Planning for the future is an essential part of life, and one important aspect of this planning is writing your Will.
A Will ensures that your wishes are respected and that your assets are distributed according to your desires after your passing.
Identify your assets and liabilities
Before drafting your Will, compile a comprehensive inventory of your assets, including property, investments, bank accounts, personal belongings, and any other significant possessions.
Likewise, make a note of any outstanding debts or liabilities. This detailed assessment will help you ensure that all your assets are accounted for and properly distributed among your chosen beneficiaries.
Choose an executor
An executor is responsible for administering your estate and ensuring that your wishes are carried out.
Select someone you trust to fulfill this role. It can be a family member, a close friend, or a professional executor.
Discuss your decision with the chosen executor beforehand to ensure they are willing to undertake the responsibility.
Appoint guardians for minors
If you have children who are minors, it’s crucial to nominate suitable guardians in your Will.
This ensures that they will be cared for by individuals you trust in the event of your untimely passing.
Discuss this responsibility with the potential guardians before making the appointment, as their consent is required.
Consider Inheritance Tax
Inheritance Tax (IHT) is levied on estates exceeding a certain threshold.
Understanding the potential IHT implications and planning accordingly can help minimise the tax burden on your estate.
We can assist you in exploring various strategies, such as lifetime gifting, charitable bequests, and utilising available exemptions and reliefs, to manage your IHT liability effectively.
Review and update regularly
Life is dynamic, and your circumstances and wishes may change over time.
It’s important to review your Will periodically, especially after major life events such as marriage, divorce, birth of children or grandchildren, or the acquisition of substantial assets.
By keeping your Will up to date, you can ensure that it accurately reflects your current wishes and circumstances.
Consider specific bequests and personal preferences
If you have specific items or sentimental possessions you wish to leave to particular individuals, make sure to specify them in your Will.
Be clear and detailed about your intentions to avoid potential disputes or confusion.
Additionally, consider including any specific funeral or burial preferences you may have.
Writing your Will is essential to ensure your assets are handled according to your wishes.
Get in touch with our expert solicitors for more advice.
Head of Wills, Probate and Older Client Services
I joined Mander Hadley’s Wills, Probate and Older Client Services Team in 2018. I specialise in the preparation of Wills, Probate and estate administration, trusts and trust administration and Lasting Powers of Attorney. I also have experience of care fee planning and appeals of Continuing Health Care decisions.
Latest posts by Rachel Blackburn (see all)