Preparing your will - considerations
Wills are powerful documents. They should be used to the full, as they are often the only place to organise things for when you die. Here are some of the key points to consider:
Executors Who will take care of all the practical things when you die? You can use one person, but it is advisable to have at least one in reserve, if not two.
Trustees It is common for a will to create a trust situation - for example, when children need to wait for a gift or legacy. You will need two trustees at least, so have at least one more in reserve. Trustees are often the same people as the executors.
Funeral wishes You should consider whether you want to be buried or cremated, or have this left to the discretion of your executors. Try to be as clear as you can, as your family may not know what you want.
Guardians If you have children under 18, you should nominate a guardian. Do not assume that your husband/wife/partner etc. will survive you, as you may die together. By not putting a guardian, you may run the risk of having your children put into temporary care.
Business If you have a business or partnership, what will happen to the running of this? You can state who is to take control and ownership. Otherwise, your business could stop completely.
Who to exclude and why Be careful if you exclude people that may be expecting to benefit from your will. It is advisable to say why you have arranged things the way you have.
Property If you own your own home, you have different choices available to you depending on whether you simply want to gift it to someone, allow someone to have a lifetime interest, a right to occupy, and whether you need to consider the effects of nursing home care on your assets and what you may be able to do about it now. Oliver's Wills can help you make the right decision, draft an effective will, and be happy that you have made the right choices for you, co-owners, and your beneficiaries.
Executors Who will take care of all the practical things when you die? You can use one person, but it is advisable to have at least one in reserve, if not two.
Trustees It is common for a will to create a trust situation - for example, when children need to wait for a gift or legacy. You will need two trustees at least, so have at least one more in reserve. Trustees are often the same people as the executors.
Funeral wishes You should consider whether you want to be buried or cremated, or have this left to the discretion of your executors. Try to be as clear as you can, as your family may not know what you want.
Guardians If you have children under 18, you should nominate a guardian. Do not assume that your husband/wife/partner etc. will survive you, as you may die together. By not putting a guardian, you may run the risk of having your children put into temporary care.
Business If you have a business or partnership, what will happen to the running of this? You can state who is to take control and ownership. Otherwise, your business could stop completely.
Who to exclude and why Be careful if you exclude people that may be expecting to benefit from your will. It is advisable to say why you have arranged things the way you have.
Property If you own your own home, you have different choices available to you depending on whether you simply want to gift it to someone, allow someone to have a lifetime interest, a right to occupy, and whether you need to consider the effects of nursing home care on your assets and what you may be able to do about it now. Oliver's Wills can help you make the right decision, draft an effective will, and be happy that you have made the right choices for you, co-owners, and your beneficiaries.
