10 Considerations When Writing Your Will
Everyone over 18 years of age is entitled to make a Will, however, according to a survey by Barnardo's in 2010, more than half of UK adults have yet to write one.
1.
In most cases, your home will be your largest asset and important consideration.
If you're married, writing a Will may help to ensure your spouse can continue to live there after you've died.
Without one in place, it may be decided that your property should be sold in order to split your assets evenly.
2.
If you are not married, but do live with your partner, not having a Will could leave them with nothing - including nowhere to live.
By speaking with a wills and probate solicitor and having something drawn up, you can make the decision to leave your property with your partner, so their future is secure.
3.
Another important consideration is if you have been married, but are now divorced.
Your former spouse may still be entitled to some of your assets, even though the two of you are no longer together.
Once your divorce solicitor has helped you complete the process of a divorce, get them to recommend a wills and probate solicitor that can help you plan for your new life.
4.
As well as your property, if you have financial assets, you may want to think carefully about how you want them to be separated.
You may have friends, family or special causes you wish to support.
You can use your will to ensure your assets are distributed fairly - avoiding arguments and further heartache following your death.
5.
While money and property are two of the biggest assets you're likely to leave behind, it's also important to think about other possessions which need to be distributed.
If you have things that you think could benefit one family member more than another, you can ensure that is the case.
6.
If you have children, you don't just need to think about what you are leaving to them.
If you are a single parent or you and your partner were to die at the same time, it will be important to have given consideration (and declared in your Will) who you would choose as a guardian for your children.
7.
While making sure your family are left with a home and are financially secure will be a top priority, it could also be worthwhile considering whether to include a trust fund for your children, so they get a good start to their adult life.
8.
If you're a business owner, you will also need to think about what will happen to your shares.
Ownership of a business could become diluted in the event of your death, with family members having a say in its running.
A wills and probate solicitor will help explain what choices you have - such as a cross option agreement.
9.
If you die intestate (without a Will) and have no immediate family, much of your assets may be taken up in searching for distant relatives.
Instead, you may have close friends or a charity that you would prefer to leave your assets to.
10.
Your final consideration may be who you wish to choose as the executors of your Will.
These are the people who will ensure your wishes are carried out and that your assets go where you intended them to go.