It is understandable that the thought of creating a Will can be overwhelming and stressful. However, it is important to remember that having a Will is one of the most responsible things you can do to secure your family’s future and provide peace of mind for yourself.
Let’s take a closer look at some of the most common questions and concerns that arise during the process of creating a will.
What should be included in my Will?
When it comes to the contents of your Will, the choices are entirely up to you. Some common inclusions may be real property, vehicles, shares, cash, appointment powers, funeral requests, specific items or personal belongings, and guardianships for your children. It is also important to consider any debts that you may have and how they will be managed in conjunction with your assets.
Who should I nominate as my executor?
The executor of your will is responsible for administering your estate and ensuring that your wishes are carried out. It is important to choose someone you trust, such as a spouse, adult child, or an institution such as ARM Trustees, However, it is crucial to discuss your nomination with the individual beforehand and ensure that they are comfortable with the responsibilities and requirements of the role.
How should I distribute my estate?
The way in which you choose to divide your assets is entirely up to you. However, it is generally considered best to prioritize your spouse and children before providing for others. Many people have a hierarchy of distribution in mind, which can be reflected in the way they divide their estate. Some may also choose to leave a percentage or specific amount to a charity or organization.
Who should be my children’s guardian?
In the event that both parents pass away, it is important to have appointed a guardian for your children. This individual or institution will be responsible for caring for your children and making decisions on their behalf. It is important to choose someone you trust and who has the capabilities to provide the best care for your children.
What are my final wishes?
While it may be difficult to think about, it is important to consider your final wishes and communicate them clearly to your loved ones. This may include funeral arrangements or other specific requests. By including these wishes in your will, you can ensure that your loved ones are aware of your desires and can carry them out with confidence.
Creating a Will may look like a complex process, but it is one that is well worth the effort. At ARM Trustees, we understand the importance of having a will and we have developed a platform that makes It easy for anyone to create their will in minutes. Visit our EASYWILL portal today to get started.