Feb 21, 2023 | News
Planning for the future is important. While your final days aren’t something you may want to think about, having a will is the only way to ensure your estates go to the people you want it to. Getting everything organised early makes conversations between loved ones easier in the future.
It provides clarity about what should happen with your possessions, property, and money in the bank, making inheritance arrangements clear. Having a will also helps things get organised making life easier for your loved ones once you’ve passed away.
Keep reading to learn how to organise a will and plan what happens to your estate.
How to Plan for the Future
Here’s a step-by-step guide on how to plan for the future.
1. Create a Will
Contact a lawyer, charity, bank, online agency, or ask your care agency how to organise a will. When writing a will, think about what you’d like to happen to your:
- Home and any other properties you own
- Savings and money in the bank
- Pension funds
- Vehicles
- Investments
- Jewellery, antiques, furniture, household content, and any other personal belongings
- Outstanding debts
2. Choose Executors
Executors are the people who are legally responsible for dealing with your estate once you’ve passed away. This can be a big responsibility, so it’s important to choose someone you trust who you know can handle the work.
Try to check with the person before making them your executor, so they know what to expect when you pass away and confirm they’re happy to perform the role. It’s your decision who you nominate as your executor, but most people nominate their children, a sibling, and/or a trusted friend.
If you don’t have anyone to nominate as your executor, the government can perform the role for you for a fee. Ask your solicitor or carer for advice on who to contact if you don’t have a trusted executor.
A maximum of four executors can be appointed. It’s a good idea to choose more than one executor in addition to a professional (like a solicitor), just in case something happens to the person you’ve nominated that means they won’t be able to perform the role. There is no payment for being an executor of a will.
3. Sign the Will
Signing a will should be an easy task, but it needs to be done properly for the document to be recognised by the courts. If it’s signed incorrectly, your will could be made invalid, and your wishes not fulfilled.
For a will to be valid, it must be signed by you and two independent witnesses. The people signing your will must not be named in the will as beneficiaries, i.e., they shouldn’t be receiving any inheritance from you when you pass.
Ask a friend, colleague, carer, or charity to be your independent witness and sign the will in your presence.
Planning ahead is the best way to avoid disputes and ensure your affairs are organised quickly after you’ve passed away. Speak to a solicitor or charity for help arranging your will and what happens to your estate.
If you’re thinking about wills and estate planning for a relative who doesn’t have mental capacity, speak to your relative’s carer for advice on who to talk to.
To learn more about live-in care and how OxleyCare can help your elderly relatives at the end of their life, contact us today. Our friendly team can help create a bespoke care plan tailored to your relative’s needs.
Call 01980 846690