Writing a Will is one of the hardest things you’ll ever need to do. But what you need to remember is the benefits of writing a Will vastly outweigh the initial discomfort and awkwardness. Writing a Will is especially important if you have children or other dependants, or if you are unmarried and have a partner.
Before you start writing a Will it is a good idea to have at least a rough idea of how much your assets are worth. Remember to take into account:
- Property (If there is an existing mortgage left on the property, remember to subtract that. If you own a property with a partner, remember your share is only worth half unless you have agreed otherwise).
- Bank accounts, saving accounts and investments
- Life insurance policies
- Any other items of significant value (e.g. cars, jewellery and antiques).
One of the main reasons for writing a Will is to ensure the people you want to benefit do! So once you know how much your estate is worth, have a think about who you would like to receive what. These are called Beneficiaries because they ‘benefit’ from your estate. This can range from property and cash to specific gifts such as your wedding or engagement ring.
Beneficiaries can be anyone, from children, grandchildren and other family members, to friends, to charities. To find a charity, click here.
When it comes to writing a Will, the role of Executor is a very important decision. The people you choose are responsible for implementing your wishes, ensuring everyone you want to benefit, does, having first made sure any debts have been paid.
You can have up to four executors. Executors can be:
- Relatives
- Friends
- Professionals e.g. Accountants, Solicitors and other professionals
In certain circumstances (e.g. large estates, complex family arrangements or trusts) you may want to appoint a professional as one of your chosen executors. The professional executor can provide the objective support, expertise and knowledge needed at this emotional time.
Executors can also be Beneficiaries but must be over 18 years old. Often you would select your spouse or partner to be one of your executors.
Request our free online Executors guide book
If you have young children, selecting a Guardian is probably the most important part of writing a Will. In the event of your death, your chosen Guardian is the person who will, ultimately, raise your children. If you are unmarried but have children with your current partner, there is no guarantee of guardianship. A surviving female partner, if the child(ren)’s mother, will get automatic guardianship of their children. However a surviving male partner does not have the same guarantee.
Choosing a Guardian needs careful consideration and we suggest, when making your decision, you ask yourself the following questions:
- Can they provide a stable and comfortable home?
- How is their relationship with your children?
- Where do they live in relation to your children’s school, friends and other relatives?
- Are they trustworthy and responsible?
- How old are they and do they have any health issues?
- Do they have or are they planning to have children of their own?
Request our free online Guardians guide book
If you are writing a Will and wish to set up a trust(s), you Will need to appoint Trustees. The person(s) you select need to be trustworthy as they Will be responsible for managing and investing your money and/or overseeing your property until it passes to your Beneficiaries. Trustees can also be the same people who you appointed as your Executors, but you can choose different people if you wish.
Request our free online Trustees guide book
In England and Wales, a Will requires the signature of two witnesses. Both witnesses must be over the age of 18, both be present when the Will is signed and should not benefit from the Will.
Request our free online Witnesses guide book
We recommend taking your time over these decisions; they are some of the most important decisions you’ll make. Then, once you’re ready to start writing a Will now, our qualified solicitors are waiting to help.