Drafting and executing a will takes time and careful thought. Before you even get to writing your will, however, you need to consider various factors in preparation. In this post we will provide you with 5 important things to think about before writing your will.
Things to think about before writing your will: Guardianship of children
If you are a parent with minor children (children under the age of 18), a major part of your will will be dedicated to your children. Guardianship of your children until they are adults will be a key issue. You want to choose the correct person(s) to be guardian of your children.
In making your decision you should consider the following:
- Whether the adult(s) will provide stable and continuous care.
- The quality of relationship between the adult(s) and the children.
- The adult(s)’ moral fitness to take care of your children.
Discuss your decision with the potential guardians before you put it in your will.
Things to think about before writing your will: Significant assets
Before you write your will, it is important for you to figure out exactly what your assets are. Make a list of them. It can be helpful to write down an approximate value of each asset and whether there is a mortgage or loan on any of them. Significant assets include your home, car, bank account(s) and life insurance policies. If you own significant assets, make sure you know where all the important documents relating to those assets can be found. Any lost documents can result in unneeded expenses and wasted time down the line.
Things to think about before writing your will: Cherished things
As you list your assets, consider the smaller things. Some things might not have monetary value, but they may have great sentimental value. Sentimental things may include family heirlooms, jewellery or photographs. Perhaps a specific cherished thing might have incredible emotional meaning to a particular loved one. Consider leaving that thing to that loved one.
Things to think about before writing your will: Funeral instructions
You need to consider your preferred funeral arrangements. Do you want to be buried or cremated? You should also consider whether you want to be an organ donor if you have not yet considered this. Making these decisions and including them in your will takes the burden to make these decisions off your loved ones’ shoulders.
Things to think about before writing your will: Complex circumstances
We each have certain complexities present in our lives. These could be to do with family, businesses, financial circumstances or the like. Sometimes, complex situations can make it more difficult to write your will.
There are various examples of complex circumstances:
- Excluding someone who would expect to inherit from the will.
- An ex spouse from your previous marriage.
- Providing for a beneficiary with special needs.
- Being a company director.
Situations like these require thorough consideration. It is best to get advice from a legal professional on matters like these. A legal professional can help ensure that your wishes regarding the difficult situation are accurately recorded.
If you require assistance regarding any of the things to think about before writing your will or if you require assistance in drafting a will, please do not hesitate to contact us. You can contact us at [email protected].