A will is the only thing where you can ensure that your property, money, investments, and possessions reach the causes and people who you care about.
How can a will be written?
Step 1: Estate needs to be valued
Know the worth of your estate by noting down your debts and assets lists.
Some of the assets include:
- Bank savings and society accounts
- Your house, or any other property that you have
- Insurance or policy
- Premium bonds
- Investment in any stock or funds
- Pension funds
- Antiques, jewelry, or any other belongings
Some of the debts include:
- Balance overdue on credit card
- Bank overdraft
- Equity release
It is better to check the value of your assets regularly as they keep on changing.
Step 2: Decide how the estate will be divided
Make sure to be clear about what you will do with the estate. Consider:
- Who will get the benefits of your will
- Whether you want to gift particularly to someone
- What would you do if any of your beneficiaries will die before you
Step 3: You can decide to donate to the charity
If you want to leave a gift to the charity in your will, make sure to include the address, full name, and registered number of the charity. If the information is incorrect, there are chances that the charity will not get anything.
Step 4: Choose the executors
Executors are the ones who deal in distributing your estate after your death. An executor has a lot of responsibilities and work, so choose carefully.
Step 5: Write your will
This can be done in different ways:
- Professional writers: These are the ones who are not professionally qualified and regulated. If you decide to use their service, know if they are a member.
- Make a will: If you are considering to write my will online, make sure that it is valid. It is a legal document so it needs to be written and signed appropriately. You can ask for suggestions as well.
- Lawyers: They can advise you better. You can talk to one who specializes in wills. Check their license and seek recommendations.
Step 6: Sign your will
If you want your will to be valid, it should be signed in the presence of witnesses.
How to make sure the will is valid?
For a will to be valid:
- It should be written and signed by you, and two people should be the witnesses
- Your mental state should be fine while making a will and know the effect
- The will should be made voluntarily and without any pressure
How to update the will?
The will needs to be reviewed every five years and if there are any major changes. Don’t update the original document.
If there are any minor amendments, the supplement can be added, known as a codicil. This should be witnessed and signed the same way as a will, although witnesses can be different.
However, if there’s any substantial change, you should make a new will and cancel the remaining one.
If you want to write a will or need more information, consult an expert.