Posted: Wednesday, 13 October 2021 @ 11:59
you are having your Will drawn up, there is more to think about than simply whom
you wish to leave your estate to. Below is a brief checklist of issues to
consider when making your Will.
you want to, you can include your funeral wishes in your Will so that your
loved ones know what arrangements you would like. This will not be legally
binding, but it can be reassuring for people to know that they are carrying out
should identify all of your assets and estimate the approximate value of your
estate. If it exceeds the Inheritance Tax threshold of £325,000, you should
consider taking professional advice about the potential ways of legally
reducing the Inheritance Tax liability that your estate will face.
going through your assets, you may find that you have certain items that you
want particular people to inherit, so you should make a note of these so that
they can be specified in your Will.
you have more complicated assets such as a business or overseas investments or
property, it is advisable to seek expert advice when making decisions about the
provisions of your Will.
will need to think about who will inherit your estate and how you will pass it
to them. You can leave specified sums of cash or a share in the residue of your
estate. The specific cash gifts will take priority over the gift of the
you are considering leaving a close family member out of your Will, it is
recommended to seek legal advice. The reason for this is that they may be
entitled to bring a legal claim against your estate if they are dependent upon
executors and trustees
will appoint executors in your Will to deal with the winding up of your estate.
You should give some careful thought to your choice of individual, as this role
is often time-consuming and can be complex. It involves valuing and collecting
in your assets, calculating and paying Inheritance Tax, clearing and selling
any property and preparing estate accounts.
you are leaving any property or money in trust, you will also need to select
trustees to manage the trust.
the event that you do not have anyone who is willing and able to take on these
roles, you can appoint a professional, generally an experienced trust and
estates solicitor, to act on your behalf.
you have children aged under 18, you should also use your Will to appoint one
or more guardians for them. This means that, if anything happens to you, your
choice of guardian will be able to take over your children’s care without
having to apply to the court.
you have had your Will drawn up, you should ensure that it is stored safely. A
receipt should be put with your important papers so that your family will know
where it is.
Provided by Sue Ioannou, Chair & Head of Training.