WHAT DOES MAKING A WILL INVOLVE?
A legally drawn up Will is a written statement of your wishes. It enables you to make important decisions that affect your family and friends after your death.
A Will specifies:-
- Who inherits your estate (i.e. everything you own)? Who are your beneficiaries?
- Who will act as guardians of your minor children if you are the sole surviving parent on your death and there is no one else with parental responsibility?
- Who will carry out your wishes? Who will your executors be (and your executors may also act as your trustees if your will creates a trust)?
- Why would you create a trust?
- Which charities, if any, are to benefit from your estate?
All of these issues can be incorporated in a Will. A properly drafted Will can spare your family and friends a lot of unnecessary work and upset at what is already a difficult time.
It also reduces the possibility of making your Will invalid or open to challenge. You can alter your Will or cancel it at any time during your lifetime provided you have the mental capacity to understand what you own, how you wish to dispose of your estate and provided you understand the contents and implications of your Will.