Your last Will – is it enough?
You know you need to, you just haven’t got around to it because you’re time poor, it feels too hard and, anyway, you’re not planning on dying anytime soon. You’ll update your Will later. Sound familiar? We’re one of those annoying people that will tell you to get your affairs sorted now – while you can. Bonus? You get to experience that mental bliss of having crossed off an item that’s been sitting on your to-do list for what feels like forever. And you get a Will that is going to protect your loved ones after your gone.
Let’s start with the easy questions.
Executors of Wills
You need to think of someone you trust to look after your affairs when you’re gone and follow your wishes. Preferably they’re good with paperwork and also responsible. But they must be trustworthy.
Now think of a second person that also ticks these boxes.
These are people you would appoint as your executors (or primary and substitute executors) in your Will – they will be responsible for making sure your Will is followed through for the benefit of your beneficiaries. Ask them if they’re happy to be your executors if something happens to you and write down their full names and addresses.
Part one is done.
Beneficiaries of estate
Now you need to think about who you want to benefit from your Will. Do you have specific gifts you want to make? Is there a charity you want to help out? Do you want your loved ones to receive an equal amount of whatever you own when you pass away? Is there an age when you would want them to inherit?
These are your beneficiaries. Find out their full names and addresses and we can make sure your Will reflects what you want your loved ones to receive and how.
Part two is done. Easy?
Now for the tough questions.
Family estate planning
These are things that people don’t like to think about but there’s a method behind the madness that once you have answered your own tough question, you have the peace of mind knowing you’ve looked after your family in the event of the “big bad”.
Sit down by yourself and/or with your significant other and think about the following:
- Who will raise our kids if we die?
- Who will look after our kids’ inheritance until they’re old enough?
- At what age will the kids be responsible enough to be given control over their inheritance?
- Who would receive the assets meant for a loved one if they were to predecease us?
- Who would look after our pets?
- What are our funeral, burial or cremation wishes?
- Do we want to donate our organs or our body to science?
Well done. You’re nearly there.
Estate Planning 101
Lastly, have you completed an estate planning booklet with the information your family will need if something happens to you? Not sure what it is? It’s a booklet where you write down all the information your family may not know and needs to know – such as, what assets your own, what details they’ll need to apply for a Death Certificate, your online accounts and passwords and where your Will, Power of Attorney and Enduring Guardianship is located.
Download our Copeland Estates Legal estate planning booklet here for free.
Your Estate Planning Lawyer
We’ll look after you.