When you’re putting together your own will, there are a number of things that you will need to consider and include to ensure that it is legally sound and also works in the way that you want it to.
A will is an important document about your estate, so you need to be sure that you don’t leave any stone unturned and are thorough with the information that you provide.
Read on for a checklist of the things that you will need to include in your will.
Your personal information
Wills are individual to each person, so you’ll need to fill in details about yourself or provide these to whoever you have employed to write your will.
You will need to include your name, date of birth, current address, relationship status and names and dates of birth of any children you have.
Before you write your will, you need to sit down and consider what you have that can be considered as a valuable asset.
This could include property, bank accounts, stocks and shares, vehicles, foreign assets and anything else of value such as jewellery.
Assets can be in your sole name or may be joint with a spouse or other relative, and you will also need to think about what debts and liabilities you have such as a mortgage or outstanding loans.
All of this information will help to determine the net value of your Estate.
Once you’ve determined what your estate comprises of, you’ll need to decide who you want to receive it once you die.
There are a number of different ways that you can do this, so you’ll need to consider what works best for you.
You may choose to leave everything to one person, such as a spouse. However, you should also decide who should inherit your Estate if your main beneficiary dies before you.
Your will could therefore stipulate that if your spouse dies before you, your two children will each receive half of your estate.
Your executors are the people that will finalise your affairs once you pass away, so you need to be sure that you choose people that are responsible and trustworthy.
You can choose one person although you can have more, and you can also nominate Replacement Executors in case those you name are unable or unwilling to act.