A Will sets out your wishes regarding things like money, property, and children, but what else can be included?
There is a range of provisions that are worth considering when drafting your Will, which are worth exploring further.
Making sure your pets are cared for
Many of us see pets as part of the family. If you have a dog, cat or any other pet, it is worth considering how you would want them to be cared for if you were no longer around.
You can specify who will take ownership of your pet should you pass away.
This ensures that if your pet outlives you, it will be safe with a carer/home you trust.
Who takes care of your social media?
This is often overlooked, but all major social media platforms allow you to appoint an individual to take care of your account. This can be done from within these social media platforms and is known as a “Legacy account.”
Some of these social media accounts might be turned into a small business, or they could hold some form of important digital asset.
If either of these is the case, it would be worth appointing a digital executor. A digital executor should manage and take care of your digital assets and online life.
You might also want to consider having a digital executor or custodian look after passwords or logins for any digital assets, such as NFTs or cryptocurrency. These digital coins should also be recognised in your will, like any other assets in your estate, and distributed as per your wishes.
Consider leaving a legacy
There might have been a charity, school, or religious organisation that had a big impact on your life. They might have helped you or a loved one in a time of need.
Once you have made sure your dependents are taken care of, you might want to consider including any of the above in your will. Organisations or causes might benefit from this type of donation.
Leaving money to a charity or not-for-profit organisation could also help you to reduce Inheritance Tax on your estate if a considerable gift is left.
Want advice on what can be included during the drafting of your Will? Speak to our Private Client team.
