The importance of having a Will in place is further highlighted by what happens if you die without one. In these circumstances, strict “intestacy” rules apply, which determine how your estate is divided, regardless of any personal wishes you may have expressed during your lifetime. Often, this can result in unintended outcomes, such as close family members or unmarried partners receiving nothing, or friends and charities not being considered. 

For this reason, it is highly advisable to seek advice from a qualified lawyer and make sure that you have a legally binding Will put in place during your lifetime. 

The process of properly drafting your Will will always begin with an initial meeting with your chosen lawyer, and there are a number of measures you can take to ensure this is an effective conversation that properly takes into account your individual circumstances and wishes. In this article, we have outlined the practical considerations you should take into account when making a Will and preparing for your initial meeting. 

Understanding your estate

When making a Will, the first thing you should do is take stock of your estate. Your Will usually covers all assets in your name when you pass away, so it’s important to understand exactly what these assets are and what you may otherwise own jointly with others. Consider questions like:

• Do you own any property? 
• What assets are solely yours, and which do you own jointly with a partner?

For inheritance tax planning reasons, it’s also a good idea to calculate what your estate may be worth altogether when making a Will, including pensions, shares, bank accounts and the value of any property. 

Identifying beneficiaries

Next, think about who you would like to benefit from your estate. What does your family look like? Who would you like to include in your Will? Would you like to leave them a specific gift (sometimes known as a legacy) or have them as a residuary beneficiary, leaving them a share of all your estate after liabilities, debts and legacies are settled? 

Because your Will is a legal document, it’s important to bear in mind that full names and addresses of your chosen beneficiaries will be required. Make sure that these are accurate and up to date before your initial Will writing meeting. 

Considering charitable gifts

Is there a charity or charities that are close to your heart? If the answer is yes, you may wish to leave a gift, also known as a legacy, to one or more charities. At Kitson Boyce, our expert Private Client lawyers can help you make these considerations properly when drafting your will and will also ensure that you understand the Inheritance Tax implications of this type of gift. 

Choosing executors

Executors are the people responsible for all the practical aspects of dealing with your affairs and administering your estate under the terms of your Will. They need to be organised and trustworthy. When making a Will, consider also how many executors you would like. It’s sensible to appoint more than one executor in case one is unable to act for any reason. You can also appoint replacement executors for this purpose. 

Appointing guardians 

If your children are under 18 or if you have any dependants, you should consider who will look after them if you are no longer able to do so. This decision should be given careful thought, and it is advisable to discuss the role with your chosen guardians in advance, where possible. 

Special wishes

Your Will can include any simple funeral wishes you may have, such as a preference for cremation or burial. This gives clear guidance for your executors to follow. It is sensible to discuss any wishes with them too, if possible, so they are aware of them. Your personal wishes can also be set out in more detail in a Letter of Wishes. 

Final considerations

Remember, you don’t have to have all the answers ready before meeting with a solicitor and making a Will! Everyone’s estate, friends and family are different, and therefore professional advice is essential when it comes to estate planning and making a Will. 

At Kitson Boyce, the legal experts in our Devon-based Private Client team have the knowledge and expertise required to help you create a Will that is tailored to your unique situation and individual requirements. Whether you are making a Will from scratch or need advice on an existing Will, we can provide you with the advice you need to move forward with confidence.

If you would like to arrange an initial meeting to update or create your Will, please get in touch with us online, via email at [email protected], or by calling 01803 202020.