Steps to making a Will
It is not expensive to make a Will: the cost is usually around £80. Although DIY Will forms may seem a good idea, it is far better to go to a solicitor to get professional advice.
1. Choose a solicitor:
If you do not know a solicitor; ask a friend or the Law Society to recommend law firms and then call around to compare their prices.If you need help finding an adviser, the websites of both the Law Society (www.lawsociety.org.uk) or Society of Trust and Estate Professionals (STEP) (www.step.org) offer lists of members.
2. Meet your solicitor:
Once you have a solicitor, but before you make an appointment, follow the steps below.The more informed you are in advance, the quicker it will be to draw up your Will and the less money you will spend on legal fees.
3. Work out the value of what you own
Use the checklist below to work out the total sum of your property, money and possessions (this is your estate).
| Asset Checklist | | Liabilities (money that you owe) | |
| House (present value) | | Mortgage outstanding | |
| Antiques / Paintings | | Any loans | |
| Household contents | | HP agreements | |
| Jewellery | | Credit card debts | |
| Vehicles | | Other debts | |
| National Savings | | Overdraft | |
| Bank/building society account(s) | | Tax due | |
| Stocks and Shares | | | |
| Bonds | | | |
| Unit and investment trusts | | | |
| Life assurance | | | |
| Other savings | | Total liabilities | |
| Pension benefits | | | |
| Other | | | |
| Total assets | | Balance | |
| | (deduct Total Liabilities from Total Assets) |
4. Decide ‘who gets what’
Write down the names and addresses of all the people (including organisations/charities) to whom you wish to leave money or gifts.Those who stand to benefit are called ‘beneficiaries’.
5. Choose your Executors
An executor is a person you appoint to carry out the instructions in your Will. As he or she is responsible for administering your estate, it should be someone who you trust to act quickly, efficiently and tactfully. Executors can be friends, relations or professionals and they can also be beneficiaries of the Will. There are four factors to consider when choosing Executors:-
Location. Choosing someone a long way away is not a good idea.
Age. Try not to choose someone much older than you
Willingness Is the person going to be willing to do this for you?
Capacity If your estate is complicated or may involve tax issues, is this person capable of carrying out your wishes?
You can appoint up to four executors, and it makes good sense to appoint at least two in case one is unable to act for you. Most people appoint a family member and a professional.
Remember that if you appoint a professional they may charge a fee which will be deducted from the value of your estate.
6. Keep your Will safe
Most people ask their solicitor or bank manager to look after their Will, as well as keeping a copy themselves. It is wise to tell your executors where they can find the original.
7. Remember the “shelf-life” of your Will
A Will is not – and never should be – a “once and for all” document. It must be regularly checked to make sure it accurately reflects your current circumstances. You should certainly review it every time you have a major family event e.g. a marriage or divorce, a birth or death or you move house.
If you remarry, you need to make a new Will. MARRIAGE IS THE ONLY THING WHICH CANCELS ANY EXISTING WILL.
A common scenario:-
Mr and Mrs Jones have been married for 15 years.They own their home in their joint names. They have two children aged 8 and 12.
They make Wills leaving everything to each other and then to the children.
Sadly, they divorce and, as part of the divorce settlement, Mrs Jones takes the house and the children continue to live with her.
Two years later, Mrs Jones remarries. Her new husband moves in with her and the children. She does not change her Will.
A year later, Mrs Jones dies.Her husband evicts the children from “his house” and he inherits all Mrs Jones’ savings and her personal belongings.
Mr Jones has to go to Court to protect the rights of his children and reclaim their inheritance.
All because Mrs Jones did not make a new Will!
If you do need to make minor changes to your Will i.e. leaving a legacy to a worthwhile charity like the Road Victims Trust, you can usually do so very easily by adding a ‘codicil’ – an addition to your existing Will. It should be drawn up by your solicitor.
If the changes to your Will are major, it may be a good idea to write a new one. Your solicitor will be able to advise you on this.
Instructions for my family and friends
Relevant information and instructions about my funeral
Please complete the details that are relevant, and add other information you would like others to take into account when you die.Please store this document in a secure but easily accessible place and let someone else know where it is.We suggest you look at it on your birthday every year, to ensure that the details are still up-to-date.
Personal details
Full name_________________________________________________________
Maiden name (if any) _______________________________________________
Occupation ________________________________________________________
Date of birth ______________________ Place of birth ____________________
Next of kin name ___________________________________________________
Address ___________________________________________________________
__________________________________________________________________
Phone ____________________________________________________________
Doctor’s Details
GP doctor’s name ___________________________________________________
Surgery address ____________________________________________________
Phone ____________________________________________________________
Key Contacts and Storage
My keys are stored in ______________________________________________
My address book is stored in _________________________________________
My Enduring or Lasting Power of Attorney is held by ______________________
Address ___________________________________________________________
__________________________________________________________________
Phone ____________________________________________________________
My Executor’s names are
| Name: Address: Phone: | Name: Address: Phone: |
| Name: Address: Phone: | Name: Address: Phone: |
Data that your Executor’s will find helpful:
National Insurance No _______________________________________________
Inland Revenue Office and Tax reference _______________________________
My Employer / Pension provider is______________________________________
Address:___________________________________________________________
Phone:____________________________________________________________
Reference code:_____________________________________________________________
Bank / Building Society_______________________________________________
Branch Sort Code:___________________________________________________
Main current account No:_____________________________________________
Savings account No:_________________________________________________
Safety Deposit Box No:______________________________________________
Life Insurance Policy number(s) _______________________________________
Key personal papers are stored:_______________________________________
Regular bills etc are stored:___________________________________________
My Will is stored at:_________________________________________________
Other Wishes
I would like my pet………………….
Other important information and contacts
Details of donor cards for donation of eyes, kidneys etc
Funeral arrangements
My pre-paid funeral account details
Pre-paid account name______________________________________________
Pre-paid account number____________________________________________
Funeral director firm and address_____________________________________
__________________________________________________________________
Phone____________________________________________________________
I would like to buried / cremated / other(please delete as appropriate)
If other, please give details__________________________________________
__________________________________________________________________
There is already a burial plot reserved at cemetery or churchyard location:
Plot reference__________________Cemetery phone no___________________
I would like my body/ashes to be buried at cemetery/churchyard
_________________________________________________________________
I would like my memorial to be worded
_________________________________________________________________
I would like my funeral service to be held at
Church name________________________Phone_______________________________
If they are available, I would like the following Vicar / Minister to take the funeral service
Name_______________________Phone_______________________________
I would like the following readings to be used
I would like the following hymns or songs included
I would like the following piece of music to be played
I would like the service to be advertised in:local press / national press
I would like flowers from:anyone / immediate family only
I would like donations in my memory to be given to the following church / charity / appeal
Other funeral arrangments (eg type of service or requiem eucharist)
Signature __________________________
Date ________________________________
(The form should be reviewed at regular intervals to ensure data remains up to date.
