Will Writing – A step by step guide
Writing a will is an important part of ensuring that your assets and belongings are properly distributed after passing. It can be a daunting and overwhelming task if you don’t have all the necessary information—but it’s also one of the most crucial steps for ensuring that your loved ones are taken care of in the way you intended.
What is a Will?
First, make sure you understand a will and how it works. A will is a legal document that sets out who should receive your belongings after you die. It also allows you to designate and signate the executors of your estate, who are the people responsible for carrying out your wishes. You should ensure that you have a valid will that is regularly reviewed and updated with all the current information about your assets and belongings. A Will is an important document needed by anybody with young children and/or assets they want to pass onto loved ones and forms the first stage of any estate plan.
What should you include in your will?
Make sure that you include all relevant information in your will. This includes details of who should receive your property or assets, when they should receive it and how much of it, they should get. It should also set out details of any trusts and retirement schemes you have set up and include instructions for handling your finances, such as what should happen to any debt you have, as well as bank accounts and investments. Announcing who becomes the guardians of any minor children you may have, as well as handing down how any stepchildren, elderly and/or infirm members of the family you may have, and how they are dealt with, are also important sections of the will. Remember to undertake regular reviews to ensure all sections remain accurate and up-to-date, so there are no surprises later on.
Validating your Will
Once you have all the information in place, you can commence the process of having your will written. This typically starts with the will writer asking you to complete a questionnaire and then seeking clarification around certain points. From there, a draft version is prepared, and you are asked to carefully check the spelling of any names and the wording in each clause before giving it your approval. The final document is prepared next and will need to be given one last check before being signed and validated. In the United Kingdom and Hong Kong, you need to have two witnesses present when signing the document for it to be legally binding.
To avoid any claims of making will whist ’lacking testamentary capacity,’ some people ask their General Practitioner to be their witness. You also need to choose an Executor—this is the person who will manage the distribution of your estate in accordance with your wishes.
It’s important to review your will regularly and update it as needed. Life-changing events such as births, marriages, and divorces can affect how your estate is distributed after death. You may also want to update your will if you acquire new assets of significant value, if you receive a windfall or inheritance yourself or if you want to change the list of beneficiaries. The final thing to be mindful of at any review is changes in the law could affect how your estate is handled.
Related: How to update your estate plan after a divorce
Finally, make sure to keep your will in a safe place and let your executor know where it is. This way, when the will is needed, everything can be handled quickly and without any confusion. By taking the time to write and execute a will properly, you can ensure that your assets are distributed according to your wishes after you’re gone.
Related: Locating important documents: Where to find a Will
Writing a will is important in ensuring your assets and belongings are properly taken care of after you pass away. Take the time to make sure all necessary documents are properly filled out and signed and that your executor knows where to find the will. This way, your wishes can be followed after you’re gone, and your family can be certain that the estate will be inherited as intended.
Soteria Trusts Will Writing Service
Soteria Trusts offers a will writing service which is available to all Nationalities. Our will writing service is affordable, dependable, and written by a professional Will Writer. Our will writing service provides guidance and advice on how best to structure a will and ensure that all relevant factors are considered. This includes deciding on the best executor for your estate, whether you should consider mirror or joint wills, and any specific bequests you may want to leave behind.
Learn more about our Will Writing Service here or contact us today to get started!
Note: Content is created for educational/reference purposes only. It should not be used as expert advice or legal advice in any way. Please consult with a professional if needed.