By: Professional Provident Society (PPS)
Creating a will is a vital step in securing your financial legacy and making sure your wishes are honoured – and it is easier than you might think. In recognition of Wills Month, Professional Provident Society (PPS) Fiduciary Services, a leader in intelligent financial solutions for graduate professionals, shares straightforward steps to help you get started with drafting your will.
Gather the essentials
Start by compiling all the important details that will form the foundation of your will:
List your assets: Document everything you own, from property and investments to bank accounts and personal possessions.
Identify your beneficiaries: Decide who will receive your assets – be it family members, friends, or charitable organisations.
Choose an executor: Appoint someone you trust to manage your estate and ensure your wishes are fulfilled.
Plan for minor children: If applicable, designate guardians who will care for your children.
Decide what to include
Make sure your will covers all necessary elements to avoid complications later:
State your intentions clearly: Include a declaration that this is your last will and testament.
Name your executor: Clearly identify the person responsible for managing your estate.
Appoint guardians for minor children: Specify who will take care of your children if needed.
Detail specific bequests: List any personal property or cash gifts you want to leave to specific individuals.
Include a residuary clause: Outline who will receive any remaining assets not specifically mentioned.
Make it legal
To ensure your will is legally binding, follow these steps:
Sign your will: Make sure you sign it at the end.
Witness signatures: Have two adult witnesses, who are not beneficiaries, sign it as well.
Notarisation: If you are unable to sign, arrange for someone to sign on your behalf in the presence of a notary public.
Store it safely
Once your will is complete, keep it secure:
Choose a safe place: Store your signed will in a secure location, such as a safe or a locked drawer.
Inform your executor: Let your executor know where the will is stored.
Consider professional storage: Utilise a professional trust company or legal adviser to keep your will safe.
Creating a will is simpler than you think, and by taking these steps, you can ensure your assets are distributed according to your wishes while safeguarding your loved ones’ future. To get started on drafting your will, please contact your PPS-accredited financial adviser or us directly at [email protected] to assist you with any questions and will-drafting and reviewing services. We are here to help you live the life you want to live and to secure your legacy. With the right planning, “It’s Will-Able!”
* Professional Provident Society (PPS) is a fiduciary services company.
PERSONAL FINANCE