Often people like to make a will to make sure their nearest and dearest will be taken care of after they die. But with so many things to consider and so much legal jargon to get past, this can seem pretty daunting, too.
When making a will in England and Wales, you’ll need to decide what you want to include in it, and you’ll also need to have certain information ready. Don’t worry if the thought of writing your final wishes makes you uncomfortable. We’ve made a will checklist to help you break stuff down into manageable chunks.
Will Checklist
Personal details:
You will need to provide your details to the will writer. This includes your full name, date of birth, current address, relationship status and the names of any children you have, along with their date of birth.
Your estate:
You will have to count all your assets the one’s that you own in your sole name and those in joint names. This might include property, bank accounts, stocks and shares, vehicles, foreign assets, and anything else of value such as jewellery. Details of all should be furnished by you and decide if there are any gifts of money that you would like to give.
Your beneficiaries:
You’ll have to determine who will inherit your estate should you pass away. This can be accomplished in a variety of ways. You may entrust everything to a single person, such as your spouse. However, if your primary beneficiary passes away before you, you must determine who will inherit your estate. So, if your spouse dies before you, your will may specify that your two children should receive equal shares of your assets. Or you might want to make specific gifts or leave your cash gifts to certain people. All your beneficiaries’ full names and addresses must be given.
It’s worth remembering that gifts and charitable contributions made in a will are usually tax-free. The charity must have a Charity Reference Number in order to qualify for the inheritance tax exemption, and you must include this number in your will.
Executors:
Executors are the people who make sure that your wishes are carried out when you die. So, choosing your executors wisely is very important. After your death, executors are the ones responsible for collecting all your assets, paying off your funeral expenses and any debts, and then dividing your estate according to your Will’s terms. You can appoint more than one executor to ensure that the legal formalities are carried out smoothly. Ideally, you can appoint a beneficiary as an executor and if you go for a second then you have the option to appoint a professional executor who will look into the legal formalities.
Legal guardians for your children
Making provisions for your children if they are under 18 is essential. Naming a legal guardian who will be responsible for your children in the event of your death. You will have to provide the full name and address of your legal guardians.
Funeral arrangements
It is important that your funeral be conducted in the manner that you desire. We may include any special funeral wishes you may have in your Will. This isn’t a concern if you haven’t thought of your funeral in some way.
Specific gifts
A family heirloom is something that you would want to pass down to your family members as a gift of personal property or legacy. It can be an ornament, a car, other valuables.
Other wishes you may have
If you want, you can record some last wishes that you may have. Like you might have a funeral wish, or you might want to write a letter of wishes to accompany your will. This can make the job of the executors easy as they will understand why you’ve decided to distribute your estate in the way that you have. A letter of wishes will also help deter successful lawsuits against your assets if you’ve left anyone out of your will.
Summing-up
If you have reached this far you have done very well. Don’t worry if you don’t understand everything. Please call us for a no-obligation chat. Shergroup offers this service to business owners. As a business owner, you can benefit from our service to get your affairs in order on subjects you’d rather not worry about. If you’re looking for professional advice or service regarding your Will, we will put you in touch with our trusted partner for a complete review of your current situation. Finally, we hope you will find our service friendly, professional, and good value for money. If you are happy with our service, please tell your family and friends and encourage them to make Wills. For more information on this or to purchase our service, check out the link below:
