There are some important things to include in a will that should be considered before a solicitor prepares the document. It is important to fill out and sign the document if you don’t want the state to decide what happens to your assets. An estate plan helps people ensure that their wishes are properly transferred to beneficiaries in the event of their death. Therefore, it is important to note some important things to include in a will.
Spouses need to know who is responsible for paying debts including credit cards, loans and mortgages. Also, it is crucial to identify beneficiaries, which can be anyone, other than the person named in the Will. These people can be anyone including family, friends, charities and others. It is also advisable to list both the principal and the interest of any surviving spouse or children. Assets can be left to charities or other organisations that might have significant meaning to the deceased.
When the time comes to add any additional funds to the estate, make sure they are legally permitted to do so. Also, ensure that they are properly informed and added to the Will. If these requirements are met, the person who is tasked with administering the estate will be able to transfer all or most of the money to the beneficiaries. For help with all legal matters surrounding wills and power of attorney, consider ascot solicitors like Parachute Law
Other important things to include in a will is information regarding your wishes should you have any for the funeral arrangements and disposal of your body. For some, this is very important and they will have specific requests due to religious or personal reasons.
In addition to the above, it is also necessary to include information on estate taxes. This should include capital gains and income taxes as well as taxes on inheritance. It is also wise to note any mortgage debt or loans that have been incurred during the lifetime. Be sure to include any assets owned such as real estate, cars, art and furniture and any collectables, for example.
Other important things to include in a will, particularly for those who have responsibility for children under the age of 18 is to name a guardian for those children should that person die while they are still children. In this scenario, any assets to be left to the children will be held in trust until they turn 18. Instructions can be placed in the will as to how this trust is managed. A person may also wish to provide instructions for the care of any other adults they might be responsible for, such as elderly parents or disabled adult children, for example.
In today’s digital world, there are now additional considerations for what happens to a person’s digital assets. This could include social media accounts and photos, films and media content that is stored online. You can specify in your will who you wish to take care of these accounts and as such, passwords should be supplied to the executor but not placed in the will.