Making a Will is an important process and step in your life. It decides the allocation of your most valuable assets and investments. That’s why it’s important to know what to consider when writing a Will, from the dividing of assets to the people you allocate. There is a process involved, which we will aim to discuss and guide you through in this article.
When writing a Will, you need to consider numerous factors. These include; who your Executors will be, who will look after any of your children, who will inherit any business or farming assets, who receives any cash gifts, whether any gifts are given with or without tax and most importantly, who the residue of your estate will be inherited by and what would happen if they were to predecease you.
Once these things have been considered, the Will writing process will run a lot smoother and more efficiently. You can also update your Will regularly in the event that you experience a new life event or your circumstances change.
You need to figure out the value of your estate to make the allocation process a lot easier. Do you have any debts? What is your equity in the property? Your executors will pay off these debts from the sale proceedings of the assets in your estate and unless specified your beneficiaries will not be liable for any debts.
You need to decide who will ultimately receive the remainder of your estate after any debts and liabilities are paid off. This can be split into equal or unequal shares and can be divided between as many or as little people as you like. Or you could transfer your assets into a trust if you wanted some extra protection for your assets. It is advisable to speak to a solicitor about this.
Once you have decided on all of the above, it is imperative that the Will is signed, as an unsigned Will is invalid and you will effectively die ‘intestate’ which means without a Will. The Will needs to be signed by yourself as the ‘testator’ and by two independent witnesses who do not benefit from the Will.
We can offer you advice on estate planning, Wills, LPAs, and residential conveyancing, as well as countless other needs. We have a team of specialist solicitors who will make Will writing easier for you, and who will assist you with the entire process of writing your Will. Our team is also experienced in a variety of other services, ensuring you receive the best advice and guidance.
We are a trusted company within the Liverpool area, and will expertly assist you with a number of affairs that need sorting. Contact us now or visit us in person at our Crosby based office. You can also contact us via 03300 167 847. We can provide you with specialist advice and expertise for a range of services including Estate planning and putting in place a Lasting Power of Attorney (LPA).