The facts are that without clear, legally binding instructions in your will, your loved ones could face prolonged legal battles, significant delays and unintended financial burdens.
Heirs may be unintentionally excluded from inheritances and guardianship decisions may fall into the hands of social services.
To help you to make necessary planning for the future, here are ten steps to take when preparing to write a Will and Trust that ensures that your wishes are clearly documented and legally binding at your time of death. In all this advice, our best advice is to contact us to see how we can painlessly guide you through this whole process.
List Your Assets: Make a list of your property, including investments and personal items (sentimental and valuable).
Determine Beneficiaries: Decide who will inherit your assets.
Choose an Executor (s): Select people you trust to administer your Will and take oversight of distributing your assets.
Plan for Minor Children: Appoint a guardian if applicable.
Consider Healthcare Decisions: include powers of attorney but let loved ones also know about your preferences.
Prepare for Tax: Understand if your family will need to pay inheritance tax after your death and how they will pay it.
Think About Digital Assets: Include online accounts in your plan. Make a note of username and passwords too! Set-up legacy settings where possible.
Discuss Your Plans with Loved Ones: Ensure transparency and make that nobody left behind faces any surprises.
Choose Powers of Attorney: Select someone to manage your finances and healthcare decisions if you become incapacitated and unable to do so.
Review Regularly: Update your Will / Trust wishes plan, as life circumstances change such as marriage / grandchildren / moving house etc.
This guide is designed to assist you in understanding the essential steps involved in organising your estate to guarantee that your will aligns with your desires for your family. If you need additional support in preparing your will and trusts, or in setting up a power of attorney if necessary, please contact us to schedule a meeting. We offer a complimentary consultation at your convenience, where we will visit your home and discuss your wishes over a lovely cup of tea.