Checklist for Making a Will
21 September 2017
When making a Will in England and Wales, you’ll need to make a number of decisions about what to include in it. You’ll also need to have certain information ready.
Here we’ve put together a checklist for making a Will. This will help you understand the kind of decisions you’ll need to make, and what information you should start to gather.
If there’s anything you’re not sure about, you can speak to one of our professional Will writers first, so we can answer your questions and discuss the options with you. We're here to help you from 9am to 8pm Monday to Friday and from 9am to 1pm on Saturdays.
Making a Will Checklist
Your Personal Information - You’ll need to provide details about yourself. Your Will writer will need details such as your full name, date of birth, current address, relationship status and names and dates of birth of any children you have.
Your Estate - You’ll need to consider what assets (items of value) you own, including those in your sole name and owned in joint names. This might include property, bank accounts, stocks and shares, vehicles, foreign assets and anything else of value such as jewellery. You should also consider what debts and liabilities you have such as a mortgage or outstanding loans. This will help determine the net value of your Estate.
Your Beneficiaries - You’ll then need to decide who you’ll want to receive your Estate when you die.
There are different ways you can do this. You might leave everything to one person, such as your spouse. However, you should also decide who should inherit your Estate if your main beneficiary dies before you. So your Will could say that if your spouse dies before you, your two children should receive your Estate in equal shares.
Or you might want to make specific gifts (such as gifts of personal property) or leave fixed cash gifts to certain people or organisations. So you could request that your wedding ring is left to your goddaughter Alice, and that £5,000 is paid to a particular charity*. You can then say that whatever is leftover after payment of earlier gifts, liabilities and administration expenses (called your ‘Residuary Estate’) should be given to your son James.
You’ll need to provide the full names and addresses of all your beneficiaries.
* Gifts and donations to charity in a Will are normally exempt from Inheritance Tax. To qualify for the Inheritance Tax exemption the charity must have Charity Reference Number, and you will need to state this number in your Will.
Your Executors - Next you’ll need to choose your Executors. Your Executors are the people who will wind up your affairs after you die. It’s a job that carries a lot of responsibility, so it’s important to choose someone is capable of carrying out the role. Most people will name someone they know and trust to be their Executors. You can choose one person although you can have more, and you can also nominate Replacement Executors in case those you name are unable or unwilling to act. If you are leaving your whole Estate to one person then it is common to appoint that beneficiary to be the Executor as well.
If you are struggling to think of someone who could act in this role many people appoint a professional Executor (such as the Co-op’s professional Executor service).
If you’re choosing individuals as your Executors then you’ll need to provide their full names and addresses.
Legal Guardians for Children - If you have children who are under the age of 18, you’ll need to make provisions for them. This includes naming a Legal Guardian who will be legally responsible for your children, should you and their other parent both die while they are under the age of 18.
You’ll need to provide the full names and addresses of your Legal Guardians.
You might also want to consider putting financial arrangements in place for your children. For example, you might want their inheritance to be placed in a Trust which they can only access at a certain age. See below for more information.
Your Trustees - You’ll need to decide whether you want to put certain assets (normally money or property) into Trust. There are different types of Trusts available and each have their own benefits. If you do decide to create a Trust, you’ll need to appoint Trustees who will manage the Trust on behalf of the beneficiary. Your Trustees could be the same people who act as your Executors.
You’ll need to provide the full names and addresses of your Trustees.
Other Wishes - You’ll then have the opportunity to record any other wishes that you have. Usually you’ll be asked if you have any specific funeral wishes, although you can leave it to your loved ones to sort out if you prefer.
You might also want to write a Letter of Wishes to accompany your Will, explaining the motivation behind the decisions you’ve made in your Will. This can be very useful for your Executors, who will then have a better understanding of why you’ve decided to leave your Estate as you have.
If you’ve excluded someone from your Will, it can also help to prevent successful claims being made against your Estate.
If you have any questions about the above, or you want to talk through your options, we can help you.
Call our Will writers for initial advice on 03306069591 or contact us online and we will call you.