The following are key questions to consider toward making or updating your Will:
Who do you want to appoint to be your Executors? (Executors are the people legally responsible for gathering in everything you own, paying off any debts you may have and ensuring the wishes in your Will are achieved for you).
Children and Guardian
If you have children under 18 years of age, who do you want to appoint to be their guardian if both parents were to have died?
Do you have any funeral wishes? If so, what are they?
Are there any specific items you want to leave to anyone? How can the items be fully described to enable someone who might not know them well to be able to identify them? Who do you want to leave the items to?
Amounts of Money
Are there any specific amounts of money you want to leave to any person or charity? How much and to whom?
Remains of the Day
What do you want to happen to everything else that is left? Is it all to go to one person or organisation or to a number of different beneficiaries? Do you want everyone you identify to receive the same amount or different amounts – and if different amounts, in what proportions?
When it comes to dividing your estate, using percentages is a great idea – this means that whatever the value of your estate at the date of your death, the beneficiaries you have chosen are treated proportionately as you intended – even if the ‘pot’ they share from is bigger or smaller than you thought it might be.
The assets you own or the people you want to benefit might have specific needs to make sure they are best looked after and protected. Taking legal advice can make sure that any unique circumstances can be provided for and give you peace of mind.