Writing a will is something all of us have to do at some point in our lives. However, this doesn’t make the subject any easier to broach with family members and loved ones. The emotional side of will writing can be difficult to overcome, but doing so is essential for the benefit of you and your family.
In this guide, we’ll discuss why wills are so important and how you can ensure that the emotional side of will writing does not negatively impact the estate or final wishes of you or your loved ones. Read on to learn more.
What are Wills and Why are They Important?
Almost everyone will have a basic idea of what a will is. However, it’s important that you understand the finer details.
A will is a legally binding document in which the final wishes of the writer are specified. A will determines what happens to the estate of a person after they pass away, and it can have far-reaching consequences for that person’s family and loved ones.
Finances, property, investments and possessions can all be included in a will. They can be distributed among family members or even donated to a charitable organisation, depending on the wishes of the deceased.
The Emotional Side of Will Writing
Wills are important legal documents, and it’s crucial that you understand how they work and how they can affect you.
While vitally important, wills can be a point of contention. The emotional side of will writing can cause family disputes and disagreements that are notoriously difficult to resolve.
There are two primary reasons behind this. First and foremost, writing a will means coming to terms with your own mortality. This can be very difficult for people to deal with and can result in the avoidance of writing a will.
Secondly, wills can cause arguments among beneficiaries. Some may perceive the will as unfair and look to contest it. Contested wills are on the rise in the UK, and these disputes can drag on for years and tear families apart.
How can you overcome the emotional side of will writing and ensure your family and loved ones are financially secure after you pass away? Read on to find out.
When it comes to writing a will, communication is absolutely critical. You need to be open and honest with all involved parties. If someone feels as if they’ve been left in the dark or overlooked, this could create tension and cause serious problems further down the line.
Speak to your family and discuss your wishes before writing your will. This will ensure they are kept in the loop and will prevent them from having any unpleasant surprises. However, remember that your wishes are yours alone; don’t allow yourself to be pressured into changing your final decisions.
Being honest and transparent at every stage is key. This way, you’ll be able to approach writing a will openly with your loved ones there to support you during what can be a difficult, emotionally charged process.
Choose the Right Executor
There is a lot to think about when writing a will, but few decisions are as vital as the executor you appoint.
The executor of a will is the person responsible for managing the estate of the deceased. This is an enormously important role; the executor will be tasked with managing the assets until such a time as they are distributed among the beneficiaries named in the will.
In addition, the executor of a will is responsible for overseeing the payment of any debts the deceased may have left behind, reporting the value of the estate to the authorities and paying any tax that is due on the estate.
What’s more, executors also have to manage the payment of inheritance tax, if any is due.
Much of the emotional side of will writing can come as a result of the above-mentioned factors. This is why choosing and appointing the right executor is so crucial; it should be somebody that you know and trust to be responsible and conscientious. One approach can be to appoint several executors.
This can help them share the burden and ensure the process is conducted democratically. You could appoint three family members as executors and a legal professional, such as a solicitor, to ensure you have all the bases covered.
Writing a will is never easy. It can mean difficult conversations and can even cause tensions and arguments between loved ones and family members. To ensure your loved ones are safe and secure after you pass away, you must be able to overcome the emotional side of will writing. Use the advice we’ve outlined in the guide above to do just that. The expert team here at MM Legal can help with the will writing process, click here to find out more.