What to consider

Who is to be the Executor of the Will. Do you want joint executors or a single executor. You can appoint professional executors such as your bank or a solicitor, typical charges are in the region of £5000 for taking on this role. Very often a competent person within your family is quite capable of completing the majority of the tasks and responsibilities.

Trustees of the Will. If any gifts are to be make to children then they may need to be placed in a trust until the child reaches a specified age. The trustees can and very often are the same as the executor.

Guardians. If you have young children, and particularly if you are a single parent who would look after them, who would you nominate to be the guardian of your children.

Family heirlooms - no matter how trivial that you might want to pass down to future generations.

Locate documents that you want to be record such as insurance policies, Pensions etc.

Names, addresses and telephone numbers of all those individuals you want to include in the Will.

Gifts. Specific monetary gifts that you want to make.

Residue. Consider who should

Decide what should happen if someone you intended to leave part of your estate to dies before you.

Funeral Instructions, Burial, Cremation, etc.

Storage of the Last Will & Testament. I have received many calls over the last 3 years asking if I know the whereabouts of a particular Will. Ensure the Will is stored safely. I highly recommend using the Will Writers Sentinel storage facility or other suitable storage facility (you can also request this from the Probate office) where the Will can always be traced. Solicitors will store Wills but expect a considerable charge when it comes to probate or updating such a Will (Solicitors are profeshionals and a business not a charity). Can you remember where you left all your documents some 10 or more years ago? 

If you have a business

Every person who has a business interest of any kind- directorship, shareholding, sole trader, full or part time business, partnership, self employed consultant etc – should instruct a Business Persons Will.

A Business Persons Last Will and Testament expands a normal will to deal with issues to protect your business interest, ensuring that the business assets are secure. All your hard work could be lost if you don't. Inland Revenue figures suggest that 82% of all businesses collapse or are very badly affected following the death of a key figure.

(Please note there is an additional cost for this service)

If your are separated or divorced. By not having a Will it is possible for your children to be disinherited. This could result in them receiving nothing from your estate, not exactly what you may have planned.

The Value of you Estate. Consider Insurance, Property, Belongings, Cars, Pension, Death in service (usually 3 or 4 times the salary) etc if this is over the Inheritance tax threshold you could pay 40% tax on any amount over this limit. See notes on IHT planning

If your family has a history of mental problems consider Lasting Powers of Attorney

•  Other Questions

Can I write my own Will? Yes, however without a full understanding of the law many errors are normally made which makes the will Fail. i.e. I leave £500 to Mr and Mrs Trent… ‘(is this £500 each or shared? A court would rule £500 each). This could result in another person receiving nothing as there is not enough in the estate to carry out the testators wishes. Also understandings of the terms can cause confusion i.e. is a pet classed as a Chattel?

Can I leave a legacy or item to an unnamed person (i.e. a mistress)? Yes this can be specifically put in a Will however the Executive will need to know who this is.

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