List Headline Image
Updated by Wellesley Wealth Advisory on Mar 01, 2013
 REPORT
8 items   1 followers   0 votes   23 views

Need Help Writing A Will?

The very idea of death and writing a will fills anyone with dread, so we have compelled a list of some things to consider to help you when you need to start planning how to distribute your wealth. Read more...
I don't think anyone would choose to talk about death and what they want or need to do with their money and property. However it is always good to plan ahead. If you don't you can leave a lot of up evil and problems for those loved ones you leave behind.

Choose a Reputable Company

Choose someone to draw up your will. Don't try to attempt to do it yourself and then have problems trying to sort it out. Choose a reputable company who can assist you with this.

2

Pick An Executor

Pick An Executor

This can also be known as a personal representative. This person can help carry out your final wishes according to your will. Some people choose their eldest child to do this or a close personal friend. You can supply only one executor however you can list other individuals to help in submitting your will to probate. It is a demanding role so make sure you have the persons consent first.

3

Substitute Executor

Substitute Executor

Because a lot of people choose for their spouses to be their executor, you should always appoint a fall back just in case you die together, or they are unfit or unwilling to act on your wishes.

4

Guardians

Guardians

This is very important. If you have children under the age of 18 and you are the last living parent, the court will choose a guardian for you. Also if you and your partner have children together and you are not married and the man dies, the female partner will automatically be the guardian. However if the situation was reversed the man does not automatically become the guardian. This should be avoided by appointing each other as guardians.

5

Appoint Trustees

Appoint Trustees

Trustees are responsible for managing money and investing it. Also they need to look after your property until it is passed onto the beneficiaries. The trustees need to be trusted and have a good idea of financial matters.

6

Saving Tax with a Trust

Saving Tax with a Trust

Inheritance tax becomes a problem for a lot of families after loved one have passed, especially when the nil rate band has been passed for inheritance tax. If you are married you can have a discretionary trust included in your will, which will help save your children a lot of money.

Signing Your Will

There is little point having a Will without it being signed and witnessed by two independent witnesses. They must not be stated in the will. Without a signature, the will is invalid.

8

Secure And Store Your Will

Secure And Store Your Will

Lastly, Securely Store it - Keep the will in a safe place where it can not be ruined by fire or flood damage. Executors will have the information on where your Will is stored so try not to hide it where no-one can find it.