Arranging a will involves several steps to ensure that your assets are distributed according to your wishes after your death here are some pointers below:
- Make a list of all your assets including property, savings, investments and personal possessions.
- Make a list of any debts or liabilities you have, such as mortgages, loans and credit card balances.
- Decide your beneficiaries, who will inherit your assets? This can include family members, friends and charities.
- You can decide to give specific items or amounts of money you wish to leave to a specific individual or organisation.
- Appoint executors, they are responsible for carrying out the instructions in your will, you can appoint up to 4 executors.
- If you have children under the age of 18years old appoint guardians to take care of them in the event of your death.
- You can draft your own will using templates online, but it is often advisable to use a solicitor to ensure your will is legally valid and covers all necessary aspects.
- You must sign your will in the presence of two independent witnesses, the witnesses cannot be beneficiaries or a spouse of a beneficiary, they should also sign the will in your presence.
- Keep your will in a safe place and inform your executors where this is, it is a good idea to give copies to your executors.
- While its mandatory you can register your will with a registration service for extra security.
- Review and update your will regular especially after major life changes such as marriage, divorce or the birth of a child.
- If you die without a will, your estate will be distributed according to the rules of intestacy, which may not reflect your wishes.