Most people understand that a Will explains what your wishes are regarding money, property and children. However there are many other factors worthy of your consideration which might surprise you.
What will happen to any pets?
These days many of us see our pets as a member of the family. So if you have a dog, cat or any other beloved pet, it’s worth considering how you would want them to be taken care of if you were no longer around.
Within your Will you can designate a guardian to take ownership of your pet. This can ensure that should your pet outlive you, it will be passed onto a home/carer you trust.
However pets are not free, and come with a cost for keeping relating to food, grooming, medical bills etc. Therefore it is also worth considering a fund to go along with your pet to the new guardian. This way there will be financial aid available for the future care of your pet.
Appointing a digital executor
We spend so much time managing our social media accounts and online life, such as Facebook, Twitter and Instagram. Some of these account types may have been turned into a small online business, or may be a valuable online gaming account. There are many types of online platforms which can hold some form of important digital asset.
When putting together your Will you should consider appointing a digital executor to manage and take care of your digital assets and online life. This should include detailed instructions of not only what to do with the accounts, but how to access them. You may wish for them to be simply shut down, or perhaps you want them to be carried on in a certain way.
Leaving a legacy
A certain charity, school or religious organisation may have made a big difference to your life. Whether by helping you or a loved one, or having an influential impact.
After making sure your dependants are taken care of, you can include charities in your estate plan. Many causes and organisations can really benefit from donations made, and it’s a great way to solidify your legacy.
The importance of arranging your Will or Trust
Taking the time and effort to write a Will or put a trust in place while you’re still alive, is so important. It means you get the final say on how your assets are dealt with. That’s something most want when it comes to their life savings and most precious possessions.
When someone dies without a will or trust in place, their heirs often struggle through the probate process. This is known as dying intestate, and means that under the Administration of Estate Act 1925, the law will decide how your estate will be administered…which may not be to your wishes!