If you are like most people, you don’t like to think about the day when you will eventually pass away. However, one thing that you can be sure of is that you will not live forever, which is why it is important to state how you would like your worldly wealth to be distributed while you are still alive. Creating a fair and clear will is a way that you can help your grieving family after you have passed away. Making a will is not as complicated as you might think, but it is important to take your time and make sure that it is fair and reflects your wishes.
Here are some tips for making sure that you are drawing up a fair will:
Choose Your Lawyer Carefully
To make sure that your will is as fair and valid as possible, make sure that you are drawing it up with a lawyer that you know and trust. Lawyers will make more money untangling the confusion from badly written wills that are easily claimed against than they will by drawing up a solid and fair will in the first place. Ensure that whoever is responsible for making your will is reputable and trustworthy.
Update Your Will Frequently
If you make a will ensure that every few years you take a look at it to make sure that it still reflects your family situation. For example, let’s imagine that you have a son and a daughter, and your son passes away before you do. He might have two children, but if your will does not reflect this your daughter might inherit everything leaving your son’s children with nothing. You will want to update your will so that it reflects this if you want your grandchildren to receive some of the inheritance. You will also want to update your will if you divorce and remarry, or if you are living with a partner but are not married.
State the Intentions for Your Residual Legacy
After all of your assets are divided according to your will, the “residue” is what is left over in the estate. You must specify where this extra money will go to. If you fail to make a decision about your residual legacy this can cause a partial intestacy in your will. The residue could be taken by the government, so even if you would just like the extra to be donated to charity instead you should write this into your will so that your wishes are carried out.
Make Sure that Your Will is Fair to Your Unmarried Partner
If you and your partner are not married, you will have to take extra care to make sure that your will is fair. Unmarried partners are not automatically granted the same rights in a will as married partners, such as inheriting the estate or receiving custody of the kids. Your partner could be left high and dry if you don’t provide for them in your will.
These are just a few things to remember in order to ensure that your will is as fair as possible.
This is article was written by Elena Price, on behalf of the legal services company Access Legal