Key Things to Keep in Mind When Writing a Will

Writing a will is essential to ensure that your assets – your money, possessions, and property – are distributed in the way that you wish after your death. Many people assume that their assets will be automatically passed to their ‘next of kin’, but certain rules apply if a will has not been written, which could result in your wishes not being carried out.

As wills, trusts, and probate solicitors in Burton-on-Trent, Astle Paterson can help you to write a will that ensures your wishes are observed, your loved ones are given financial security, and that your Inheritance Tax liabilities are minimised.

What Should I Consider When Writing A Will?

A will must be carefully planned to ensure that it is legally watertight, free from ambiguity, and ensures your chosen beneficiaries receive the appropriate share of your assets.

In general, you should consider these aspects when writing a will:

The Value Of Your Estate

Understanding the value of your estate is critical before you can decide how to distribute it to your beneficiaries. Your estate – the collective word for everything that you own – includes:

• Property 
• Possessions
• Cash savings
• Life insurance policies
• Stocks and shares
• Premium bonds
• Pension

By calculating the value of your estate – remembering to deduct any debts, such as bank loans, overdrafts, and credit card balances – you can generate an approximate figure that will help you to decide how you wish to distribute your assets to your beneficiaries.

Your Beneficiaries

You can name anyone as a beneficiary of your will, including family, friends, charities, or organisations, and there are no limits to the number you choose. Beneficiaries can also be nominated executors. A common method of distributing the estate is on a percentage basis, but you can also nominate individuals to receive personal possessions, such as family heirlooms or items with a sentimental value.

Inheritance Tax is not usually chargeable if you leave gifts to a spouse or charity; however, the rules are complex so seek professional legal advice from the outset.

The Executors

The Executors are named individuals who will be responsible for administering your estate after your death, ensuring that your wishes are observed, and that Inheritance Tax is paid, as required. While the executors are often close family or friends whom you trust, it is important that they have the time and skills to carry out the role. A solicitor can also be named as an executor.

Write And Sign The Will

Finally, while it may seem obvious, it’s necessary to sign the will. This is because it is not a valid document unless signed by the testator (the person who is writing the will) and two witnesses, neither of whom must be a beneficiary. The way to be certain that your will is written to be legally watertight is to consult a qualified legal practitioner.

Contact Us For More Information

To find out more about Astle Paterson’s Wills and Probate service, please call us today on 01283 531366 or send us a message and one of our team will reply promptly.