5 Factors To Consider When Writing Your Will

Creating a will is a crucial step in ensuring your wishes are respected and your loved ones are taken care of after you pass away. At Soteria Planning, we understand the importance of a well-structured will, so here are key elements to consider:

Guardians

If you have minor children, appointing a guardian is essential. This person will be responsible for your children's care if you pass away before they reach adulthood. Choose someone you trust implicitly and discuss your decision with them beforehand.

Beneficiaries

Beneficiaries are the individuals or organisations you want to receive your assets. Clearly specify who will inherit what, and consider all potential beneficiaries, including family members, friends, and charities. It's also wise to name contingent beneficiaries in case your primary choices are unable to inherit.

Trustees

If you’re setting up a trust within your will, you’ll need to appoint trustees. Trustees manage the assets in the trust for your beneficiaries. Choose trustworthy and financially savvy individuals who can handle these responsibilities. Trustees play a significant role, so selecting the right person is crucial.

Executors

Executors are responsible for carrying out the terms of your will. They will handle tasks such as paying debts, managing estate taxes, and distributing assets to beneficiaries. Select someone who is organized, reliable, and willing to take on this role. It’s a good idea to name an alternate executor in case your first choice is unable to serve.

Regular Updates

It's important to review and update your will regularly, especially after significant life events such as marriage, divorce, the birth of a child, or the acquisition of new assets.

Book a meeting with one of our advisors today.