Your Will checklist
What do I need for my Will?
To make a Will, you’ll need to make several key decisions and gather some essential information.
- how much is your estate (everything you own) worth?
- who do you want to inherit your property?
- what should happen to your estate when you die?
- how can you protect yourself if your circumstances change?
- how can you protect your children or any vulnerable dependents?
Your Personal Information
You’ll need to provide your Will Writer with some personal details. This includes your full name, date of birth, current address, relationship status and the names and dates of birth of any children you have.
Value your Estate (everything you own)
You’ll need to assess the assets you own, both individually and jointly. This includes property, bank accounts, stocks and shares, vehicles, foreign assets, and valuables like jewellery. Additionally, consider any debts and liabilities, such as mortgages or outstanding loans. This will help you determine the net value of your estate.
Choose your Beneficiaries
Next, you’ll need to decide who will inherit your estate upon your death. You have several options for this. For instance, you might choose to leave everything to one person, like your spouse. However, you should also plan for the possibility that your primary beneficiary may not survive you. In such a case, you could specify that if your spouse predeceases you, your estate should be divided equally between your two children.
Alternatively, you might wish to make specific gifts, such as personal items or fixed cash sums, to certain individuals or organisations. For example, you could request that your wedding ring be given to your granddaughter Sophie, and that £4,000 be donated to a specific charity. Any remaining assets after these gifts, as well as debts and administrative costs, which make up your ‘residuary estate,’ can then be allocated to another beneficiary, such as your son Elliot.
You will need to provide the full names and addresses of all your beneficiaries. Additionally, gifts and donations to charity in a Will are generally exempt from inheritance tax. To qualify for this exemption, ensure that the charity has a Charity Reference Number and include this number in your Will.
Select your Executors
Next, you’ll need to select your executors. Executors are responsible for managing your affairs and ensuring your wishes are carried out after your death. This role carries significant responsibility, so it’s important to choose someone who is both capable and trustworthy. Many people appoint individuals they know and trust as their executors.
You can appoint a single executor or multiple executors to act together. Additionally, you can name replacement executors in case the primary ones are unable or unwilling to serve. It’s also common to appoint a beneficiary as an executor.
If you find it challenging to identify suitable individuals, you can opt to appoint a professional executor.
When choosing individual executors, be sure to provide their full names and addresses.
Select Legal guardians for your Children
If you have children under the age of 18, it’s essential to make arrangements for their care. This involves naming a legal guardian who will be responsible for your children if you and their other parent both pass away before they turn 18. Be sure to provide the full names and addresses of the appointed legal guardians.
Choose Trustees
You’ll need to decide if you want to place certain assets, such as money or property, into a trust. There are various types of trusts, each offering different benefits. For instance, you might use a trust to safeguard your children’s inheritance if they are under 18. You could set up a trust that allows them to access their inheritance only when they reach a specific age. If you choose to create a trust, you’ll need to appoint trustees who will manage the trust on behalf of the beneficiaries. These trustees can be the same individuals you’ve chosen as your executors. Be sure to provide the full names and addresses of your appointed trustees.
Your Letter of Wishes
A Letter of Wishes, sometimes referred to as an expression of wishes, is a document that accompanies your Will and is typically kept with it or given to your executors or trustees for safekeeping. In this letter, you can explain the reasons behind the distribution of your estate as outlined in your Will. Unlike a Will, which may become a public document if probate is required, a Letter of Wishes remains a private document.
For friendly, helpful advice, call us today
Creating a Will can be straightforward and efficient with the help of a Will Writing service. Here at Haighs Wills we offer expert guidance throughout the entire process. Our specialists will assist you with every step, from outlining your wishes to finalising your will. Our advisors will discuss your preferences, provide tailored recommendations, and ensure that your Will meets your needs and circumstances.
Call us on:
07712 328368
Helping you plan for the future
Here are 5 simple reasons to choose Haighs Wills and Estate Planning for your professionally written Will and Lasting Power of Attorney.
- Face to Face Appointments
- Fixed prices from the outset
- Appointments at your home
- Large savings on solicitor fees
- Efficient, Punctual and Reliable
“As a professional Will Writer I’m passionate about helping you make the right decisions when it comes to your Estate Planning”
It’s really important to think about the future and start planning for your family after you are gone. By making a Will you can ensure that the people you want to benefit are looked after financially and in the case of children under the age of 18, who will care for them. As well as a Will, a Lasting Power of Attorney is also invaluable. If you’re in an accident, have a stroke, or lose mental capacity, a Lasting Power of Attorney legally specifies who will make those important decisions on your behalf.
Richard Haigh
Professional Will Writer and Estate Planner
In Association with
Haighs Wills and Estate planning are independent specialists who work in association with Countrywide Tax and Trust Corporation and are supported by a team of STEP qualified practitioners.
