The Information You Need Before Writing a Will
Putting together your Will does not have to be stressful, confusing, or costly.
Although it is something most of us don’t like to think about, it is extremely important in protecting your assets and making sure they go to the appropriate people when you’re gone. Your wishes are respected and carried out accordingly.
If you are thinking about putting together your Will, here is a list of everything you need to know before creating your Will.
Appoint an Executor
In your Will, you will need to nominate an Executor.
This is the person responsible for carrying out the instructions you have listed in your Will and will be the one in charge of settling your affairs and making sure everything is distributed according to your wishes.
Choosing your Executor is an extremely important part of your Will. You want someone who will be responsible and take the role seriously. This can be someone you know, a beneficiary, or a trusted advisor.
The most common worry for parents of those who have children under 18 is who will be appointed as their guardians and who will be responsible for their wellbeing. Choosing a legal guardian for your child/children needs to be someone who can provide for their needs and wellbeing, provide stability, and someone who you can trust.
Gifts in Wills
In your Will, you have the option to leave specific gifts from your estate. For example, a sum of money or an individual item such as a house or jewelry piece.
You should be careful when making large gifts because the total value of your estate might change before you die, and you might end up accidentally favouring one beneficiary over another.
Your beneficiaries are those who will inherit your estate in your Will.
This will be a spouse, children, family member, or charity of your choice in most cases. Therefore, you must specify exactly who you wish to leave your estate to and not assume it will automatically go to your family.
You will also need to consider how you would like your estate to be distributed to your beneficiaries, whether equally divided or individual portions of your estate.
You will also have the option to specify if you have any specific instructions regarding your burial wishes, i.e., to be buried, cremated, or leave the decision to your executor.
To complete your Will using Ailira, you will need to have the following:
- For all persons you wish to list in your Will, you need to have the following details;
- Full Legal Name
- Date of Birth
- Residential Address
- An email address to have your Will sent to
- A valid credit/debit card for payment