Preparing a Will can be seen as a daunting and confusing task, but it is the most important step you can take to ensure that your estate is administered and distributed according to your wishes. We offer bespoke and in-depth advice and support to make sure your Will is appropriate for your individual needs and meets your wishes. There are a number of things to consider but let’s start with just 5 important things to think about when preparing your Will.
- Executors
No matter what style of Will you decide is best for you, you will need to appoint executors. Executors are responsible for collecting in and administering your estate in accordance with your Will, so it is important to choose a person or people you trust to carry out this task. You can choose multiple executors or a professional, such as a solicitor, if your estate is more complicated. You should choose someone who understands your wishes and can manage the responsibilities, especially if your estate is large or complex. We advise that you discuss the role with your chosen executors before naming them to ensure they’re willing and able to take on this responsibility.
2. Beneficiaries
Choosing who will benefit from your estate is one of the most crucial decisions when preparing your Will. Beneficiaries can be anyone but are usually family members, friends, or charities etc. Be specific about who receives what to avoid confusion later. It’s important to review your Will if your family circumstances change, such as a birth or death in the family. You should also consider whether you want to make unequal distributions based on need, such as leaving more to a beneficiary who has supported you or less to someone who doesn’t require as much. The clearer you are, the more likely your wishes are to prevail should there be any disputes in future.
3. Guardians
If you have children under the age of 18, appointing a guardian is critical. This person will be responsible for your children’s care if you pass away. Choose someone who you trust and can provide the love and stability your children need. We strongly recommend discussing this responsibility with the potential guardian to make sure they’re willing to take it on. You may also want to consider financial provisions for the guardian, as raising children can be costly. We’d also recommend appointing a replacement guardian in case your first choice is unable to act.
4. Specific Requests and Bequests
You should consider if there are any specific items you wish to go to specific person. This includes personal items like family heirlooms, jewellery, and other sentimental possessions. The more information you include, the less likely disputes will arise through misunderstandings. If you want to leave a charitable donation, ensure you list the charity and the amount or percentage of your estate you wish to donate. Additionally, you can outline any funeral or burial wishes, though it is important to let your loved ones know this is where your wishes are kept as the Will is looked at after the funeral on occasion.
5. Consider Tax Implications
It’s important to think about the tax implications of your estate. Inheritance tax laws vary, but your estate could be subject to tax based on its value. Some estates may qualify for exemptions or tax relief, depending on the circumstances. We recommend discussing this with our Private Client Practitioner but in some situations, it will be recommended that you speak with an independent financial advisor.
Conclusion
Preparing a Will is one of the most important tasks you can undertake. It ensures that your assets are distributed according to your wishes and reduces potential confusion or disputes among your loved ones. Key elements to focus on include choosing executors you trust, selecting beneficiaries, appointing guardians for minor children, making specific bequests, and considering any tax implications. While it may seem overwhelming, we are here to help.