12 Oct 2021
Wills & Probate
Your will makes it clear what your wishes are in the event of your death, and it will specify the division of your estate. When someone dies without leaving a will, things can become quite complicated as the law will need to determine who receives what. In some cases, this can result in people you love being left out and others, such as exes, receiving a large part of your estate. To avoid this, you need to create a will.
What should be included in the will? Here are a few things you need to consider:
If you have any minor children, you’ll want to specify who will look after them. You should discuss this with the guardians before adding it to the will and it’s a good idea to plan for funds so they can care for your children.
If you have any other dependents, including elderly family members or any disabled adults, you will want to specify what should happen with them too. Again, it’s a good idea to arrange financials for them.
You’ll need to determine who will receive your properties and belongings. It’s usually simplest to bequeath certain pieces to specific people, then have the remaining assets divided among them. You may specify that your assets are sold and the money distributed a certain way, or you can allow the recipients to choose how they wish to deal with their part of your estate.
This will include all your belongings, properties, and money in your bank accounts. Be sure to specify all bank accounts that you have, including foreign ones.
These days, you also need to consider digital assets when creating a will. There are many things you may have created online, such as writings, books, photos, and art. You may have money coming in from some of these things and online accounts to a variety of sites that will be of interest to your children. These should all be listed, along with the necessary information to get into them.
The executor for your will may determine a different outcome for the funeral, but in most cases, if you specify how you wish to be buried or cremated, it will be respected. Be sure someone knows that your funeral wishes are in the will since the will is usually not read until after the funeral.
Leaving a will is a good way to ease the suffering of those you leave behind. They will have fewer decisions to make and there can be no argument over who receives things when you’ve specified it in the will.
Are you ready to create your will and ensure your wishes are known? Contact Harding Evans Solicitors and we’ll help you set it up.
Harding Evans is a trading name of Harding Evans LLP, a limited liability partnership, registered in England & Wales (registered number: OC311802), authorised and regulated by the Solicitors Regulation Authority (SRA number: 419663).