We do not like to think about death and its affect on our families, but if we do not make plans on how we wish to distribute our assets while we are still alive we can leave problems for our grieving family to resolve.

What is a Will?

A legal declaration of who you wish to dispose of your property on your death. A number of requirements must be fulfilled to ensure it is valid.

What happens if I do not make a Will?

Rules exist to determine how your money, property and possessions should be allocated. This may not reflect your wishes and unmarried partners, and partners who have not registered a civil partnership, will not inherit automatically.

What information do I need?

Work out your worth – include bank accounts, investments, properties, pensions etc, identify any possessions you wish to pass to a particular person or organization. Your solicitor will be able to calculate whether your estate is likely to be liable for the payment of Inheritance Tax and advise as to what steps should be taken to try and minimize or avoid this liability.

Choose your Executors carefully

Executors are responsible for distributing your estate according to your Will. It is a very responsible role. If you appoint a family member or a friend check that they are happy to accept the role. Are they used to accepting such responsibility and are they confident to handle large sums of money or deal with the sale of property? Consider whether it would be more appropriate to appoint an experienced solicitor to fulfil this role.

Consider appointing Guardians

If you leave children under the age of 18 and there is no other living parent there may be no one who will automatically be appointed the child’s Guardian. You should deal with this matter in your Will.

Consider making specific gifts

Do you have any specific items of value whether financial or sentimental? Do you have any family heirlooms that have been passed down the generations? If so make a specific gift in your Will to a named individual otherwise your executors will be required to dispose of the items on your death.

Arrange for the disposal of your residuary estate

Your residuary estate is everything that is left after your debts have been paid and specific gifts have been accounted for. Consider carefully how you wish this to be divided. If the proposed beneficiary has died before you do you wish to make arrangements for it to pass to their children? Do you wish to leave a share to a charity or other type of organization?

Do I need to set up a Trust?

Take advice as to whether you need a Trust to provide for a beneficiary who is under the age of 18 at the date of your death, to provide for a disabled beneficiary, to provide for someone whom you wish to have a life interest ie use of an asset but not fully take possession of it, or to avoid or reduce liability for Inheritance Tax.

Sign your Will properly

Strict rules exist setting out how a Will should be signed. If these are not followed the Will may not be valid or a potential beneficiary may miss out on your intended gift.

Store your Will safely

Make sure that your original Will is stored in a safe place where it will be protected from damage. Most solicitors will provide this service free of charge. Ensure that you have a copy amongst your papers where your executors can find it and keep with it any other instructions you may have such as directions for your funeral.

Review your Will

Your circumstances will change as the years pass. Ensure that you review your Will every three to five years to consider whether any changes are needed. This may be possible by a simple codicil or the changes may be such that a new Will is required. Remember that if you marry, and your Will was not prepared in contemplation of that marriage, it will become invalid.