Having your Will prepared is a crucial step in ensuring that your assets are distributed according to your wishes after you pass away. However, simply preparing a Will is not enough. There are several factors to consider to avoid potential disputes among your loved ones.
Consult a Legal Professional
First and foremost, it is important to have your Will prepared by a legal professional who has considered your wants and needs. They should also advise you accordingly and ensure that a mental capacity assessment is undertaken to prevent future claims of incapacity.
If you intend to exclude someone from your Will, your lawyer should discuss a letter of wishes and an exclusion clause within your Will. This should clearly state the reasons behind your decisions and can help avoid disputes.
Discuss Your Will with Loved Ones
It is essential to have an open and honest conversation with your family and friends about your Will and your wishes. This way, there is less shock when your Will is read, and it can reduce the possibility of court proceedings.
Store Your Will Securely
Storing your Will properly is just as important as preparing it. Consider where it is best to store your Will. For instance, you may think it is a good idea to store your Will in a fireproof safe. However, what if the safe is stolen during a burglary?
One option is to work with a company such as National Will Safe (NWS), which stores original documents in a waterproof wallet in a specialist document archive facility. NWS provides you and your Executors with plastic identity cards displaying your name, a unique storage reference number, and contact details. You can access your documents at any time at no charge.
The documents can either be returned to your professional advisor or directly to you using a secure delivery service. This way, your Will is stored securely, and you and your loved ones know where it is stored.
Review Your Will Regularly
Once your Will is prepared, executed and stored correctly, it is vital to review it periodically to ensure that it is still valid. Certain life events such as marriage or divorce can affect a Will, and you should take legal advice as necessary to ensure your Will remains valid.
By taking these steps, you can help prevent disputes among your loved ones and ensure that your assets are distributed according to your wishes after you pass away.
Please contact me to discuss any of the above or if you would like me to review your Will for free.
0207 183 4595
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.