Writing Your Will – Frequently Asked Question’s

Things to Consider Before Writing Your Will

Writing your Will is 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, exactly, what’s involved or how to go about it.

With that in mind, on this page we'll talk about some of the things you need to consider that will help you get started.

Of course, your situation is unique to you and, if in any doubt, you should always seek professional advice.

Terminology

Given that your Will is a legal document, it's important to understand some of the specific terminology and how it applies to you when writing your Will.

Asset

Beneficiary

Bequeath

Bequest

Estate

Executor

Guardian

Residue

Testator

Trust

Trustee

Appointing Executors

Executors are the people appointed by you, in your Will, to carry out your instructions and, as such, should be people that you trust, implicitly.

Any individual over the age of 18 can act as an Executor and you can also appoint a professional person or company, if you wish.

How many Executors do I need?

Can an Executor also be a beneficiary?

Should I appoint a professional person or company?

This is something you should consider for two reasons;

Depending on the size and complexity of your Estate, there is a lot of work and a lot of responsibility placed on the shoulders of your Executor(s). You need to make sure that the people you choose are happy to take on the role. You can find out more about the duties of an Executor here.
You need to consider whether your Executors have the time, the skills and the desire to carry out your wishes, as per the instructions in your will.

Having considered these points, you may prefer to appoint a professional person or company to act on your behalf. However, you do need to be aware that there will be a charge for this, which can be substantial, depending on who you instruct as your Executor(s).

How much would a professional person or company charge?

This would be a question for the professional or company you have in mind.

It's quite common for a solicitor or firm of solicitors to act as Executor. Whilst the charges for this service will vary from one company to another, fees are often related to a percentage of the value of the assets in the Estate and can, as a result, start to add up to a significant sum of money.

You need to make sure that you understand exactly how the cost of their services are calculated and what the total is likely to be, before you make the decision to instruct a solicitor.

There are also companies that offer this kind of service for a fixed fee. In fact, we offer such a service, here at Heritage will Writing and you can find out mere here.

What should I do about the charges of a professional person or company?

What happens if my Executors are unable to take on the role of Executor?

Appointing Guardians

If you have children under the age of 18 or who lack the capacity to look after their own affairs, you need to decide who should be responsible for their welfare, after you've gone.

How many Guardians do I need?

Can my Executors also be a Guardians?

What things should I consider when appointing Guardians?

The appointment of Guardians allows you to decide who should be responsible for your children's welfare and there are a number of things you should give consideration to. For example;

The age of the Guardians.
The kind of relationship they have with your children.
Their views regarding how your children should be educated.
Whether they share the same or similar values to you.

And so on. After all, it's important that your children have respect for the people that you choose.

What happens if my Guardians are unable to take on the role?

Taking Care of Your Pets

If you have pets their welfare will be of great concern to you, so, you need to decide who should be responsible for their welfare, after you've gone.

Do I need to include this in my Will?

What do I do if I have someone in mind to take care of my pets?

What do I do if I don't have someone in mind?

If you're worried about what will happen to your beloved pets after you pass away and don't have someone obviously identifiable who can take on your pets, you can safeguard their future with The RSPCA’s “Home for Life” service.

The RSPCA state: “With this service, you can rest assured that the RSPCA will be there for your loving animal companions who have given you so much, after you pass on."

A clause can be added to your will requesting that care of your pets is handed over to the RSPCA after your death. The reason we advise you to add the “Home for Life” clause to your will is to ensure your executors are fully aware of your wishes and that there's no confusion as to what should happen to your animals, should you pass on before them.

The RSPCA say: “Knowing how much they mean to you, we’ll do our best to look after your beloved pets, and do everything we can to find them loving new homes. All the animals in our care are given a health check, and for most domestic animals, this includes vaccinations, neutering and microchipping as necessary.”

The RSPCA “Home for Life” scheme offers more than just a re-homing service for pets after the death of the owner: it offers peace of mind too.

Trusts and Trustees

If you have any assets that are to be held in a Trust of any kind, you will need to create those Trusts and appoint Trustees.

Who should I appoint as my Trustees?

Given that Trustees are the people that look after and control any assets placed in trust as a result of your Will, you do need to have trust in them.

You may wish to consider their integrity, how they manage their own assets and the relationship they have with the beneficiaries of the Trust.

You can also appoint a professional person or company as a Trustee. Just bear in mind that there's a cost to this and you will need to account for that cost.

How many Trustees should I have?

What exactly does a Trustee do?

Can you give an example?

As an example, consider that you may wish to leave money to your children who are under the age of 18.

In these circumstances your Trustees would usually be expected to manage the money for the children and distribute any funds for them as required (i.e. pay for school fees) until they reach the age at which they take control over the funds themselves.

You get to choose when your children take control of the money for themselves. This can be any age between 18 and 25.

Your Funeral Arrangements

If you have any specific requests with regard to your funeral and the funeral arrangements, they can be included in your Will.

Do I have to include a clause about my funeral arrangements?

What kind of requests can I make?

Anything you like.

Some of the more common things you may like to include are;

Your preference over cremation or burial.
Where you would like your funeral to take place.
Where you would like to be buried.
What you would like to have happen with your ashes.
Any choice of music and any readings you would like to have at your funeral ceremony.

In fact, you can make whatever request you would like. Recording your wishes in your Will simply make them absolutely clear to your Executors.

Can I make a medical donation?

Yes. It's a good idea to include a clause stating any particular medical donation, whether that be to leave your body for scientific research or to donate specific organs.

However, donating organs, for example, would be time critical and your Will may be read too late. Therefore, it's always a good idea to let close relatives know of your particular wishes, so that they can be carried out in a timely manner.

Carrying an Organ Donor Card is also advisable, if this is your wish.

Specific Bequests

If you have any specific requests with regard to leaving certain personal possessions or smaller amounts of money to individuals or organisations (charities, for example), these need to be included when writing your Will.

Do I have to list everything that I own in my estate?

No. this isn't necessary.

However, if you have any specific possessions or amounts of money that you wish to bequeath to specific people or organisations, then you should make a detailed list of these things and include the appropriate clauses in your Will.

You just need to understand that, whatever you don't identify, specifically, in your estate (everything else not listed, whatever it may be), is dealt with through distribution of the Residue.

What information do I need to include when making specific gifts?

Do gifts and legacies have to be under a certain value?

Can I leave a gift to a charity?

What would happen if the person I've left a legacy to dies before I do?

The Residue of Your Estate

Who do you want the residue of your estate to go to?

The residue of your estate is everything left after any specific bequests (if any) and after payment of all debts, taxes and expenses.

Do I need to itemise the Residue of my Estate?

Do I have to split the Residue equally?

No. You can split the Residue in any way you want to. Here are a few examples of what you could choose to do;

You can leave it all to one individual.
You could name two beneficiaries and leave them 50% of your Estate each.
You could split the Residue 60%/40% or any other split of your choosing.
You can split the residue between as many people as you choose.
You could leave the Residue to your spouse and then have that passed on to your children when they die. (You can choose the split between your children, as well. Whatever you want.)

Essentially, you can split the Residue in any way you want to.

Does the Residue have to go to family?

You Must Ask This Question, Repeatedly, When Writing Your Will

In fact, if you're taking professional advice and you don't get asked this question, repeatedly when writing your Will (in relation to a variety of different situations), then you're talking to the wrong person!

That's a strong statement, I know, but it's absolutely true because, if you're not being asked this question, you're not getting the best advice and you're not able to prepare your Will, adequately, for all eventualities.

What is this all important Question?

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Please Note

The information provided here is intended to address the types of questions that people are often concerned about.

To see an outline of what we do and how we deliver services for our clients, please visit the Our Services page. You will find information on the key aspects of creating your will including:

Personal Reviews, Will Writing, Estate Planning & Tax Management, Lasting Power of Attorney, Discretionary Trusts, Special Provisions & Assurance (disabled beneficiaries), Severance of Tenancy, Secure Document Storage.

If you have a specific question, want more detailed information or want your will professionally prepared, then please just get in touch.

02380 879243