It is often a subject that people don’t like to talk about because they feel it can make them and their children sad. However, knowing what to leave in your will is important not just for you, but also for your children after you die. If you don’t make plans, then it can be much harder for your children later. If you are wondering what type of things you can leave in your will, then here are some ideas.
One of the first things you should be looking to leave is your savings. It might be that you want your children to use your savings for funeral expenses if you don’t have a funeral plan. If your funeral expenses are covered, then you can bequest your savings to your children in any ratio you think is best. If you have young children, then you might want to leave your savings in a trust fund for them when they reach adulthood, you can always change your will at a later date as they get older.
Although you might not own anything of monetary value, there could be many things you want to leave that have a sentimental value or are heirlooms that you want to stay within the family. It is important to go through all your things and decide where they are to be distributed. You might also have friends or distant family that you would like to leave something with.
When it comes to any pension you have, in the first instance you would usually leave it to your partner. However, if you don’t have a partner, then in some situations, it can be left to your children. You need to speak to your pension holder to see what the terms of the agreement are in the event of your death.
Stocks and Shares
If you have been investing in stocks or shares, then these can also be left to your surviving family. Any documents you have about the stock should also be left to them, so they can oversee it and sell it if needed. There are also other ways to give stock to friends or family, such as Stockpile. It allows you to give stock as a gift to someone else so that they can get the benefits from it.
Probably one of the most common things to leave in a will is property. Usually, it means the home you have been living in, plus any other homes you may have. If you have a number of children, then you might think its best to sell the house and divide the money equally between them. It can be a better option, especially if none of your children want to live there.
Although making a will is something people like to leave until later, it is a vital document that can be extremely important to those you leave behind. There is never a bad time to start thinking about it.