Protecting your family

The beginning of a new year often inspires a shift in mindset for many people. Alongside common New Year’s resolutions of improving health and managing finances, it is also an excellent time to consider legal steps that can help safeguard your family’s future.

One of the most important actions you can take is to write or update your will. In this month’s blog, we discuss how to protect your loved ones and give you the key steps to take to get started.

Protecting your family

Creating a will is simpler and more affordable than many people realise. A professionally drafted will can help prevent complicated legal issues for your family after your death. A will ensures that your family can benefit in the way that you wish without having to follow intestacy rules that dictate how your money will be allocated, should you die without one.

Steps to follow to make a will

Understanding your assets

Before drafting a will, it’s essential to create a list of your assets. This should include any property, finances, such as bank accounts, investments, business interests and valuable possessions.

Deciding on beneficiaries and bequests

Considering who you would like to leave specific items to or who will look after your children should they be under 18 can be a very personal decision; however, a well-structured will can ensure your intentions are clearly documented and legally enforceable, giving you and them peace of mind.

Appointing Executors and Trustees

Making sure you have the right people to look after your estate is also a crucial step to take. Executors will administer your will, while trustees will oversee any trusts that you have set up. Many people choose a mix of family members and professional advisors to ensure a balance of management.

Guardianship for children

If you have young children, appointing guardians in your will ensures their care is delegated to individuals you trust. This is an important decision for their future and should be carefully thought through. You can also include any wishes you have for your children, such as their education path.

Reviewing your will

We know that circumstances can change and life events such as marriage, divorce, the birth of a child, or significant financial developments can impact your wishes. Regular reviewing of your will ensures it remains up to date and reflects your current situation.

We recommend that you have your will drafted by a reputable law firm to avoid any mistakes and ensure it reflects your wishes entirely. Radshaw Solicitors offers consultations by phone, video call or in person, or you can complete the process by post if your will is relatively straightforward.

Please get in touch with a member of our team should you need more information.