Creating a will is a natural part of retirement planning, but it’s not exclusive to that period of your life alone. There are no age requirements to writing a will, but there are a few simple steps you can take to ensure you’re writing an effective and foolproof document.

You’ll want to make sure your will follows all your local will and estate laws because it simplifies the probate process. Probate is a legal procedure in which the state determines the validity and authenticity of your will. It also includes the general administering of your will.

To ensure a smooth system, these are the steps you can take when you’re writing your will:

1 – Take Inventory of Your Assets

Before you can even write your will, you need to take inventory of your assets. These include any real estate, money, physical possessions, online accounts, and more that you own. The total value of all these assets will determine how the state will tax your estate after your death, which will affect the support your beneficiaries will receive.

Having a lawyer during your will-writing will be helpful in this step because they can assist you in determining any tax reliefs that might be available to you. They can also give you more tax-effective options for structuring your will.

2 – Decide on Your Beneficiaries

After taking note of all your assets, you also need to decide who your beneficiaries will be. Many wills are often disputed after the testator’s death because the beneficiaries aren’t made clear. Family members can feel left out or angry, causing them to file a dispute.

To avoid this, you must clearly communicate who your beneficiaries are. Let your family and friends know if you’ve decided to make them heirs and explain why. It helps them accept your decisions better if they can understand the reason behind them. You can also write a letter of wishes, which is a document that allows you to explain your decisions.

3 – Select an Executor

Once you’ve completed the first two steps and have written your will, you must now choose an executor. An executor plays an important role, and you must select the right person for the job. They’ll be responsible for carrying out the terms of your will and handling your estate after you die.

Ideally, you must choose two executors to prepare for the possibility of the first one being unable to uphold their responsibilities. You need to let your executors know that you’ve chosen them, and it’s better if they give you their approval. That way, there are fewer chances of them backing out.

4 – Get Two Witnesses

Before you sign your will, you need to find two witnesses. They need to be independent, meaning they cannot be a beneficiary or a spouse or civil partner of a beneficiary. The state requires the witnesses to make your will an official document.

If you’re writing your will with the assistance of legal professionals, they can quickly provide witnesses for you to make the process less complicated. By doing this, you’re eliminating the chances of your beneficiaries failing to receive any of your assets.

5 – Update Your Will

The last step in writing a will is to make sure you update it regularly, especially if you’re planning to make it early on in your life. Significant life events like marriages, buying a new home or car, or moving to a different location can affect the validity of your will. Many people often forget to update their will, causing it to become invalid or their beneficiaries to lose out on assets they could’ve otherwise gotten.

It’s not uncommon for people to forget to update their will after a divorce, either. There have been cases wherein the testator failed to make the necessary changes after their divorce, causing their former spouse to receive their entire estate. Ensure you keep your will updated, especially after significant life events, to guarantee a smooth probate process.

Conclusion

Whether you’re in the beginning stages of retirement planning or you want to start writing your will, it’s essential to follow these five steps to certify you’re creating a valid legal document. It can be easy to forget the basics of will-writing, especially if you’re a beginner, which is why it’s always best to hire the help of legal professionals.

To make the probate of wills smooth, get in touch with our professionals at Wills and Probate. We are based in the UK, where we can dedicate our expertise to help you secure the best future for your loved ones.