A 'To Do' list for making your Will

Deciding to make your Will might be one of the best things you ever do. But where do you start? This short guide to making your Will provides you with a ‘To Do’ list to help you prepare.

List Your Assets

Before creating your Will, you should consider what makes up your estate. Whilst you don’t aim to pass away anytime soon, planning for tomorrow by working out what you have today is essential.

List all of your assets such as your property, bank accounts, investments and personal belongings. Assess their value and total them up. Next, list all of your debts and, again, total them. Take your debts from your assets and you will arrive at your net estate. This is the figure on which Inheritance Tax is calculated.

Listing your assets can also help you decide who you should allocate those assets to.

Address Digital Assets

Don’t forget to address your digital assets. These include:
•    Your email
•    Social Media Accounts (Facebook, X (formerly Twitter), LinkedIn, Instagram, Pinterest, etc.)
•    Digital music library
•    Photo and video collections
•    Files on your computer or stored online
•    Cryptoassets

You will need to think carefully about these and how you can allow someone to access them after your death so they can, where possible, be distributed according to your wishes.

Seek legal advice

When you decide to draw up your Will, you should seek legal advice. By doing so you will have peace of mind knowing your Will has been prepared by a professional who is experienced in their field. The last thing you would want is a Will that is flawed and open to challenge, bringing confusion and upset to your beneficiaries.

Once you know the extent of your estate, you will discover whether you have a potential Inheritance Tax liability. Inheritance Tax can become payable when the net estate is more than £325,000. There are several exemptions and allowances available, notably no Inheritance Tax is payable for transfers between spouses or civil partners or on gifts to charity. However, that might not be the best option depending on your circumstances.

Seeking professional advice can help you consider options to mitigate against or eliminate Inheritance Tax.

Decide on your Executor(s)

Your Executor is key to the proper and efficient administration of your estate. You must make the right choice. Select someone you trust to deal with your estate after your death, as they will be charged with following the instructions in your will. 

It is also sensible to appoint a joint or substitute Executor. When you do this, should one of them die, the survivor can deal with the administration of your estate.

You may wish to consider appointing a professional Executor who will act impartially when dealing with the administration. 
Identify your beneficiaries

Before putting pen to paper, consider who you wish to share in your estate and how much you want them to receive. For example, do you wish to leave specific items to anyone or direct a bequest or legacy to a charity or community organisation? Make a list of your beneficiaries and what items or share in your estate you intend to leave to each.

Decide on Residuary Estate

After deciding on specific bequests and legacies, you should consider who should receive the remainder of your estate. This is called the residue, meaning anything left after the payments of all taxes, liabilities, administration expenses and individual estate items have been dealt with. You must decide how the residue will be dealt with as failure to do so will mean any residue will be dealt with under the rules of intestacy

Prepare for Unexpected Events

Consider what you would like to happen to bequests, legacies or the residue of your estate if those you’ve directed to receive them should die before you do. Make provision in your Will to ensure that if someone you’ve named dies or, in the case of a charity or community organisation, ceases to exist, the entitlement they were to receive is re-directed elsewhere.

Consider appointing a guardian

If you have young children, you need to think about who you would wish to look after them if you and their other parent were both to pass away. In these circumstances, naming a guardian for any minor children is essential. It is vital to discuss the guardianship with those you wish to appoint to ensure they are prepared to take on the role. You will also need to consider what financial arrangements you need to put in place to provide for your children until they reach the age of majority.

Similarly, if you have a disabled child, you should consider what guardianship provisions are required, especially as that child grows into adulthood, where a court process is necessary to formalise the guardianship. 

Sign Your Will Properly

You must sign your Will correctly for it to take effect. It must be signed in the presence of two independent adult witnesses who must also sign in your presence. The witnesses mustn't also be beneficiaries of the Will.

Store Your Will Safely

Once you have drawn up and signed your Will, keep it secure and inform your Executor(s) of its location. That means it will be easily found following your death.

Review Your Will Regularly

Once you’ve made a Will, it is essential to keep it under review. You should revisit and update your Will after significant life events such as marriage, divorce or having children. Suppose you increase your wealth significantly or inherit a large sum of money or high value property. In that case, you should consider the impact on your estate and whether you need to review your Will and any inheritance tax plans.
It also makes good sense to review your Will every three to five years to check that the intentions you set down remain your intentions at that point.

Consider a letter of wishes

You can always write a letter of wishes for your Executors to guide them on how you would like your estate dealt with. This letter might include details of how you would like your funeral handled. A letter of wishes is informal and non-binding.

Contact us

If you would like any advice regarding this, or any other legal and financial matter, please contact our specialist team:

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