There’s a lot to think about when it comes to writing your Will — it’s not just about distributing your earthly belongings. A well-written Will is a tool that ensures that your loved ones are taken care of in the way you wish.

That includes matters of inheritance, but it can also impact who will take care of your children, how you are laid to rest, and what kinds of bureaucratic and legal hurdles your loved ones will face when it comes time to distribute your estate.

Appoint an Executor

When choosing an executor, it’s important to ensure that they’re able and willing to follow the instructions in your Will.  Any trusted adult can be appointed as an executor, or you can opt to use a statutory trust company like Trustees Executors. Of course, you don’t have to choose just one of these options. If you go with a trusted individual, it may also be a good idea to additionally appoint a statutory trust company as a substitute executor in case your first choice is unable to accept the responsibility for any reason.

Distributing your Estate

The most familiar purpose of a Will is to specify how your belongings and assets should be dealt with— how your estate should be divided, what should be placed into a trust, and which specific gifts should be made to individuals.

Talk to a professional about trusts

A testamentary trust such as an inheritance trust (a trust that only takes effect in the event of your death) can be a very useful tool for protecting the financial security of your loved ones, particularly if the beneficiaries are unable to manage financial matters on their own. Similarly, a funeral trust can be used to set funds aside for your funeral arrangements, eliminating any potential financial burden that your loved ones might otherwise be forced to shoulder.

Enduring Powers of Attorney

Enduring powers of attorney (EPAs) allow someone to make legal decisions on your behalf. This means that the person that you choose to empower will be able to do things like pay bills or make medical decisions on your behalf in the event of your incapacitation.

Setting up one or more EPAs is especially important if you support dependents who have no funds or income of their own. Otherwise, they may be unable to access the funds they need to pay day-to-day expenses until after probate has been granted.

Making your wishes known about more complex issues

While dealing with money and assets are a central feature of any Will, there are a wide variety of other issues that can and should be considered and addressed. These might include:

• Nominating a guardian for any dependent children
• Excluding someone from the Will who might otherwise be a beneficiary
• Navigating complexities around previous marriages, blended families etc
• How your body should be laid to rest
• Issues surrounding business ownership.

It’s especially important to work with a professional when it comes to managing special circumstances in your Will. That’s because it’s relatively common for unusual wishes to be legally challenged. A specialist can help ensure that your Will contains valid reasons to support your decisions and that those wishes will hold up in court if a claim is made against them.

Your Will should provide all the information that your executor and your loved ones need to wrap up your affairs as smoothly and quickly as possible during a difficult time. If you’d like to learn more about how we can help you create your Will, reach out to us today.