Thinking about putting a Will in place can seem daunting to some or even morbid but it doesn’t need to be. Putting provisions in place during your lifetime can give both you and your family peace of mind. If you don’t put provisions in place during your lifetime and die without making a Will, the laws of intestacy will govern how your estate will be distributed which means your estate could go to someone you would not have chosen to distribute it to. Aside from this, inheritance tax may be payable too.
Before you make a Will there are things you should consider such as whether you have any specific items that you want to gift to a certain person or a group of people, or even something that is sentimental. Considering these matters early on can make it easier when discussing your wishes with a solicitor or estate planner.
Here are some key things for you to think about ahead of putting a will in place:-
Executor – an executor is someone who will manage and distribute your estate in accordance with the terms of your Will when you die. They will need to ensure any debts are paid and your estate and any specific gifts, distributed to those set out in your Will. You should therefore think about who you would trust to carry out this role. It’s a good idea to consider a substitute in case the initial executor either does not wish to or cannot act.
Trustee – a trustee is someone who is in charge of managing and administering any assets that are held in a trust to benefit either a person or a group of people. Trustees are required to act in the best interests of the trust. You should therefore consider who would be able to carry out the role of trustee if you do have trusts in your Will following discussion with your solicitor or estate planner.
Guardian – a guardian is someone you appoint in your will to look after and have parental responsibility for your children that are under the age of 18 at the date of your death. The role of a guardian entails them looking after your children and making all decisions about your children including their education, health and upbringing as the parents would. You should consider a guardian who would be able to and want to carry out this role and someone who your children already know. It would be advisable to consider appointing substitute guardians in case the chosen guardian does not wish to or cannot act.
Specific gifts – are there any specific gifts you want to make to individuals on your death i.e. jewellery or particularly sentimental items? Including them in the Will makes the gift legally binding.
Gifts of property – do you own any property that you wish to gift to someone in your Will? This can also include any rental properties.
Businesses – do you own any businesses and what would you like to happen to them on your death?
Gifts to charity – do you wish to make any gifts to charity and how much?
Pets – If you own pets and were to pass away, who would you want to look after your pets? Would you like to leave a gift of money to that person that can be used to care for your pets?
Exclusions – do you have any children that are estranged or any family members you do not wish to benefit from your estate on your death?
Residuary estate – who do you wish to gift the rest of your estate to? If they are not living, then who else should this go to?
Where you are making appointments in your Will i.e. executors, trustees and guardians, it is recommended that you speak to those people in lifetime to check they would carry out the role as if not, an alternative person can be considered.
If you have any questions or need any guidance with the preparation of your Will or LPAs, please speak to one of our will writers today
