We do not know when our end will come.
If we do not know when that day will be how can we know what our assets are when that time comes? Even something that we own now for years and years may not be there at the end.
For you to start making a Will by listing what assets you own today makes sense only if you know your end is near. Otherwise drawing up a list is just an exercise in futility.
It is only worthwhile to drawing up a list of your possessions that are worth more than their intrinsic monetary value such as family heirlooms.
Otherwise, most of your possessions may be worth more to your beneficiaries if sold than if there were to be handed down to them.
Handing down shares may or may not be worthwhile. If the shares are in overseas countries, estate duties or capital gains tax may impact the efficacy of a gift of shares and you may need to seek financial or tax advice before making a gift of your shares.
If you do not make any specific gifts in your Will then after allowing for funeral, probate costs, tax and estate duty the rest will form your ‘residuary estate’.
Better to make sure your residuary estate is fairly distributed than making a lot of specific gifts some of which ends up failing through ademption or lapsing leaving some of your beneficiaries feeling unfairly treated because the gift to them failed.
