Getting Your Affairs In Order
Katy Shakeshaft, wills and probate specialist at Farleys Solicitors, gives her advice on estate planning
Getting organised? Putting all your ducks in a row? Sorting your life out? However you phrase it, we all hit a point where we want to step back from our busy lives and ensure our affairs are in order. Ensuring your loved ones are protected when you’re no longer around should rank high on that to-do list.
Have you considered what would happen to your assets when you pass away? Perhaps you have a will in place, but it hasn’t been revised to take into account recent life events or new, significant assets. Do you have plans in place for small children or pets if you are no longer around?
WHAT SHOULD BE INCLUDED IN A WILL?
When you’re drafting or revising a will, there are certain things you should ensure are included:
• Physical assets – This can include everything from small personal items such as jewellery and sentimental possessions but also sizable assets like real estate and business. You can be specific by leaving assets to certain people or include a wider provision passing classes of items to named beneficiaries or classes of beneficiaries.
• Digital assets – In an increasingly digital world, many of our assets can be found in a digital format, such as online storage accounts, social media accounts, betting accounts and content stored on smartphones or computers. This also includes online bank accounts and digital cryptocurrency. If digital assets are not specified in a will, it can be incredibly difficult and sometimes costly for loved ones to gain access to them.
• Provisions for children – If you are a parent to children under the age of 18, including provision for them or any future children in your will is important. You can set out your wishes for guardian(s) to take care of your children and include wishes for where they might live, go to school and how they receive your funds.
• Provision for pets – In the same way as provisions for children are specified in a will, you can include your wishes for your pets too. This might include who they live with and designated funds to support that arrangement.
• Funeral plans – If you have specific wishes for your funeral, for example, whether you want to be buried or cremated, we advise these are included in your will.
This is just a brief overview of what you should consider when drafting or reviewing a will. We would always advise that you instruct a solicitor to ensure that nothing important has been missed.
If you would like to discuss the drafting of a will or any other aspect of estate planning, please contact Farleys Solicitors on 01254 368040, email: info@farleys.com, or visit our website for more information: farleys.com
