Many people believe that writing a Will is complicated, but in fact it’s relatively straight forward. However, when making or updating your Will you should always seek professional advice. Here are a few important things you should consider before you see your advisor:
One of the most important things you will have to work out before writing a Will is the value of your estate. This means calculating the current value of everything you own, including your property, car, all your personal possessions and money, minus all your debts, which include any mortgages, loans, overdrafts, any credit or extended purchase agreements.
Our estate calculator is there to help you do so.
Today, people have increasing amounts of digital assets stored on home computers, laptops or online. These range from email and Facebook accounts, passwords for online accounts, to digital music and photos.
Like other assets, you can pass on your digital assets to family or friends when writing a Will. Recent research shows that the majority of people have not considered passing on this information in the event of their death. Take a look at our digital assets checklist to help you consider what digital assets you own and who you would like to pass them onto.
Your Will is your chance to take care of everything that’s important to you. Gifts can be anything you own and can take the form of specific items, cash amounts, or a percentage of your estate. Your family and friends should always come first. Make a list of their full names and addresses for your professional advisor.
Has a charity helped you or somebody you love? Which causes are important to you? Which appeals have really moved you? If you know, make a note of their official charity name, address and registered charity number to give to your professional advisor. We can provide you with these details for our member charities, or you can find details for all registered charities in the UK and Wales on the Charity Commission website. Details for charities in Scotland can be found on the Office of the Scottish Charity Regulator.
Write down the full names and addresses of those you would like to be Executors of your Will and Guardians for your children (if appropriate).
Once your Will is written, most professional advisors will offer to store it for you so that the Will is not lost. It may also be worth considering storing your Will with the Her Majesty’s Court Service. When your Will is complete, you can also register it with a number of commercial organisations that operate Will registration schemes.
Find a solicitor in your area via our postcode search.