Some people have put off the process of planning wills because they aren’t sure what to put in them. They may know they have assets that they’d like to leave to their loved ones, but working through the legalities of a will can be daunting. It can sometimes seem easier to leave it for another day, but that day could be too late.
Fortunately, creating a will is a lot easier than it might seem. Here are a few things to consider putting in yours when the time comes to begin estate planning.
Specific Bequests
If you have something specific that you know someone in your family or friends circle would appreciate more than anyone else, a will is the best place to make your intentions known.
You might have a stamp collection that a grandchild has viewed with great delight over the years, or a brother you might know could benefit from a cash injection to buy a new home. Rather than leaving it up to your family to decide where your assets go, leave instructions to make the entire process much easier for them.
Guardianship
One of the best times to start planning your will is when you have welcomed new children into your family. Should the worst ever happen to you, it’s crucial to make plans for your children’s future without you.
Unlike assets that beneficiaries may not know they are receiving, it’s a good idea to talk to people about who should take over the care of your children. Make sure those tasked with that important job are aware of it. Otherwise, there may be some surprises if you should pass away before your children reach the age of 18.
Guardianship of children is one of the most crucial reasons for writing a will, but it’s also worth including instructions for your pets if they are as important to you as your children are. Put thought into who will take over ownership and consider allocating funds for their ongoing care.
Executors
Think about the strongest, most organised person in your life. Could they be the ones to administer your will in accordance with your wishes? Every will requires an executor, a person who will carry out all your wishes to the best of their ability and deal with any estate claims that might be made.
This role can be stressful and requires a lot of effort. As a result, it’s worth putting time and plenty of thought into making sure you choose the right person for the job. After all, you won’t be there to guide them through it.
Instructions for Clarity
If you are purposefully leaving someone out of your will or giving one person more than another, it might not be immediately clear why. To avoid rifts in your family when you pass, provide explanations for anything that might be unclear.
You might explain that you’ve left one person more than another because you gifted them cash while you were still alive or that you left someone out at their request.
Even though there might be a lot involved in planning a will, it’s not as complicated as it might appear on the surface. Take some time to think about your assets and where you’d like them to go. You can then put it in writing and enjoy much-needed peace of mind.