Why is it important to have a Will?

Having a Will is crucial for numbers of reasons, you can:

• Have your wishes known. Keeping your Will up-to-date gives you peace of mind that the people and causes that matter to you will be looked after in the way you want.

• Help your family and friends. A Will means your family and friends can administer your estate (that is your possessions and money) knowing that they are acting on your wishes.

• Give your assets to the people and causes you care about. A valid Will allows you to set out your wishes, making sure your loved ones are provided for financially after your passing.

• Minimise inheritance tax. You can transfer your assets tax-free in your Will, which provides valuable relief from inheritance tax.

If you don’t have a valid Will on your death, you are ‘intestate’, meaning the law decides on who inherits your assets, which may not reflect your wishes.

What to include in a Will?

A basic Will typically includes the following:

• Executor: The person responsible for managing your estate.

• Beneficiaries: The people who will inherit your assets.

• Guardians: If you have minor children, you can appoint guardians to care for them.

• Specific bequests: Any specific items you want to leave to particular individuals.

• Residual estate: The distribution of any remaining assets after specific bequests.

It’s essential to consider seeking professional advice, especially if your estate is complex or you have unique circumstances. Consulting a solicitor or a qualified will-writing service can help ensure your Will is legally sound and effectively addresses your wishes.

Make your Will in 6 steps

Creating a Will is a vital step in ensuring your wishes are carried out after you die. While it may seem daunting, following these steps can help guide you through the process:

Step 1: Understand your assets and debts

The first step is to create a comprehensive list of your assets and debts. This will help you understand the overall value of your estate and how to distribute it effectively.

Assets typically include:

• Property (owned or jointly owned)

• Bank and building society accounts

• Investments (shares, bonds, etc.)

• Pensions and retirement funds

• Vehicles

• Valuables (jewellery, art, collectibles)

Debts may include:

• Mortgages

• Credit card balances

• Loans

Note: Assets like pensions or life insurance policies held in trust, joint bank accounts, and jointly owned property with joint tenancy may not be part of your estate.

Step 2: Identify your beneficiaries

Determine who you want to inherit your assets. This might include family, friends, charities, or specific organisations. Make a list of their names, addresses, and contact information.

Step 3: Plan your asset distribution

Decide how you want to distribute your assets. This could involve:

• Specific bequests: Designating particular items for specific individuals.

• Residual estate: Determining how the remaining assets will be divided.

• Contingency planning: Considering what happens if a beneficiary predeceases you.

• Funeral wishes: While not legally binding, outlining your funeral preferences can ease the burden on your loved ones.

Consider supporting St Leonard’s Hospice through a gift in your Will. Even a small percentage can make a significant difference.

Step 4: Choose your executors

Executors are responsible for managing your estate after your death. You can choose friends, family members, or appoint a solicitor. Consider carefully as this role involves significant responsibility.

Step 5: Draft your Will

Strongly consider consulting a qualified solicitor. They can guide you through the process, ensuring your Will is legally sound and accurately reflects your wishes.

If you decide to write your own Will, ensure it’s signed and witnessed correctly to be valid.

Step 6: Safeguard your Will

It is important your Will is stored safely and your executors know where they will be able to find it after your death. If you have used the services of a solicitor they will usually store it for you free of charge and give you a copy. Alternatively, you could store it with the Probate Service in England & Wales. There is a small fee to do this but withdrawing it is free.