Lime Solicitors’ associate Alistair Spencer has the following list of to-dos.
1. Determine what assets you have
Your estate will be assessed based on the value and disposition of assets, such as property or shares.
Before you meet with a lawyer to create a will, it is worthwhile to compile a list of all your assets and liabilities.
A legal professional can help you determine what tax relief is available and how to structure your will in the best tax-efficient way.
2. Choose who you want to benefit from your will
The will-making process can be aided by a lawyer.
A lot of wills get disputed after loved ones die.
These can result in costly disputes, and will-writer’s decisions could be scrutinised and possibly changed.
It is crucial that your loved ones and close friends know what your will is so there is no surprise later.
A letter of wishes is recommended if you are concerned about the content of your will. It will tell you why you have decided to make certain decisions and what people you might exclude.
3. Choose your executor
It is a good idea to name multiple executors, so that you minimize the possibility of either one dying or both.
If the executors that you named have not been able to perform, it is possible to choose from one or more replacement executors.
Executors, also known as executors, are those who carry out the provisions of your will or manage your estate upon your death.
You should trust them implicitly. They must also be older than 18 and mentally capable of performing the job.
If you are naming multiple executors, make sure they can work together.
Although it might seem sensible, you should at least appoint one professional executor. However, there are costs involved. A beneficiary can be an executor of your will.
4. Get two witnesses
Witnesses should remain independent. They should not be beneficiaries or spouses or civil partners of beneficiaries.
You will lose any gift that you give to the witness, their spouse, or civil partner.
If the will is prepared by legal representatives, these professionals will often provide independent witnesses.
Two witnesses are required to sign the will.
5. Make sure to keep your will current
My experience shows that many people forget to update their wills after major life events. This can lead to the document not stating what they desire.
It doesn’t have to be a completely new will. Many times the changes are very simple.
Any wills made before you get married will automatically be revoked. If you decide to separate, you will need to make changes to accommodate the new circumstances.
There are situations when a person dies after divorce, but fails to update his will. In these cases the former spouse still receives their estate.