Writing Your Will: A Step-by-Step Guide to Ensuring Your Wishes Are Honoured

Writing a Will is a crucial step in ensuring that your wishes are honoured after you pass.

It’s a way to take control of how your assets are distributed, who will care for your loved ones, and how you will be remembered. Yet, many people put off writing a Will, either because they don’t know where to start or because they find the process overwhelming.

In this post, we’ll break down the process of writing a Will into seven simple steps. By following these steps, you can create a clear and thorough Will that reflects your wishes and provides peace of mind for you and your loved ones.

Step 1: Determine Your Assets

The first step in writing a Will is to take stock of your assets. This includes:

• Real estate (primary residence, vacation homes, rental properties)
• Financial accounts (checking, savings, investment accounts)
• Investments (stocks, bonds, mutual funds)
• Personal property (jewellery, artwork, collectibles)
• Digital assets (social media accounts, emails, cryptocurrency)

Make a list of all your assets, including their value and any relevant details (such as account numbers or property addresses). This will help you understand what you have to distribute and make decisions about who will inherit each asset.

Step 2: Identify Your Beneficiaries

Next, identify who you want to inherit your assets.
Identifying your beneficiaries is a crucial step in creating your Will. You need to decide who will inherit your assets, including:

• Family members (spouse, children, siblings, parents)
• Friends
• Charities
• Trusts

Beneficiary Considerations

• Specificity: Clearly identify each beneficiary
• Secondary beneficiaries: Name alternates in case primary beneficiaries pass away
• Asset distribution: Specify which assets go to each beneficiary
• Special needs: Consider beneficiaries with special needs or requirements

Beneficiary Designations

• Primary beneficiaries: Receive assets directly
• Secondary beneficiaries: Receive assets if primary beneficiaries pass away
• Residual beneficiaries: Receive remaining assets after specific gifts are made
• Contingent beneficiaries: Receive assets if certain conditions are met

By carefully identifying your beneficiaries and specifying how your assets will be distributed, you can ensure that your wishes are respected and your loved ones are provided for.

Step 3: Choose an Executor

Your executor, also known as a personal representative, plays a crucial role in managing your estate after you pass away. They will be responsible for:

• Gathering and inventorying your assets
• Paying debts and taxes
• Distributing assets to beneficiaries
• Managing estate finances
• Making decisions about funeral arrangements

Qualities of a Good Executor

• Trustworthy: Honest and reliable
• Organized: Able to manage complex tasks and documents
• Familiar with your assets and wishes: Understands your financial situation and knows your intentions

Step 4: Specify Funeral Wishes

Include your funeral wishes in your Will, such as:

• Funeral arrangements (type of service, location, officiating leader)
• Burial or cremation instructions
• Memorial services (location, date, time)

This will help ensure that your wishes are honoured and that your loved ones are not left with difficult decisions.

Step 5: Consider Guardianship (if applicable)

If you have minor children or dependents, name a guardian to care for them after you pass away. Consider:

• Family members
• Friends
• Professional guardians

Make sure to discuss your wishes with the potential guardian and ensure they are willing and able to take on the responsibility.

Step 6: Specify Charitable Donations (if applicable)

If you want to leave a lasting legacy, consider including charitable donations in your Will. Specify:

• Charity designations (name, address, purpose)
• Donation amounts or percentages
• Contingent donations (dependent on certain events or conditions)

Step 7: Review and Revise

Your Will is not a static document – it should evolve with your changing circumstances and wishes. Regularly reviewing and revising your Will ensures that it remains relevant and effective in achieving your goals.

Why Review and Revise Your Will?

• Life changes: Marriage, divorce, birth of children or grandchildren, or death of beneficiaries may require updates to your Will.
• Asset changes: Inheritances, purchases, sales, or significant changes in asset value may impact your Will.
• Changes in beneficiary wishes: You may want to add or remove beneficiaries or change the distribution of assets among them.
• Tax law changes: Updates in tax laws or regulations may affect your Will’s provisions.
• Executor or guardian changes: If your executor or guardian is no longer able or willing to serve, you’ll need to name a replacement.

How Often to Review and Revise Your Will?

• Every 2-5 years, or as needed based on significant life changes or asset fluctuations.
• After major life events, such as marriage, divorce, or the birth or adoption of a child.
• When your assets or beneficiaries change significantly.

What to Review and Revise?

• Beneficiary designations: Ensure they align with your current wishes.
• Asset distribution: Update the list of assets and their distribution among beneficiaries.
• Executor and guardian appointments: Confirm their willingness and ability to serve.
• Funeral wishes: Reaffirm or update your funeral instructions.
• Charitable donations: Review and update your charitable bequests.

By regularly reviewing and revising your Will, you can ensure that it remains an accurate reflection of your wishes and provides peace of mind for you and your loved ones.

For personalized consultation, connect with us at trustee@coronationnt.com

Related Posts

Why Travel Insurance Is the Best Companion for Your Next Trip

Last summer, Stanley embarked on a long-anticipated trip with his wife. They had all looked forward to this trip for Read more

Why a Balanced Portfolio of Bonds and Equities is the Key to Long-Term Success

If there’s one thing every smart investor should understand, it’s this: no single asset class has all the answers. The Read more

How to Choose the Right Insurance for Your Lifestyle

Your lifestyle is unique — your insurance should be too. Picture this: You’ve secured your dream apartment in Lagos and Read more

Investment Academy: How Learning the Basics Can Boost Your Portfolio

Investing can seem intimidating, especially if you're new to it. However, gaining foundational investment knowledge is one of the most Read more