When initially thinking about writing your Will, finances and large assets may spring to mind. Many people may not realise just how much they can actually put into their Will. Here are 5 things your Will needs, and what you should consider when writing your Will.
5 Things your Will Needs
Although it is not possible to know just how much money will be sat in your bank account when your Will is being put into action, you can note specific amounts that you want to go to certain people or associations. In addition, you can also express how you would like things to be distributed after this. To make the process easier for your loved ones, you should list your accounts in your Will so that they may find the accredited assets.
- Trusts and Funds
Plenty of guardians would not want younger children to receive a significantly large inheritance until they come of an age where they will understand how to responsibly manage it. Many choose to set up a trust fund so that they can dictate when and how their children will receive the inheritance.
- Physical Assets
Where you want properties and family heirlooms to go should also be dictated in your Will – but so should other assets such as personal belongings. These items may not be noted in fine detail in your Will, therefore, your desire for how these should be distributed should be outlined accordingly. For example, you may suggest that your children sell the items and then split the money. Or you might have certain sentimental items you want specific individuals to receive. Planning for this in advance will make it clear to your loved ones what your wishes are and help to avoid any family conflicts.
- Digital Assets
In the modern world, not all assets are physical anymore. You may own Bitcoin or another cryptocurrency that you wish to pass on. You could have a file of photographs, memoirs, or other media that you want someone to have. Without putting these digital assets in your Will, your loved ones may not realise you even have them. It´s important to make sure you leave instructions and any passcodes that they will need too for how they will be able to access these assets.
Our friends over at Keylu have a wonderful way for you to store all these things digitally. You can even add people to your account who can then access it when you are gone. Saving unnecessary heartache and stress for those you leave behind. Be sure to head over to their website.
Perhaps one of the most important parts of your Will, if you have a young child, is to ensure that they will be properly cared for in your absence. In the case that the child is left with no living parents a legal guardian would need to be appointed. This decision is one that is best when it comes from the heart. Take time to choose who you would like the guardian to be, then speak with them to make sure they are in agreement and understand the responsibilities that would fall upon them.
Under this, if you have any other loved ones who will need ongoing care, you may want to specify how this will be done and financially backed too.
There are many aspects to take into consideration when writing your Will, it is much more than just dividing up and designating where your money will go to. Your Will is the key to ensuring your desires are heard when you are not there to speak for yourself and by making sure all the relevant information is in place it will make things easier for your loved ones when the time comes.
Does your Will have the 5 things your Will needs? Whether you want to update your Will or if you are ready to start one from scratch, one of our Wealth Managers will be happy to help and advise you. Contact us to get started.