Top 4 Things to Think About When Making a Will

Research from Canada Life revealed that 31 million UK adults do not have a Will. If you die without a Will, you die “intestate”. This can create a whole host of difficulties and may mean that your estate is ultimately not distributed how you would have wanted. Making a Will is therefore vital for estate planning and will give you and your loved ones clarity and peace of mind.

 

If you are thinking about making a Will, here are four things that you may consider:

1. Your executors

Your executors will be responsible for dealing with your estate on your death.

You should choose people who are trustworthy, organised and that you are confident will fulfil your wishes. Ideally, you should also speak with them beforehand to ensure that they are prepared to take on this role.

2. Your assets

You should prepare a comprehensive list of your assets and their values, including property, bank accounts, investments, life policies, family heirlooms and so on.

This is a very useful exercise to undertake prior to meeting with a solicitor, as they will be able to tailor their advice dependent upon your assets and their values, and consider the inheritance tax implications.

3. Your beneficiaries

Your beneficiaries are those who will inherit your estate on your death.

You should think very carefully about different eventualities to ensure that your estate passes to who you would like it to. For instance, if you and your spouse die at the same time or if you leave behind no children or grandchildren.

You should also consider the circumstances of each individual beneficiary and any special considerations needed due to age or vulnerability.

4. Guardians

Typically when one parent dies, the surviving parent will have parental responsibility for any children under the age of 18. However, this may not always be the case.

It is therefore important to think about who you would like to look after your minor children on your death. You should think very carefully about who you appoint, as this person will take on parental responsibility for your children. You should also speak with this person beforehand to ensure that they are happy to step in.

At The Wilkes Partnership, we have a dedicated Private Client team who are on hand to assist with the preparation or updating of a Will. Please contact Sophie Fenn, Senior Associate on 0121 733 8000 or email [email protected] for further information.