Step 1: Remember why making a Will is so important:
-
If you die without one, there are rigid rules about how your estate will be distributed. Your estate might not be distributed as you would like it to be.
-
If you have a partner and you are not married, or in a civil partnership, they will not receive any benefit from your estate without making provision for them in a Will.
-
If you have children who are under 18 years old, you may need to make arrangements for how they are looked after if you die.
Step 2: Carefully think about who you would like to benefit from your estate:
-
Would you like a particular person to have any of your personal items? For instance, would you like your wedding ring or engagement ring to pass to anyone in particular?
-
Would you like to make small gifts to any of your close friends or relatives? For instance, would you like to make a small gift to each of your grandchildren?
-
Who would you like to benefit from the majority of your estate? Would you like it all to go to your spouse or your children?
-
Would you like to make any gifts to charity?
Step 3: Carefully think about who you would like to be your executors. Your executors are the people that are given the responsibility of dealing with your estate. It is an important role and you must be sure that you trust them and they are capable of dealing with your affairs.
-
Would you like your spouse or children to be appointed as executors?
-
Would you like another close relative or friend to be executor?
-
Would you like to appoint a professional executor, for instance, your accountant or solicitor?
Step 4: Do you need to think about inheritance tax or paying care home fees?
-
If your estate is over £325,000 and you are unmarried, inheritance tax may be chargeable on your estate. If you are married and your joint estate is over £650,000, inheritance tax may be chargeable. It is sometimes possible to help to avoid inheritance tax when making your Will.
-
Do you wish to try to avoid paying too much in care home fees? Again, it is sometimes possible to help to avoid paying care home fees by setting a trust up in your Will.
If you think that you might be affected by inheritance tax or care home fees, it is a good idea to get some legal advice on the subject.
Step 5: Do you need to instruct a solicitor to make your Will?
-
It is not necessary to instruct a solicitor - you can even write your Will yourself. However, it is important to make absolutely sure that it is legally binding. There are special rules regarding the preparation of Wills, for instance, it must be signed and witnessed, you must understand it fully and you must not be under pressure from anyone.
-
It is also important to make sure it is correctly drafted. A poorly drafted Will is sometimes as bad as having no Will at all. It can cause dreadful stress and upset if you die and your beneficiaries do not receive what they should have been entitled to.
It is for these reasons that solicitors are often instructed to prepare Wills. They are fully insured and regulated by the Law Society, which gives clients a high level of protection and reassurance.
If you would like advice on preparing a Will, please contact any member of our Private Client Department, on 0114 266 6660.
