There are many aspects you need to consider when you plan to either write a new will or update a previous will (effectively writing a new one to replace the old one).
Firstly you need to list (roughly) your assets and liabilities to see what size estate you are going to leave. You’ll need to also consider what money might be coming to you via an inheritance or a lump sum from a pension perhaps. Don’t think about what you might receive from the National Lottery as that money might never arrive!
Then you need to think about who will administer your will for you after you die. This could be your spouse/civil partner/life partner. It might also be a member of your family or a close friend. We also recommend that you name a professional probate company as this part of the work may become extremely cumbersome.
If you have children you need to consider who you would want to look after them after your death. Some people automatically choose their parents for this task, but what age will they be when needed?
Then you can look over who you want to leave your estate to. This may be those closest to you and you might like to think about alternatives if the person you’ve chosen goes before you. You might want to leave specific gifts of money, jewellery or your golf clubs to specific people.
Will you want your property to go to your children?
You can then choose who the estate will go to if all your main choice goes before you; this is in the residue of your estate.
What do you want to leave to charity?
Do you want to set up specific trusts to leave money in trust for grandchildren?
How do you want to finish off; by being buried or cremated; do you know where and how?
You’ll see by this short list that a lot of planning goes in to your planning for writing and updating your will. Getting professional help is always the way to go forward.
Filed under: Wills
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