Wills
Author:
Andersons Solicitors
Publish Date: December 21, 2008
What do you need to think about when drawing a Will?
There are many things we should think about when drawing a Will. It is an important document which embodies everything that you wish done with your estate.
If your estate is relatively straightforward, you need to turn your mind to three major questions:-
- Who you wish to name as executor and trustee of your estate?
- What assets you own?
- How you wish to dispose of your assets?
In naming your executor and trustee, you should name a person who is able and willing to attend to calling in all your assets, paying all your debts and liabilities, distributing your estate to beneficiaries, and generally tidying up your matters. You may name one executor and trustee, however it is usually preferable to name two people jointly or one person and then another person in reserve.
Having made the above decision it is now time to establish what assets exist in your estate as well as what debts and liabilities you have. It is usual that debts and liabilities will be met by the estate prior to any distribution to any beneficiaries. Therefore, by moving through this process you can ascertain what assets you actually have to leave to beneficiaries.
Once you have an idea as to what assets are likely to exist in your estate, you must then decide who you want those assets to go to. You may wish to leave everything to one person, percentages to various people or individual items to various people.
Your Will may be straightforward or may require more extensive estate planning.
There are also various other matters which you may wish to include in your Will, such as naming testamentary guardians of infant children, stating how you wish your body disposed of or providing whether you wish to donate organs.
There is a vast array of ways in leaving assets to beneficiaries. Each should most appropriately fit your need.
