A carefully crafted will is the ideal tool to help secure one’s legacy and ensure one’s wishes are respected. A will can help transfer one’s property, possessions, and investments to one’s family members or a cause they care about. Moreover, making a will early on may have certain financial benefits for oneself and one’s loved ones. Here are 8 tips to consider when writing a will that offers the best protection for one’s assets and loved ones.

1. Draw up a list of assets
A will should cover all of one’s assets. Therefore, one should list all their assets before writing the document. This will ensure better clarity of its worth, which could help decide how to distribute the assets. A few assets may include any property owned in the country, savings in banks, vehicles, and jewellery. Other assets that might go into a will are investments like stocks and shares or investment trusts, furniture, and insurance such as life assurance or an endowment policy. One could also make a will that includes their debts, such as a mortgage, loans, and credit card balance.

2. Frequently update the will
Whether one makes a will early in life or much later, it is important to keep the document updated constantly. One may go through various life circumstances as one matures, and the will must reflect each of these events. For instance, one must review and update things like marriages, divorces, births, and other aspects of one’s life in the legal document. Additionally, one should keep track of the value of the assets every couple of months or sooner. This will help keep the will updated with the current value of assets like a home.

3. Talk to the family in advance
Families can often argue over a will after an individual’s passing. Therefore, one should speak to one’s family about one’s will and wishes in advance. Doing so will help one explain what is being done and help the family members understand why the decision might be ideal. One could also attach a personal letter or memorandum to the will to avoid family disagreements and hurt feelings. In the event of their demise, the letter will help explain why the assets are divided.

4. Understand when a solicitor can help
While one could write a will on their own, they might also benefit from hiring a solicitor. Situations where the professional could help include the following:

– There is business involved.

– One’s permanent home is not in the country.

– The individual shares a property with another individual who is not their spouse or civil partner.

– One wants to make provisions for a dependent who cannot care for themselves.

– The person is a resident of the country, but there is overseas property involved.

– Multiple family members might claim the will, such as a second spouse or children from a first marriage.

5. Find a trusted solicitor
Since a will is a legal document, one could work with a trusted solicitor to manage the process. There are various ways to find a reliable solicitor to handle the document.

– One could type in search terms like “will writing solicitors near me” to find relevant results on the internet.

– Ask family, friends, or co-workers for legal advisors that might help.

– Read reviews of firms on various websites where current and past clients may share their experiences. This will help better determine if one should hire a solicitor.

– Scheduling a legal consultation to discuss the details of the case could help one better understand the attorney. It will help determine factors like rates and fees, service contracts, and if that is the right person for the job.

6. Account for costs
When considering creating this legal document, one should account for the will writing costs involved in the process. The charges for drawing up a will may differ between solicitors, depending on the complexity of the document and the services offered. A simple will may cost between £150 and £2,408, while a complex type may cost more. Therefore, one should always check with a couple of solicitors to compare their fees. One might also have access to legal advice through an addition to an insurance policy that covers the costs of a solicitor preparing or checking the will.

7. Understand the formal requirements
Every legal document follows legal criteria, including a will. As per Section 9 of the Wills Act 1837, the document must meet some formal requirements to be legally binding. For instance, the document must be in writing. Secondly, it has to be signed by the individual to whom the will belongs and the testator. This must be done in the presence of two independent witnesses who are not beneficiaries. Furthermore, one must possess testamentary capacity, which means one should properly understand the will’s contents and implications. One could check online for all the laws associated with writing a will or speak to their solicitor about it.

8. Secure the document
After the will is prepared and signed, it needs to be stored in a secure location. The individual should inform the chosen executors where the document is stored so that it is easily accessible when required. Some people keep the will with their solicitor, while others may choose a government-provided service or a secured box.