What to look for in your Will
Writing a Will is an important part of planning for your future. Your Will represents your estate and your wishes about what will happen to your assets in the event of your death.
When you’re preparing your Will, there are several key elements that you need to consider to avoid potential issues when your Executor must distribute your estate. If you do not clearly outline your wishes, you run the possibility of your Will being contested which can lead to an expensive legal process.
A question we often get at Willed is, how do you make sure that it stands up if it’s challenged? That can be a tough one - but you can rely on your Will the most if you’ve gone through the correct process and checked off some of the essential and necessary parts.
Writing a digital Will online carries the same weight and legal recognition as any other Will, and it involves the same pieces.
The three most important things when writing a Will
Beneficiaries
Your beneficiaries are one of the three most essential elements of your Will. If you’ve written it up correctly, they’ll be identified, and it will be quickly apparent who you are choosing to make a part of your estate. Ideally, you will have highlighted this in advance and had a conversation with each of the beneficiaries in turn.
Suppose there is confusion or unclear instructions around who your beneficiaries are and what they should be receiving in terms of your assets, gifts or bequeathments. In that case, it could make your Will problematic and challenging to execute. Looking for that clarity can be a good way to ensure that your Will stands up and carries through your final wishes.
Executor
The Executor plays a vital role in the creation and application of a Will. It’s the Executor’s job to make sure that your Will is carried out and legally put into action when you die. When your Will has been properly written, it will be clear who your Executor is, and there won’t be any confusion. The Executor’s role involves a high level of trust, so your decisions here will be crucial. Taking the Executor seriously and bringing them to the table helps.
When your Will is written, make sure you go back over it and check that there is clarity and there are concise instructions regarding your Executor.
Has your Will been properly witnessed and signed?
Before you can say your Will is done, dusted and sorted, you need to take some final steps. Look for whether your Will has been properly witnessed by an eligible person, and make sure it has been signed. Without carrying out this last step, your Will won’t be considered a legally binding document, and your instructions may not be carried out.
Disclaimer: The content of this blog is intended to provide a general guide to the subject matter. This blog should not be relied upon as legal, financial, accounting or tax advice.
