It is not always a good thing to die without leaving a will, and it is a costly mistake and forces you to lose the opportunity to plan for your family. It adds to their grieving your demise because you just left them a considerable challenge: sharing your assets and properties. Also, it is detrimental having an outdated and poorly written will.
The best ways to write your will
There are two primary ways to write your will. Either you get legal experts like Confidence Wills, or you write one yourself. Fortunately, DIYers can draft out their wills by themselves. Many software programs help people draft their wills. Otherwise, they could get professionals like Will writing specialists in Bromsgrove to draft one suitable for them.
Regardless, whether you choose Will writing Bromsgrove or DIY methods, your will should have several primary elements.
The key elements of a goodwill
Choose the beneficiaries
When planning your estate, you should name the beneficiaries of key items. You will still have to update the beneficiaries from time to time. Be consistent about who gets what and what amount.
Choose who gets to execute your will.
The will executor is the person authorised to execute the wishes in the will. You could choose a member of the family or a legal attorney. Other parties like corporate trustees could charge you excessively for it. So choose wisely.
Choose who gets to be the guardian of your kids.
If you are dependent on children, you should name a reliable person to be a guardian to your kids. This should be contained in your will. It is a common strategy to name multiple guardians just in case your primary choice is unavailable.
Be specific with what assets go to beneficiaries.
During creating your will, it can be very challenging to state clearly the beneficiaries of certain assets. However, it would be best if you chose which of your assets goes to your children. This will help them make good decisions and manage them properly.
Think about adding a letter
You could decide to include a personal letter to add other essential things that you could not add in the will. It could be an explanatory letter, a farewell letter, or a letter explicitly stating certain things you wish to happen in your absence.
Remember to append a valid signature on the will.
Your will could end up being invalid if it is not signed correctly. Witnesses should also sign the will. The witnesses must not be beneficiaries of the will. All witnesses should also be more than 18 years old.
Look for a safe and secure place for the will.
Try to store the original copy of your will in a safe which is fireproof. Get someone trustworthy to be aware of where you have placed the will. There are also electronic methods of storing and executing a will.
Constantly updated and reviewed wills.
You should update and review your will once every five years. Then again, it is essential to review your will constantly. This should always happen whenever you have a new child, grandchild, a divorce, or the death of any potential beneficiary in the will.