A Will makes it absolutely clear what you want to happen to your whole estate after you die.
You can make specific gifts to particular people or alternatively, you could divide your estate between a number of people in certain proportions.
Before making a Will, it’s worth drawing up a list of your assets and debts. This will give you a clearer idea of what your estate will be worth.
Your assets will include:-
Properties you own,
Savings and premium bonds,
Life assurance or an endowment policy,
Pension funds that include a lump sum payment on death,
Investments like stocks and shares,
Jewellery, antiques and other personal belongings,
Furniture and household contents,
You should regularly have your assets valued.
Your debts may include:-Mortgage, credit card balance, bank overdraft, loans, equity release.
Writing a Will and what to include
- Executors – name the people who will be in charge of sorting out your estate. This could be a professional executor or it could be a member of your family or a close friend
- Guardians – if you have children under 18 provision should be made for guardians to take care of the children if neither parent is alive.
- Charities – many people choose to leave a legacy to their favourite charity. It could be a set sum of money or a percentage of your estate. However it is important to include in your will the charity’s full name, address and registered charity number to ensure the correct charity receives your donation.
- Legacy Gifts – these are specific amounts of money or special items like jewellery or antiques which are left as a gift to a named person.
- Funeral Arrangements – your wishes for your funeral arrangements can also be set out in the Will e.g. whether you wish to be buried or cremated. However it is a good idea to inform your family of specific funeral arrangements separately from the Will.
- Administrative Provisions -This gives the executors the power they need to administer the estate correctly.
- Attestation-To ensure the Will is valid, it must be signed in front of two independent witnesses.
Peter Robinson & Co. can provide honest advice for anyone looking to write their Will.
Contact us on 0161 678 7996