9 questions to ask when making a will
A carefully drafted will can ensure that your family and your wealth are fully protected after you die. Whatever your circumstances, it is arguably the most important legal document you will ever make. Don’t ever assume that family and friends will ‘do the right thing’ or know what you want when it comes to money, property and dividing your estate. City Lawyers’ private client team can help you put your wishes in place and set your mind at rest.
Here are the key points to consider when preparing your will
Who do you trust to act as your Personal Representatives?
In other words, the person or people who make sure that the instructions you’ve left in your will are carried out as you want them to be.
Who will become the legal guardian of your children under the age of 16/18 (minors)?
If you’re a parent of a minor (a child under the age of 18), the thought of dying and leaving them alone is heart-breaking but it’s important to think about who will give them the future that you want them to have.
Who do you want to provide for as beneficiaries?
It’s important to think about who should inherit your money, property and belongings. Some people wish for their estate to be left to their spouse or partner, but what if they die at the same time as you or before you – these are scenarios to consider. And of course you may wish to leave something to friends or charities. City Lawyers can you help you consider these eventualities.
Do you wish to exclude potential beneficiaries?
If you die without having made a will (known as intestate) your estate will be distributed in a specific way set out by law. That could include a relative who you no longer speak to or even a relative who you adore but don’t think needs to benefit – perhaps because they’re older or financially sound.
How do you want to divide your assets between your beneficiaries?
Save any post bereavement stress by clearly deciding who receives what after you die – after all, how will your next of kin know you’ve promised an old friend a piece of jewellery if you haven’t expressed this?
How will your debts and taxes be paid?
First things first, before anyone benefits from your estate, any debts you owe will need to be paid. For some estates there is also the matter of inheritance tax to think about.
What are your funeral wishes?
You may be perfectly happy for your loved ones to decide on your funeral arrangements but if there’s a favourite song, choice of flower or type of casket you want, you can include these in your will too.
Who will look after your pets?
The number of elderly cats and dogs finding sanctuary at pet shelters is heart-breaking but sadly many people haven’t asked friends and family if they would take on the responsibility of looking after our treasured companions.
Can you protect your estate against a potential claim?
We all like to think our wishes will be carried out but there are many cases of family members who aren’t happy with how someone has chosen to distribute their estate. That’s why it’s so important to have a tight, and carefully drawn up will that shows you are in sound mind and are clear about what happens to your estate after you die.
If you would like to speak to City Lawyers’ specialist Wills team about drawing up your will, please contact us here