If you are making a will for the first time, there are several factors that you should consider before creating this very important document. Here are a few of the most crucial things to bear in mind when making your will:
Who Will Be Your Executor?
The executor will be the person who is responsible for enacting your last wishes and distributing your property as it is written in your will. You will be able to appoint whomever you choose as the official executor of your will. Most people will choose their spouse or partner as the first choice for executor of their will, with their children as the second choice if those children are older than 18. You could also choose a brother, sister or a close relative. You could choose to have a professional executor to do the job, but you will have to pay them a fee. Remember that whomever you choose to be the executor of your will needs to agree to take on the role.
Who Will Take Care of Your Children?
Another thing to consider before creating a will is that if you have children under the age of 18 you will need to state who you would like to be responsible for them after you die. You can appoint anyone as the guardian of your children, such as a friend or a relative. Of course, you should always discuss this with your children and the potential guardian beforehand. You can also leave guidance towards how you would like your children to be raised.
Are You and Your Partner Not Married?
If you have children with your partner, but you are not married you might want to make considerations for this in your will. In the UK, only the mother is granted automatic parental rights after the father dies. If it is the mother who passes away, she will need to grant guardianship to the father in her will otherwise he will have to apply to the courts for guardianship. Also, your unmarried partner might not have any rights to your money or the house unless you specify in your will.
Can You Minimize Your Inheritance Tax?
Did you know that the tax payable on the estate of a person who has died is charged at a rate of 40% on the portion which is over the threshold level? The current threshold level is £325,000 as of 2011. However, it is possible to minimize the tax that will need to pay on your estate by organizing your finances well, so it is a good idea to look into this before writing your will.
There are a lot of things to think about with this, and though it is not a legal necessity, professional assistance in making a will is commonly considered prudent. These are just a few important factors that you should keep in mind when you are preparing your last will and testament, or thinking about doing so.