“Writing a will is not just about securing your assets; it's about preserving your legacy and ensuring your loved ones are taken care of when you're no longer here.”
Creating a will is an essential step in securing your assets and ensuring that your money, property, possessions, and investments, collectively known as your estate, are distributed according to your wishes.
It provides you with the peace of mind that your loved ones and the causes you care about will be taken care of after you're gone. Let's explore the key steps involved in writing a will.
To begin, compile a comprehensive list of your assets and debts. This list should include your home and other properties, bank and building society accounts, savings, investments, insurance policies, pension funds, motor vehicles, jewellery, antiques, and other personal belongings. Equally important is accounting for your debts, such as mortgages, credit card balances, loans, and overdrafts.
Remember to regularly update the valuation of your assets, as their worth may change over time.
Clearly defining your intentions for the distribution of your entire estate is crucial. Consider who you want to benefit from your will, whether you have any specific gifts for particular individuals, and where any remaining property or money should go after funeral expenses, administrative costs, legacies, and taxes have been settled. Additionally, contemplate what should happen if any of your beneficiaries pass away before you.
If you wish to leave a legacy to a charitable organisation in your will, ensure that you provide accurate and complete details, including the charity's full name, address, and registered charity number. It's essential to avoid any errors in this information to ensure your chosen charity receives the intended gift.
Executors play a crucial role in administering and distributing your estate according to your will. Given the responsibility and workload involved, it's important to carefully select trustworthy individuals to carry out these duties. Take the time to consider the right people for this role.
Several options are available when it comes to writing your will, but unless you know what you're doing, it's important to get some outside help to guide you through the process.
At Redlake, we're more than happy to help, regardless of which stage of the will writing process you're in. If you're interested, checkout our services page after reading this blog, or CLICK HERE to kickstart the process and book in for an initial consultation.
To validate your will, it must be signed in the presence of two independent witnesses. All three individuals should be in the same room when the signing occurs. It's important to follow the proper signing protocol, as an incorrectly signed will is not considered valid. Ensure you understand the witnessing requirements, especially considering any temporary modifications due to the COVID-19 pandemic.
After signing your will, store it securely. Options include leaving it with a solicitor, bank, safely storing it at home, or utilising the services of the Probate Service. Inform your chosen executors about the location of your will, and avoid attaching any additional documents to it, as this could lead to doubts regarding its completeness.
To guarantee the validity of your will, it must be in writing, signed by you, and witnessed by two individuals. Additionally, you must have the mental capacity to understand the will's effect and make it voluntarily, without pressure from others. Remember to explicitly state in your will that it revokes any previous versions, and destroy any earlier wills you may have.
Updating your will regularly, ideally every five years or following significant life events, such as the birth of a grandchild or a change in residence, is essential.
If you're feeling overwhelmed or unsure about the process of writing a will, we're here to assist you every step of the way. At RedLake, we specialise in helping individuals create legally sound wills, navigate estate planning, lasting power of attorney, and probate matters. Our team of experts is ready to provide personalised guidance tailored to your specific needs.
To get started, simply click here to book a consultation with one of our knowledgeable professionals. We'll ensure that your wishes are properly documented and your loved ones are protected. Don't leave your future to chance—let us help you secure your legacy today.