With all that is happening in the world right now with the Covid 19 Virus epidemic, should we not all be ensuring that our personal finances are in order? We should all have an up to date Last Will and Testament.
There are plenty of online (free) form layouts for creating your own Will. I have, however, just spoken to a good friend of mine who is a lawyer and he said that the simpler the will the better remembering a couple of basics.
- You need to appoint a responsible person to be the Executor of that Will – ideally this should be a lawyer or someone who can deal with all the unending paperwork that has to be processed with the courts and banks
- You can write / print out your own
- Each page should be signed by your self and two non-beneficiaries as witnesses
- Ensure that you have your correct names and date the document
- Full Names of all beneficiaries should be listed in a separate paragraph
- Remember that the Executor will be paid from monies remaining after paying out all the beneficiaries. It is not, therefore, a good idea to say that your latest girl friend is to receive all the money from a certain bank account.
- Rather state something to the effect that all the assets will be shared in X & Y percentages between the stated beneficiaries
- Once complete make sure that you show it to a lawyer or the Executor to see that it is in order
- Update it once a year
Ideally you should have an appendix listing major assets / bank accounts / Small houses/ Cars etc