Death can be a discomforting subject to talk about. However, it is a necessary matter to discuss when planning for the future. Failing to plan today means you risk not being able to protect your hard-earned assets in the event of an untimely demise. Wills and trusts in the UK are crucial tools that can help you provide for your family when you’re gone. Here are some useful tips to remember when preparing a will:
- Seek out professional aid. While there are many DIY kits for writing a will, going down this path makes you prone to pitfalls and errors that could cause more problems in the long run.
- Working with a qualified advisor is your best approach so your will won’t be subject to all kinds of disputes when the time comes.
- Identify and update your beneficiaries. Make sure that your named beneficiaries are up-to-date and be clear about each person’s entitlement.
- Choose a trustworthy executor. Appointing an executor is a task that you should not take lightly. It is the role of your chosen executor to carry out your wishes as outlined in your will.
- Specify the terms of your will. It is crucial to explain your wishes in detail and be specific about who should get what portion of your assets or which property. Leave nothing vague and open to (incorrect) interpretation.
- Do so realistically. Just as it’s important to be specific about who gets what, it is also important to be realistic about your asset distribution and consider who can be responsible enough for the possessions you cherish, monetary or otherwise.
- Choose a responsible guardian. Picking a guardian is another crucial aspect of writing a will, particularly for those who have young children. Experts advise naming at least three people, in order of your personal preference, to take over guardianship of your children.
- Consider attaching a letter to your will. Some people also attach a personal note as a way to say goodbye to their loved ones and friends and to make their wishes clear and more personal.
- Think about consulting with a financial planner when making your asset distribution and bequests.
- Consider preparing lasting powers of attorney so you can appoint a trusted person who can make decisions (medical, financial, and personal) on your behalf should you be rendered incapable of doing so yourself.
Not preparing for the worst can leave all kinds of problems and complications that can make it difficult for your grieving family to get what they need or deserve from your estate. While most people feel daunted by the thought of having to arrange a will, it is actually a very straightforward process, if you are properly guided.
