an Executor
Then, you need to name an executor of your estate.
The executor is the person who will be legally responsible for carrying out the instructions that have been left in your will and handling your estate. This can be a family member or, you can instruct that the lawyer or attorney who wrote your will takes on this role. Many people find this preferable, as they are aware that their family will likely be grieving, and may find this additional responsibility hard.
Then, once you have a physical copy of your will, keep it somewhere safe and inform a family member of where it is. There will also be digital copies, but it is best to keep your physical copy safe due to the high rate of tampering that can occur with digital wills.