You ask it, we have it answered!

The importance of having a valid will in place cannot be overstated. A carefully crafted will allows you to secure your family’s future, protect your assets and wishes, and plan for the unexpected. However, understanding who must be covered in a will involves careful consideration of legal requirements and familial relationships.

When drafting your will, it’s essential to be specific about who you want to bequeath your assets to. Failing to be specific can lead to confusion and legal battles.

For example, if you simply state that you want your assets to be distributed among your children, this could cause problems if you have stepchildren. Similarly, if you have specific wishes for how your assets should be distributed, such as a charity you want to support, you need to be clear about this in your will.

So, who exactly must be covered in a will?

Immediate family members

It is important to secure your family’s future when setting up your will. The primary beneficiaries, therefore, are typically immediate family members, including spouses, kids, and parents. Specifying the spouse’s share in the will can prevent future disputes. Kids are crucial beneficiaries who must be covered in a will. It’s important to note that you may not disinherit minor kids. Their well-being is always put first as far as last wills and testaments are concerned. Parents may also be included if they are financially dependent on you.

Extended family members

Extended family members, such as siblings, grandparents and cousins, can be included in a will if you wish to allocate assets to them. It is essential to explicitly state their inclusion and the detailed distribution to protect your assets and to avoid infighting among relatives.

Guardianship of minor children

One of the most important people who must be covered in a will is the guardian of minor kids. This nomination ensures that your wishes regarding the care and upbringing of your kids are honoured upon your passing. If you have minors, you will need to carefully consider who will be responsible for caring for them and their assets if you pass away.

Charitable organisations

Leaving a portion of your estate to charitable organisations or causes can be a fulfilling way to leave a positive impact beyond your lifetime. Many people choose to support charities or community initiatives through their wills, aligning their legacy with their humanitarian ideals.

Executor and trustees

One crucial aspect of setting up a will is appointing an executor and trustees to protect your assets and carry out your wishes efficiently. The executor oversees the administration of the estate, while trustees may be assigned to manage trusts created for beneficiaries.

Alternate beneficiaries

To plan for the unexpected, it’s vital to name alternate beneficiaries in your will. If a primary beneficiary predeceases the testator or is unable to inherit, the alternate beneficiary will assume that role.

Knowing who must be covered in a will involves carefully considering all aspects of your life and relationships. As the wills people, it makes sense for Capital Legacy to draft your last will and testament and be your executor.

For more information or to arrange your complimentary will consultation, speak to your financial advisor or contact Capital Legacy.