Name the right legal guardians for your children if you and your spouse can't be there.
This person will ensure that your beneficiaries receive their inheritance as requested.
Ensure that those closest to you are adequately provided for after you have gone.
Although everyone should prepare a will, this becomes crucial when you have children, have savings, own your property, have investments, own a business or have insurance policies.
Making a will is important because it is the only way to let your family know how you want your possessions, money and property, known as “estate”, to be distributed when you die. If you don’t leave a will, then all your possessions will be distributed according to the Rules of Intestacy. In other words, you will not have a say on who receives what or how much. These set rules may not benefit your family members the same way as you want, or may not be the most tax-efficient way of distributing your estate.
Before making a will there are certain things that you need to think about, even if you use the professional services of a solicitor. These are:
Before preparing your will you need to think about what are the possessions you will likely have when you die, including your properties, money, investments and animals. Before your estate is distributed among your beneficiaries all your debts and the funeral expenses must be paid. When you have a joint bank account, the money you leave in it passes automatically to the other account holder and you can’t leave it to someone else.
Who do you want to benefit from your will? Individuals, such as family members or friends, or a specific organisation, such as a charity? You need to take into account that many things can change by the time you die, so you need to make sure that the will you prepare does not present problems in case there are major changes in your circumstances. When leaving specific possessions to specific people it is crucial to be very clear and provide as many details as possible, so there is no doubt about the legacy and identity of the beneficiary. You can do this by providing the full name of the person and the relationship to you and a clear description of the items you want them to keep.
Who are the executors? These are the people you choose to be in charge of dealing with your estate after your death. The will should name the executors and they can be friends, relatives or a professional such as an accountant or solicitor.