Things to consider before writing your Will

Writing your Will can be a daunting prospect for many people and one that often gets “put off”, as a result. Unfortunately, it’s also one of the most important things you should address in life, particularly, once you get married, have children, or start to accumulate assets of any value.

We’ve found that people often procrastinate over writing their Will because they don’t really understand what’s involved or how to go about it, so, here are a few things you need to consider that will help get you started.

Whilst this covers some of the basics, a more detailed explanation can be found here.

The Basics

• You will need to appoint Executors- these are the people that will carry out the instructions in your Will. you can appoint up to four Executors, but it’s wise to appoint at least two. The Executors can also be Beneficiaries under the Will
• If you have children who are under the age of 18, you’ll need to appoint Guardians. This allows you to decide who should be responsible for your children’s welfare. Guardians may also be Executors
• You may wish to include a clause detailing who will take your pets, if you have any
• If any assets are placed in Trust under the Will, you’ll also need to appoint Trustees. These are the people who will look after any assets placed in Trust
• You should include any specific instructions you have regarding your funeral arrangements. For example, do you wish to be cremated or buried? Are there any specific requests about the Funeral Ceremony or arrangements?
• You don’t need to list everything that you own in your Estate, but you do need to consider any specific gifts that you wish to make in your Will. These gifts will cover those personal possessions that you wish to go to specific people – items of jewellery, for example. These gifts may also include smaller amounts of money left to specific people or organisations, i.e. charitable donations
• Who do you want the residue of your Estate to go to? The residue of your Estate is everything left after any specific gifts (if any) and after payment of all debts, taxes and expenses. You don’t need to itemise the residue, you can simple decide what portion each beneficiary is to receive, if you are naming more than one
• What would happen if? This is a question you should also ask. For example, what would happen if a beneficiary were to pass away before you do? You may wish to consider appointing reserve beneficiaries to ensure that your estate goes to the right people
• If in doubt, always seek professional advice

If you need any help or advice in relation to writing your Will, please contact us on 02380 879243 or email info@heritagewillwriting.co.uk.