Making a will is incredibly important. It ensures your estate is distributed as you prefer, has significant tax implications, and can help prevent arguments among your descendants, so it needs to be done with care.
Record your assets
If you want to leave money or possessions to particular people and ensure they are distributed fairly, you first need to know exactly what you own. A full inventory can record your belongings and their worth, including the value of any property, savings, and investments.
Executors and beneficiaries
Executors are the people responsible for reading the will and ensuring your estate is distributed as intended. You can choose up to four. Beneficiaries are the people who inherit your assets. Executors can also be beneficiaries. Both need to be clearly designated. Generally, you will pick from your closest friends and family – people that you can trust with your legacy. Discuss this with your potential executors before you name them, as you want to ensure they understand their responsibilities.
Writing the will
Now, you can write your will. You do not need a solicitor to do this; however, a London law firm such as www.forsters.co.uk/ can help ensure it is legally sound and will work exactly as you intend without any loopholes. You need at least two people, both over 18 and neither named beneficiaries, to witness you signing your will and then sign it themselves. All three of you must be in the same room when this happens.
Review
You should review your will on a regular basis in case new circumstances apply; for example, you may gain or lose assets, or your relationship with the named beneficiaries may change. Minor children may reach adulthood, changing their legal status and meaning you no longer need to name a guardian in case of your death. Perhaps there are new spouses, children, or friends to include. Five years is usually a good period for review.
By following these steps, you can ensure you have a legally valid will that ensures your wishes are honoured after your death.