Making your Will
A Will is your gift to the people and causes that are important to you. It is also the only way of making sure that your wishes are carried out after your death.
Without a Will, you have no control over who will inherit and it can cause difficulties and complications for the loved ones you leave behind. By making a Will you have the satisfaction that you have made provision for those close to you and it does not have to be an expensive or complicated process.
If you have any questions, fill out a simple form and let us contact you.
Here are four key things to bear in mind:
1. Use a solicitor
We strongly recommend taking legal advice when drawing up your Will. A Will is a legal document and there are specific rules to how it should be drawn up – and if it fails to meet the legal requirements, it can be invalid or cause difficulties for those who inherit. Therefore it is important that your Will is drawn up professionally, duly signed, dated and witnessed.
If you do not have a solicitor, The Law Society can help you find a solicitor in your area by calling 020 7242 1222 or by visiting Solicitors online.
2. List your assets and liabilities
It is important when making or changing your Will, to have a clear idea of what your estate is worth. A good way to do this is to list everything you own and its approximate value, based on what you would be likely to receive for each item or asset if you were to sell it now. And then list what you owe.
By doing this before meeting with your solicitor you can also save time and money:
Assets: All your possessions, which may include property, car, furniture, jewellery, clothing, antiques, other items of value. Don’t forget your savings and investments which may include bank accounts, shares, bonds, insurance policies and pension benefits.
Liabilities: Everything you owe, which may include mortgage, loans and credit cards.
By subtracting the total liabilities figure from the total assets figure, you will be left with a rough amount that you can use to decide how to apportion your estate.
3. Decide how to split your estate
Consider everyone you would like to include in your Will and what you would like to leave them. Again it’s a good idea to compile a list of names and addresses of these people before visiting your solicitor. You may also wish to include a favourite charity, such as the Muscular Dystrophy Campaign.
4. Appoint executors
You will need to appoint executors of your Will, who will be responsible for administering your estate after your death and ensuring that the terms of your Will are carried out. It is usually advised to appoint at least two executors and they can be family, friends or professional advisors, or a mixture of these.
For further information on making or changing your Will or leaving a gift in your Will to the Muscular Dystrophy Campaign, please get in touch:
