What to Consider When Writing a Wil

1. Plan It Out

The first step to creating a great will is to plan. You’ll need to know which assets you’re mentioning, including:

• Single or jointly-owned property or assets (which will usually pass to the surviving owner, such as a husband, wife, child, or sibling)
• Bonds, shares, bank account details and ISAs
• Assets held in trusts such as life insurance policies and pension benefits
• Physical items such as cars, jewellery and art
• Debts and liabilities
• Royalties

2. Decide Your Executor

An executor is someone tasked with making sure your wishes are kept after you die. This includes informing the relevant people and making preparations to ensure everything wished in your will can go ahead, such as:

• Finding where the original will document is stored.
• Notifying banks and other relevant companies.
• Paying the liabilities of the estate.
• Paying any due inheritance tax or income tax
• Setting up executor’s accounts for paying in funds and managing outgoing bills.
• Providing necessary information to the probate registry, including information for the Inland Revenue account.
• Distributing estate assets in accordance with the will.
• Distributing personal belongings of the deceased to the intended recipients.

For many people, their spouse will be named the executor. However, it is a good idea to consider a replacement executor in the event that your spouse passes away before you.

3. Choosing Your Beneficiaries

These are the people who’ll receive assets in your will, including the people who’ll benefit from your estate. It’s important to name beneficiaries and clearly state what they will inherit. This helps to make sure your wishes are carried out effectively in the event of your passing.

Beneficiaries can include people such as friends, family, spouses/civil partners, as well as organisations such as charities.

4. Consider Areas of Potential Complication

In the majority of cases, wills are straightforward and easy. However, if your will includes shared property or you wish to leave money to someone who can’t care for themselves, this could cause potential issues.

5. Be Mindful of Inheritance Tax

An inheritance tax is a tax on the estate of someone who’s died. This tax can be hefty depending on the size of your estate.

If your estate is worth less than a total of £325,000 and/or you leave everything to your spouse/civil partner or a charity, you don’t need to pay inheritance tax. Inheritance tax is often a core part of the probate process, so it’s important to speak to a legal professional to ensure you take the most tax-efficient method possible in your will.

6. Make Sure The Will is Legal

If you want your will to go ahead in full, it’s important to speak to an expert to ensure that the proceeding and wishes outlined in your will are within the realm of the law. That’s where Thames Valley Will Services can help. We’re experts at providing bespoke will writing for our clients, with a broad level of expertise.

7. Decide Where to Store Your Will

Once you’ve created a will, it’s crucial that you take the necessary steps to keep it safe. This may mean keeping it stored away in your house, or it may mean keeping it in a bank. As mentioned earlier, It’s important that your executor knows where your will is stored. It’s also important that your will is safe from fire, water, or any other form of damage.

Expert Will Writing from Thames Valley Wills

Thames Valley Will Services have a breadth of experience in writing and providing advice for wills and trusts. If you need help writing a will, you can count on the experts at Thames Valley Will Services to help you.