At Nelsons, we have an expert team of Wills and Probate solicitors who can offer you individual advice tailored to your specific circumstances. This step-by-step guide of what you should think about when deciding what you wish to include in your Will should provide you with the right guidance to assist you when visiting your solicitor to have your Will drafted.
What to include in a Will – A step-by-step guide
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Calculate the value of your estate
It is useful for you to calculate the approximate value of your estate. This includes any assets (i.e., money, investments, property and valuable possessions) you have minus the value of any debts or liabilities you may also have. This is important as this will enable your solicitor to tailor their advice to advise on your specific situation and whether your estate may be subject to Inheritance Tax when you die.
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Choose who you would like to execute your Will (the ‘executors’)
You will need to decide who you would like to appoint as the executors of your Will. Executors have overall responsibility for making sure your estate is administered in accordance with the terms of your Will. People typically appoint between one and four executors. You can appoint whomever you like. If there is to be more than one executor, you need to consider who will work well together as they must act unanimously.
You don’t need to ask your executors whether they are happy to be appointed in your Will, however, it is recommended that you ask them first, so they are aware that they are appointed when you die.
It is common for people to choose family or friends however, you could appoint a professional such as a lawyer or an accountant, independently or jointly with family and/or friends. A professional may charge for dealing with your estate and their fees will be taken from your estate before it is distributed.
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Choose who you would like to appoint as guardians for your children
If you have children under the age of 18, it is recommended that you consider who you would like to act as guardian(s) for your children should you die before they reach the age of 18. Most people with children under the age of 18 use the appointment of guardians as security to know that their children are being looked after by people they trust to do so.
Again, although your guardians don’t need to be informed, it is important that you ask them before so that they can confirm they are happy with your choice.
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Decide who you want to benefit from your Will (the ‘beneficiaries’)
It is helpful if you have a list of the full names and addresses of anyone you want to include in your Will when you meet with your solicitor. As well as friends and family members you may wish to include charities.
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Decide how you wish to leave your estate to your chosen beneficiaries
If you want to leave a specific item or sum of money to a particular individual in your Will you can state this as a specific gift. You may have several specific gifts you want to make.
The balance of your estate is often referred to as the residuary estate (this is the estate after payment of any specific legacies and after payment of any estate expenses). You need to consider who you want to receive this and if more than one person/charity is to benefit then the percentages in which they are to share it.
Looking after your Will
At Nelsons, we will keep your original signed Will in our safe storage for no charge, and send a copy to you to keep with your papers. It is important to keep your copy safe and to tell someone close to you (preferably your executors) where both the original and the copy are.
We also offer the option to record the existence of your Will on the National Will register.
Reviewing your Will
We recommend that you review your Will every five years, even if there have been no significant changes to your circumstances. There may be something in your Will that you are no longer happy with and wish to change or there may have been changes to the law affecting your Will.
It is particularly important to review and update your Will if there has been any of the following changes to your circumstances:
- You get married or enter into a civil partnership
- You get divorced
- You have children
- The value or composition of your estate changes (e.g. you buy or sell a property or business, gain assets overseas or receive an inheritance)
This article is for information only and does not constitute legal/financial advice. Please contact us for advice tailored to your specific position. Some of the content presented on our website has been generated with the assistance of Artificial Intelligence (AI). We ensure that all AI-generated content meets our high standards for accuracy and relevance.
