The 5 Things People Forget to Include in Their Wills
Who will get your money, house or possessions when you die? How will your funeral costs be covered? Who will take care of your young children, dependants or pets? These may seem upsetting questions but they do require careful consideration. As Charles Franklin once put it “No one gets out of this life alive.”
There is a temptation to put your head in the sand and ignore all the paperwork and bureaucracy death entails. But this does no one any good – least of all your family.
Below are the five things that people most commonly forget to include in their will.
1. Choosing an Executor
If you do not specify the person you intend to carry out the terms of your will, the courts will be forced to appoint someone. This could lead to unnecessary wrangling and delay.
2. Alternate Beneficiaries
What if your primary beneficiary dies before you do? And you never amend your will? It is vital that you list alternate beneficiaries to prevent any confusion should this issue arise. You also need to consider whether your primary beneficiary has the requisite age or mental capacity to inherit your estate.
3. Provisions for Digital Assets
Yes. This is the age we live in. Digital assets are an entity and they need to be taken into account. Your social media and website domain names could all hold value. What’s more, digital passwords for email addresses, bank accounts etc need to be laid out in the will so affairs can be properly tidied up.
4. Donation of Body Parts
If you wish to donate your body parts after your death, it is best to clarify this in writing. Also, letting your family know this in advance will spare them unnecessary anguish after you’re gone.
5. Disinheritance Clauses
If you really don’t want a particular person to get any of your assets, it is not enough to simply not mention them. To prevent any bitterness, fights or, indeed, the unsavoury character benefiting by default, it is necessary to disinherit them in your will. This will prevent them ever benefiting from anything in the same.
With gpfm helping you, you won’t make these mistakes. Our talented experts can put you in touch with lawyers that’ll ensure your will follows all the protocols and covers all bases. Get in touch today.
This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested.