A 'To Do' list for making your will

Making a will is one of the most important things you can do to protect your family and ensure your wishes are carried out after your death. However, many people put it off because they are unsure where to start. This practical guide sets out the key steps to take when preparing to make your will.

List your assets

The first step is to make a list of everything you own, including property, savings, investments, pensions, life insurance policies, and personal possessions of value. This will give your solicitor a clear picture of your estate and help ensure nothing is overlooked.

Think about who you want to benefit

Consider who you would like to inherit from your estate. This might include your spouse or partner, children, grandchildren, other family members, friends, or charities. Think about whether you want to leave specific items to particular people, or whether you want to divide your estate in shares.

Choose your executors

Your executors are the people responsible for carrying out the terms of your will. Choose people you trust, who are organised and capable, and who are willing to take on the responsibility. You can appoint more than one executor, and you can also appoint a solicitor as your executor or as one of your executors.

Consider guardianship

If you have children under 18, your will should nominate one or more guardians who will be responsible for their care if both parents die. This is one of the most important decisions you will make in your will.

Think about inheritance tax

Depending on the value of your estate, inheritance tax may be payable. Your solicitor can advise on strategies to minimise the tax liability, such as making lifetime gifts, using trusts, or leaving a portion of your estate to charity.

Review and update regularly

Once your will is in place, it should be reviewed regularly, particularly after significant life events such as marriage, divorce, the birth of a child, or the death of a beneficiary or executor.

If you would like some further information about the contents of this article, contact us today on 01502 532300 or email us using the 'make an enquiry' form.