Making a Will – What You Should Know

We understand that arranging to write your Will can be an overwhelming and dauting task. However, it is more important to ensure that your assets and sentimental items are left to those that you want to continue supporting and loving.
We hope that the below can serve as a guide for when you begin thinking about your Will.

What happens if I don’t write a Will?

If you pass away without a Will, your estate is governed by the Intestacy Rules. While these rules are helpful in a situation where the deceased’s circumstances follow the concept of the ‘standard family’, it is not always ideal to rely on them – as we previously explored here. Please note that as of July 2023 that the statutory legacy has increased to £322,000.
The Intestacy Rules may not apply to your circumstances as you may expect and as such, we would always recommend for you to draft a Will instead.

What information do I need before having a Will drafted?

Contrary to popular belief, you do not need to list every single asset and item that you own as part of your Will. All your belongings and assets will automatically be covered within what is known as the “residue” via the wording used in the Will.

It is more important for you to ascertain the following:

• Your executor: Those responsible for dealing with your estate after you have passed away. You need to name someone suitable to value your estate, deal with inheritance tax and ensure that the instructions in your Will are followed.
• Specific items or cash gifts: If you have specific sentimental items that you want to leave to specific individuals, this can be highlighted within your Will. You can also leave fixed sums of money to a charity or a group of family members. Anything else that you own and do not include as a specific instruction will form part of your residue.
• Who you want to inherit from your estate: These are known as beneficiaries. You can either leave specific items or amounts of cash to beneficiaries. Alternatively, they can inherit from your residue. Beneficiaries are commonly family members, friends and charities.

For both executors and beneficiaries, we would also recommend thinking about backups for if they are no longer around to act as executor or inherit from the estate.

What happens when I meet with a solicitor to draft my Will?

Your solicitor’s priorities when drafting your Will is ensuring that your wishes are protected from unforeseen events and potential claims.

They will go through your wishes and intentions with your Will and highlight any areas of concern that may require reconsideration.

Your solicitor will also ask about your family circumstances to advise on whether any claim could be made against your estate. Similarly, they will expect you to discuss the value of your assets to advise on the inheritance tax implications. The questions may feel very personal and invasive, but rest assured it is to make sure that your estate and your wishes are protected.

Once they have confirmed your instructions and received all the details, they will arrange to draft a Will for your consideration. Once the draft Will is approved, they will also organise a second meeting to ensure that Will is correctly executed.

Conclusion

Before you meet with your solicitor, it is helpful to have the following information prepared in advance:

• The full names and addresses of your executors and beneficiaries;
• The total value of your estate;
• Whether you want to leave any specific items or cash gifts.

Our specialist will writing solicitors we have established expertise when it comes to helping clients to make their Will. You can call us on 0330 822 3451 or request a callback, to enquire about making a Will or making amendments to your existing Will.