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If you haven’t had a Will drafted before, you may be unaware of the different factors you may have to take into account. I was very ignorant about the issues that may arise if a Will is not drafted with specific wishes in mind. When I began working for Emmersons Solicitors I undertook extensive training in this area and began to think about some of the important decisions we must make before a Will can be successfully drafted.
I have compiled a list of 5 issues which you may want to consider before drafting your will.
1. Who will be the Executors of your estate
Who will be the Executor of your Estate?
This is a personal question for everyone, who would you trust to execute the wishes noted in your Will. Will there be more than one Executor or will there be replacements if they are unable to act? Is your choice of Executor viable if they live hundreds of miles away?
There are a number of things to think about when it comes to your assets. What exactly are your assets?
From the time between the making of your Will your assets are subject to change. For example, if you have a mortgage on your property, your assets will change as you pay off the mortgage and the equity you hold in the property increases.
3. How will my assets be distributed?
Who will be your beneficiaries? What gifts do you wish make and to whom?
If you wish to make a gift to a relative or friend, is it better to draft this as a percentage of your estate or a specific amount? It is often more advisable to draft the gift as a percentage of your estate as specific gifts are paid prior to your residuary estate.
Are your children 18 and therefore dependants?
If so, do you wish to appoint specific people as Guardians for your children? Often families are more complex with step-children, adopted and biological children. You must provide for any of your own minor children.
5. Burial or cremation?
This is often something that is overlooked when drafting your Will. Do you require a religious ceremony or humanitarian, burial or cremation?
Your Will is the ideal place to express your wishes regarding this and to let your Executors know what kind of ceremony you would like.
These are just some of the things you should think about before drafting your Will, please note that this list is not exhaustive. If you wish to discuss any of the issues noted in this list, please do not hesitate to contact us.
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