Writing a will is a great way to maintain control of what happens to your property and money after you die. Because the act of writing a will can seem quite gloomy, many people never do much research into it. But it can be useful to know a few things before you sign this document. Below are just a few important considerations when writing a will.
If you don’t have a will, your estate will be divided according to the laws of intestacy
Many people die without a will. In this case, a person’s property and money is shared out according to laws of intestacy. In most cases, a spouse will inherit the majority of funds, while any extra money will be split evenly between kids. This may not always be the way in which you want your property and money to be passed on.
You can write a will without a lawyer – but it may not be legally binding
You do not have to write your will with the help of a lawyer. In fact, there are free online sites with templates that you can use. However, expert legal advice is typically recommended if your will is likely to be complex or if you want to be certain that it is legally binding – you don’t want there to be any loopholes.
You can include special instructions like funeral plans
It’s also possible to include special instructions in your will such as if you’d like to be buried or cremated or if you’d like your funeral service at a certain location. This can help loved ones to know your wishes.
You will need to appoint an executor
Along with naming beneficiaries (the people that will receive your estate), you need to appoint an executor who will be in charge of carrying out the instructions in your will. This could be a trusted family member or friend. Alternatively, you can appoint a solicitor to do it (the most common solution).
Your will must be signed by two witnesses
For a will to be legally binding, it must be signed by two witnesses. These witnesses must be over 18 and cannot be beneficiaries. Friends, neighbors and colleagues are some of the best choices when it comes to witnesses.
Certain life events may revoke an existing will
After writing a will, it’s worth noting that certain events may revoke it. This includes getting married, getting divorced, having kids or the death of an executor/beneficiary.
You can update a will at any time
The upside is that you can update your will at any time. It’s possible to add new terms and conditions called ‘codicils’ if events change. Alternatively, you can write a completely new will (this is recommended after major life events). Because you can change a will at any time, it’s never too early to think about writing a will. It’s good to have in place in case of an unexpected tragedy and you can review it regularly and make changes if necessary.
*This is a collaborative post
