What to consider when making a Will

Choose an Executor

An executor is responsible for carrying out the instructions in your will. Choose someone you trust, and discuss your decision with them before naming them in your will.

List Your Assets and Debts

Make a comprehensive list of your assets, including property, bank accounts, investments, and personal possessions. Also, make note of any outstanding debts.

Beneficiaries

Clearly identify who you want to inherit your assets. This can include family members, friends, or charitable organisations. Be specific in your instructions to avoid confusion.

Guardianship for Minor Children

If you have children who are minors, specify a guardian for them in case both parents pass away. Discuss this with the chosen guardian beforehand.

Funeral Wishes

You may include your preferences for your funeral or memorial service in your will, although it’s common for people to communicate these wishes separately from the will.

Specific Gifts

If you want to leave specific items or sums of money to particular individuals or charities, outline these details clearly in your will.

Review and Update Regularly

Review your will periodically, especially after major life events such as marriage, divorce, the birth of children, or the acquisition of significant assets. Update it accordingly to reflect any changes in your circumstances or wishes.

Seek Professional Advice

While it is possible to create a will without professional help, seeking legal advice can help ensure that your will is legally valid and properly drafted. A solicitor or will-writing professional can provide guidance and help avoid potential issues.

Witnesses

Your will must be signed and witnessed by two independent witnesses to be valid. The witnesses should not be beneficiaries or the spouse of a beneficiary.

Inheritance Tax Planning

Consider the potential impact of inheritance tax on your estate. In the UK, there are exemptions and reliefs available, and proper planning can help minimise tax liabilities.

Digital Assets

Consider what should happen to your digital assets, such as social media accounts, online accounts, and digital files. Specify your wishes regarding access or closure.

Store Safely

• Keep the original copy of your will in a safe place, and inform your executor and/or family members where it can be found. Consider keeping a copy with your solicitor or in a secure location.

It’s important to note that laws and regulations may change, so it’s advisable to consult with a legal professional to ensure that your will complies with current laws and adequately addresses your specific circumstances.

How The Will Place Can Help

Whether you opt for a Single Will or a Mirror Will, The Will Place is here to guide you through the estate planning process. Our experienced team will work closely with you to understand your goals, address your concerns, and provide expert assistance in creating a will that reflects your wishes.

Contact The Will Place today to schedule a consultation and take the first step in securing your legacy. Your peace of mind begins with a personalised approach to estate planning.