Creating a strong will isn’t the easiest thing to do, but it’s made much easier if you understand the basics of creating a clear, comprehensive, and incontestable will. Here are a few key pointers to get you started.
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Working with professionals
Composing a will can be complex, especially if you have lots to include, so seeking professional help is absolutely necessary. An experienced solicitor will assist you with planning and ensuring your will meets legal standards and is preferable to your loved ones requiring the help of will dispute solicitors further down the line.
If your estate is worth more than £325,000, you can’t avoid inheritance tax altogether, but a good solicitor will also help you to structure your will to maximise the value of your estate for your beneficiaries. You’ll save time and resources, and there are negatives to writing a will alone. There’s too much potential for issues in the future.
Choosing a responsible Power of Attorney
In some cases, people need a power of attorney – say, if you become unwell in the future and your financial situation changes. Perhaps your house will need to be sold to cover residential care. Your will would need to change to reflect these circumstances. A solicitor can guide you through selecting a power of attorney and what that means in more detail.
Be open to discussions
It’s not a comfortable topic, but it can help to prevent disputes if you’re open to discussing your will with the people it concerns. It’ll stop confusion and hurt feelings in the future, as well as give you the chance to explain your decisions. Sometimes, future disputes surrounding the reason for one person having more than another do happen. Family fall-outs due to misunderstanding wills are common.
Think about potential future issues
Who knows what will happen in the future? There’s always a chance you will change your mind and want to edit something in your will.
Perhaps you’ll want to reassign an heirloom or give more to a particular beneficiary. If so, then you’ll want to ensure that your executor – or the beneficiaries themselves – is informed of changes. A simple conversation will avoid future arguments that could cause a lasting dispute.
The things you might forget:
When writing your will, remember to include:
- Sentimental items: Sentimental items that you might want to pass down to family members should be in your will. These items can mean the world to the right person, so don’t let them fall by the wayside.
- Digital assets: Many people own digital assets like photos, videos, documents, etc. Give specific people access and specify how they can use them.
- Prearrangements for pets: Designate caregivers for your pets and allocate funds for their care.
The things not to do:
Avoid these common mistakes:
- Creating your own will: Creating your own will can lead to issues, mistakes, and legal challenges. Getting legal advice is better.
- Forgetting to update your will: Life changes. Regularly review and redraft your will to reflect your situation and any future changes.
Creating a well-thought-out will prevent disputes. It’s not a simple process, but it’s a process solicitors can help you with.