What to include in my Will?

Knowing what to include in your Will is difficult. Planning your Will is a process that requires you to consider every aspect of your life, from the value of your property to the continuing care of your pets. In this article, we outline the things you should have to hand for your appointment and some guidance on how to make the crucial decisions that will be reflected in your Will. By the end, you should know exactly what to include in your Will and be fully prepared for your appointment.

The Value of Your Estate –

Firstly, you should prepare a summary of the estimated value of everything you own. This includes, but is not limited to: houses & other property, Savings and Investments, Shares, Bonds, ISAs, Cars, Jewellery, any Antiques, etc.

Property –

Is your home owned singly, jointly, or as tenants in common? Would you like to ensure your spouse/partner can continue to live in the home after your death? Would you like to protect your share of the home in order to ensure your children inherit regardless of a remarriage?

Debts and Liabilities –

Be aware of your liabilities and have them to hand. For example, mortgages, bank or personal loans, credit cards, etc.

Business –

Do you have any business interests to take into account when writing your Will? If so, do you know exactly how these business interests are held?

Inheritance Tax –

Consider the total value of your assets and deduct any liabilities to arrive at a net value. You can then use available online calculators to determine your liability. If you’re not sure about this process, we are happy to help. We will always advise you on any potential IHT liability in your instruction appointment.

Life Insurance –

Do you have cover in place for any mortgages or loans? Do you receive a Death in Service benefit from your employer? Are your life policies written in trust? Also, consider the value of any pension fund(s) and their beneficiaries.

Executors –

You will need to appoint one or more persons to apply for probate & distribute your estate per your will. A spouse or partner can act as your executor, but consider appointing reserve(s) just in case. An executor can also be a beneficiary. An executor should be 18 or over, capable of acting, and available to act. Above all, they should be someone you can trust.

Professional assistance –

If your estate is large or complex, consider appointing a professional executor. This can be done in place of another executor or simply to assist them with the process. Additionally, you may also name a professional executor in reserve in case your appointed executor cannot act.

Children –

If your children are under the age of 18 and are named as beneficiaries you require two trustees. The trustees can be & often are the same as the executors. Consider who would be best to appoint to this role.

Guardians –

If you have children under the age of 18, you should appoint guardians for them in your Will. Most importantly, make sure these guardians have agreed to this before putting them in your Will.

Beneficiaries –

Make a list containing the personal information of who you would like to inherit. Note down who you would like to receive what. A beneficiary can receive a percentage of the estate, a specific gift(s), or both.

Reserve beneficiaries –

Consider naming reserve beneficiaries in case your beneficiaries are unable to inherit.

Gifts and Legacies –

Make a note of any specific gifts you would like to make. For example, leaving your house solely to your child. You should also be aware of any substantial gifts you have made in the past 7 years.

Care Costs –

If you enter care in later life, consider protecting your property against the ramifications of the Care Act (2014). Otherwise, you may not be able to leave your property to your loved ones.

Lasting Power of Attorney –

This document names who can make decisions on behalf if you lose the ability to make decisions yourself. In other words, who do you trust to represent your wishes when you are unable to?

Advance Decision –

Do you want to express your wishes to your doctor and family (via a “Living Will”) regarding your medical treatment? In practice, this serves as a guideline where you are unable to make decisions for yourselves. This is not something that you have to include in your Will, but it bears thinking about.

Safe storage –

Would you like to arrange safe storage of your Will? Typically, only the original document is valid, so you should ensure it is kept in a safe place.

Registration –

As an additional safeguard, your Will can be registered with a UK Will Registry and a scanned copy made and stored.

Funeral –

Do you have any specific wishes in terms of funeral arrangements? For example, would you prefer a cremation or burial? If so, where would you prefer your final resting place to be?

Pets –

Do you wish to arrange for the continuing care of pets and name a preferred carer?

Planning a Will is an important task, and knowing what to include in your will is crucial. However, we are on hand to help if you are unsure about anything or simply have further questions about what to include.

Feel free to give us a call on 0117 214 0228 or send an email to info@bristolwillwriting.co.uk. Alternatively, leave your contact information with us here and we will be in touch.