A guide to making a will: how to secure your legacy with confidence

Creating a will is one of the most important steps you can take to protect your loved ones and ensure your wishes are carried out after you're gone. Yet, many people put it off or make crucial mistakes in the process. This guide will walk you through the key considerations, common pitfalls, and how to find the right professional help.

Key questions to ask when making a will

1. Who do I want to inherit my assets?

2. Who should be the executor of my will?

3. If I have children, who should be their guardian?

4. Do I have any specific bequests or charitable donations I want to make?

5. What are my current assets and liabilities?

6. How might my circumstances change in the future?

Common mistakes and pitfalls

1. DIY wills: While tempting, self-written wills can often lead to legal complications.

2. Outdated wills: Failing to update your will after major life changes (marriage, divorce, births).

3. Unclear language: Ambiguous instructions can lead to disputes among beneficiaries.

4. Forgetting digital assets: In our digital age, consider what happens to your online accounts and cryptocurrencies.

5. Ignoring tax implications: Proper planning can help reduce inheritance tax burdens on your beneficiaries.

6. Not considering alternate scenarios: What if a beneficiary predeceases you?

Most important considerations

1. Clarity: be clear and specific about your wishes to avoid misinterpretation.

2. Comprehensiveness: Include all your assets, even those you might acquire in the future.

3. Legal compliance: Ensure your will meets all legal requirements in your jurisdiction.

4. Executor choice: Select someone trustworthy and capable of handling your affairs.

5. Secure storage: Keep your will in a safe place and inform your executor of its location.

6. Regular reviews: Life changes, so should your will. Review it every few years or after major life events.

Finding a good lawyer

1. Seek recommendations: Ask friends, family, or your financial advisor for referrals.

2. Check credentials: Ensure the lawyer specializes in wills and estate planning.

3. Read reviews: Look for online reviews or testimonials from previous clients.

4. Initial consultation: Many lawyers offer a free initial consultation. Use this to gauge their expertise and communication style.

5. Ask about fees: Understand their fee structure upfront to avoid surprises.

6. Local knowledge: A lawyer familiar with local laws can be particularly helpful.

Additional tips

1. Consider a living will: This document can guide medical decisions if you're incapacitated.

2. Power of attorney: Designate someone to make financial or health decisions on your behalf if needed.

3. Discuss with family: While not always easy, discussing your will with family can prevent future disputes.

4. International assets: If you own property abroad, consider seeking advice on international inheritance laws.

Remember, a well-crafted will gives you peace of mind and is a final act of care for your loved ones. It's never too early to start planning, but it can be too late. Take the first step today by scheduling a consultation with a qualified estate planning attorney.

By addressing these key points and avoiding common pitfalls, you can create a robust will that truly reflects your wishes and protects your legacy. Your future self – and your loved ones – will thank you for your foresight and care.