Key factors to consider when making your will
There is no doubt that everyone should make a will. There are many reasons for this and if you haven’t already, it really is worth considering. It will allow you to divide your estate up as you wish and make sure that your money goes to the people you want it too. In addition, it will also avoid any lengthy legal problems around your estate for family after you have gone.
But what are some of the things do you need to think about when making a will?
1. Use a professional
You will have no doubt seen adverts online or on the TV for DIY will kits. Maybe you’ve seen the packs in WHSmiths for £9.99? These promise to make drawing your own will up simple and for hardly any financial outlay. Unfortunately, most of them are too good to be true! It really is better to visit a professional company such as a specialist tax advisory firm to have your will drawn up properly. This will ensure that it is done to the highest standard with everything included that needs to be. While the £9.99 special offer done well might solve an immediate problem, if you have children or any assets of significant value it’s worth taking professional advice to make sure it’s done properly – which could save your estate thousands.
2. Choose executors well
The executors of your will are the people who will be responsible for carrying out your stated wishes after your death. This is a very responsible role and can involve dealing with huge sums of money while being time-consuming in some cases, while at the same time often completely unrewarded (lay executors can’t usually charge for their time). Make sure the person you choose to do this is happy to take it on and is competent. They are personally liable for any losses so they will need to take great care when undertaking the role and sometimes it is safer to appoint a professional to avoid disputes.
3. Think about trustees
If you will be using your will to set money in trust or leaving anything to people who may be under 18 when you die, then trustees come into play. They will be responsible for looking after any money for minors until they are 18 and keeping on top of any trust funds too. As with the executor you choose, it needs to be someone rational with a good head for figures ideally.
4. Remember to sign it!
You would not believe the number of clients we speak to who have unsigned wills sat in a cupboard. Wills are only valid once executed correctly. You should remember to sign your will in front of two independent witnesses once drawn up. This will make it a legal document that will be carried out as stated in it.
If you need any help with wills or need one drawn up, get in touch with us today. We are specialists in tax and tax efficient wills and can make sure your estate is divided up according to your wishes when the time comes.