Preparing to write a Will

Preparing to write a Will

When planning to make your Will, here are some things you might want to do before you see a Will writing professional.

Think about your estate

• Make a list of everything you own and what it’s worth (assets)
• Deduct any money you owe (liabilities)
• Include any life assurance policies and pension assets (if not already assigned or written in trust)
• Define a ‘working budget’ (the difference between assets and liabilities)

Think about the beneficiaries

• Make a list of who you want to benefit
• Don’t forget to include guardians to care for your children
• Think about wider family and friends
• Think about charities
• Consider how much of your estate you would like each person or group to inherit
• Note any particular items eg jewellery and pictures, that you want to give to specific people
• Note those you don’t want to benefit

Get your paperwork together

• Make a list of your ‘working budget’
• Make a list of the names and addresses of the beneficiaries
• Create a folder containing all the important information

Get expert advice

• Go to a professional organisation to draft your Will
• Choose a Will writer who is a member of a regulated body such as the Society of Will Writers

Appoint your Executors

• Choose people whom you know well and trust
• Think about family members, friends and perhaps a professional person (remember they may want to charge for this service)
• The Will must be signed by you in the presence of two witnesses – not beneficiaries or their partners
• If you change your Will, any changes must be signed and witnessed

Review your Will

• Every 3 years
• If you divorce
• If your partner dies
• Your children have children of their own

Keep your Will safe

• It’s important that those who need to can find your Will
• Keep your Will in a safe place