What To Think About Before You Write Your Will

Writing a will is no easy task and there are a lot of things to consider.

For example, is there something specific you want to leave to a loved one and do you plan to give anything to charity?

There’s also the matter of deciding who will have guardianship of your children and how your assets will be divided.

However, writing a will is the only way to ensure that everything is taken care of correctly.

If you are about writing a will, here are the things to think about:

Things to consider before writing a will

Who will have guardianship of your children?

If you have children, it’s important to decide who will have guardianship if you were to die and any whether or not you have any specific requests for their future; this could include where you want them to go to school or where you want them to live.

This information will be stated in the will.

Where will your assets go?

When you die all of your assets will be divided up in the way you want them to; this includes properties, finances, cars and other possessions.

Therefore, it’s important to think about where they will go and who will have them.

Listing all of your assets and clearly stating your plans is a good way to do this.

Do you want to give to charity?

Upon their death, a lot of people want to give to charity and this is something that should be thought about before you write your will.

Consider if there are any specific organisations you would like to make a donation or bequest to.

Do you have specific funeral requests?

A lot of people choose to include their funeral plans in their will and this is something worth doing, especially if you have a very specific plan.

Including funeral plans is a good way to make sure you receive the send off you want.

Who will be the executor?

The executor of your will is the person who will carry out your wishes, as outlined in the will.

So, it’s important to carefully consider who you want to appoint.

The executor should be someone responsible, trustworthy and organised.

Though there is a lot to think about before writing a will, it’s an important task.

Writing a will is the only way to guarantee your assets and finances are divided up in the way you want and that all of your requests are adhered to.

Without a will there’s a great deal of uncertainty.

Stephen Coleclough

Stephen Coleclough is a leading international tax adviser who specialises in dealing with ultra high net worth individuals.

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