A Will is the most important part of your estate plan and it will outline the way that you would like your assets to be divided when you pass away. This document will also identify your executor or personal representative who will be responsible for managing your estate and wrapping up your affairs. If you die without a Will, your relatives and dependents could have a big mess on their hands. The government will be able to decide what happens to your assets and they might not go to whom you would choose.
What Should a Will Include?
So what sort of information should a Will actually include? First of all, you should make a complete and comprehensive inventory of all your financial assets including your credit cards, bank accounts, retirement funds, investments, real estate and much more. It is only when you understand exactly what you have that you will be able to divide it accurately. You can then explain which family members, friends and charities you would like to receive your assets.
Your will should also have information about who you would like to appoint as your executor. This is the person who will be responsible for dividing up your estate and conducting your affairs. It is a good idea to choose a backup executor in case your first choice dies before you or cannot perform their duties for whatever reason. Usually the executor is a trusted family member, friend or solicitor.
If you have children that are under the age of 18, your Will must also include information about who you would like to become the legal guardian of these children. Think about whom in your family and friends would be the best caregiver for your children and talk to them about whether they would be willing to take on the responsibility. You should also talk to your children about the choice to make sure that they are happy with who you have chosen.
These are just a few of the important details that your Will should include, of course yours Will be unique to your situation and might include other aspects.
Taylor Brunswick Can Offer Will Planning Advice
If you are planning your Hong Kong Will, Taylor Brunswick can help you by offering you personal insurance that will put your mind at ease. They have years of experience with Will planning and they will be able to get to know your situation and provide you with advice that suits your particular needs.
Writing your Will can be quite confusing and overwhelming, but you don’t have to face it on your own. Enlist the help of these experienced and dedicated financial advisers to ensure that you have created the perfect Will for your needs.