Leaving my boyfriend

Nobody really likes to make a will, as it causes them to think about their end of days. For this reason, many people put it off and don't make any plans. Yet in the unfortunate event of their sudden passing, all manner of problems can remain when trying to work out how to handle their estate. If you've been putting this off because you don't know how to proceed, what do you need to know in order to start?

Figuring out What You've Got

Firstly, the relatively easy bit. You'll need to determine the extent of your assets by laying out everything that you have that is of value, as well as those sentimental pieces that you want to hand over to somebody else. Make a list of all your cash in hand and in banks, any investments that you have, properties, vehicles and so on. Keep this on a simple spreadsheet that can be updated periodically as things change.

Selecting the Executor

One of the most challenging tasks is to determine who will be the executor of the estate. This person needs to be named in the will, and will then be responsible for handling all of your affairs. You shouldn't just "spring this" on somebody, who only finds out when you're gone, but should speak to them in advance. Make sure they understand the responsibility and are willing to take it on.

When the executor begins their work they have to get all the details of the assets that you mentioned in that spreadsheet (and any others you may have forgotten, or were last-minute). They'll be responsible for settling any outstanding bills or taxes from the estate's money. They will then need to distribute what's left in accordance with the wishes of your will. Perhaps you've named a beneficiary who is under 18. In this case, the executor will need to arrange for the money or the assets to be held in trust for them.

Who Should You Choose?

It may be better for you to pick two executors instead of just one, just in case the other is incapacitated and cannot take on their duties. In an ideal world, at least one of them should be younger than you. You can also appoint one of your children to be an executor if they are over 18, or can nominate your partner, of course.

Guardians for the Children

When you have a young family the last thing on your mind will be your death, but you really need to figure out what will happen to your children in the very sad event that both of their parents die. In this case, you would appoint guardians to take over if necessary. If you don't do this, the task will fall to the court.

Getting Professional Help

Finally, it's a good idea to nominate an attorney as one of your executors and especially where there are (potentially) younger children involved. They'll be able to take on the complex matters associated with registering the guardian, or setting up a trust for the children, if you've nominated this.