We understand that it can sometimes be quite daunting to come and see us to discuss a new Will. Clients tell us that they have put off making a new Will for many reasons, or simply because they don’t wish to think about their death. Ensuring that a valid a Will is in place makes things so much easier for loved ones left behind, and also, when done correctly, ensures that your last wishes are met. Our Amye Aris, Head of Wills and Probate and New Leaf Solicitors, explains the top 5 things to think about before your Will appointment.

1. ROUGHLY WHAT ARE YOUR ASSETS WORTH?

We ask that you provide us with a rough indication of all sole and jointly owned assets so that we can discuss inheritance tax mitigation and future planning with you. This includes the approximate value of your property, whether there’s any mortgages or loans, the value of your bank accounts, whether you have any savings or investments, and whether you have any pensions or life insurance policies.

2. WHO WOULD YOU LIKE TO APPOINT AS EXECUTORS AND/OR TRUSTEES?

This is a trusted individual or more than one person who will administer your estate upon your death. You can appoint a family member or professional such as a Solicitor, but they will charge a fee for their work. Their role is to keep a full account of all the estate’s assets and liabilities, report any tax due to HMRC, prepare the Probate application and also distribute to the beneficiaries of the Will.

3. DO YOU NEED TO APPOINT LEGAL GUARDIANS?

If you have a child or children who are under 18 years of age it is important to think about who would look after them should you die before they were legally an adult. A Guardian can be appointed in your Will, and you should also consider things like where the children would live and where would they go to school etc.

4. WOULD YOU LIKE TO LEAVE A CASH LEGACY OR SPECIFIC GIFT TO A FAMILY MEMBER OR CHARITY?

Gifts to charities are exempt from inheritance tax. You can also leave family heirlooms to your own children, or cash gifts to friends, relatives or godchildren.

5. WHO DO YOU WANT TO RECEIVE THE BULK OF YOUR ESTATE?

Is this all going to your spouse, and have you thought about what happens if they were to re-marry after your death? Would you want to protect your children’s inheritance by using a Life Interest Trust and what are the consequences of doing so? is there anyone that won’t benefit from your estate and why are you leaving them out?

The above tips are not exhaustive and do not constitute legal advice. We provide bespoke advice based on our client’s needs. There are plenty of other things to discuss in the meeting, such your funeral wishes, or whether you want to write a Letter of Wishes to be read alongside the Will.

To find out more about making a new Will and what you need to consider, contact our team on 01908 542 677 or email [email protected]