Writing a will can be a difficult ordeal, it is never easy to know where to start. This article gives a few examples on what can be included in a will.
The first thing to consider when writing a will is who to name the executor. This is the person who will be responsible for sorting out the affairs and distributing whatever is included in the will in line with the terms and conditions stated. The executor can be anyone, as long as they act in the best interest of the will holder and is likely to outlive them. It can be a friend or a relative, or even a solicitor or a bank worker. It is also important to keep in mind that the executor has a number of responsibilities and duties to carry out and they should be capable of taking on the obligations.
For most people, the reason a will is written is to establish who inherits the assets. If someone inherits a property through a will but does not wish to own it can go through cheap conveyancing to sell the property.
The ‘estate’ is the collective term for everything owned. This includes any property owned, as well as a car, savings, and personal possessions. It also includes things such as life insurance policies, pension schemes, stocks, shares, and premium bonds.
If there is a property owned jointly with another person, then the share will automatically go to the other tenant so this cannot be included in the will.