If you’re about to make you Will for the first time or its been a while since you’ve updated it, you may be wondering what you should be considering before your Will appointment so that you can be fully prepared. Here’s our top five things to consider;
1. Who will act as your executors?
Executors are the people you appoint to sort out all your affairs after you have died. They will need to make sure that all your assets (including any houses, money and even personal effects) are gathered in and any debts you had are paid. They will then need to make sure that everything left over is given to the people you choose as beneficiaries in your Will. It’s an important and responsible job so make sure you choose your executors wisely.
2. Who would you like to inherit your estate?
This may seem straight forward but it is worth considering not only who you would want to inherit but what would happen if they were no longer around? If your potential beneficiaries are under 18 at what age would you like them to receive their inheritance? Would you like to include step-children or step-grandchildren? What would you like to happen if there was a family wipe-out? Would you like to leave a specific gift of money to other friends or family or even to a charity close to your heart? Are there any specific items of jewellery or any other personal items you would like to gift to a specific person? A professional Will writer will be able to give you the best advice so that you can ensure everyone you would wish to benefit is included in your Will in the right way.
3. Who would look after your children or pets after you have gone?
If you are the last surviving parent when you die you will need to consider who to appoint as a guardian if your children are still under the age of 18. If you don’t appoint a guardian in your Will the court system will decide who your children should live with and this may not be the same decision you would have made for them.
If you have any pets which need looking after it is also worth considering who you would want to look after them. This could be a person or a specific charity. You could also consider leaving them a gift in your Will to help towards the cost of looking after your pets after you have gone.
4. What is the value of your estate’?
Your ‘estate’ will consist of everything you own at the date of your death. This could be your home, bank and building society accounts, life insurance policies, businesses, pensions, vehicles, jewellery, other personal possessions, and even digital assets and anything else you might leave behind. Having an idea of what your estate could be worth means that you can get the right advice on things like inheritance tax and what effect this could have on your beneficiaries. Its also important to have an idea of what outstanding debts your executors may have to deal with.
5. Are you considering getting married or divorced?
Getting married will automatically revoke your Will so if you are thinking of getting married to your partner it is worth mentioning this in your Will so you can ensure that your Will remains valid after you get married. If you are currently in an unmarried relationship it is important to remember that your partner would not be automatically entitled to inherit anything from you if you die without a Will (even if you have been together for years).
If you are separating from your spouse but are not yet divorced; your estranged husband or wife could still inherit from you if you die before getting divorced so it is important that you update your Will as soon as you can.
Contact us to book an appointment today 01934 271027.
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