How to do a will - a simple guide
Kowing how to do a will is helpful for creating your own will, or thinking about the issues before you see a professional will writer. Wills are powerful documents. They should be used to the full, as they are often the only place to organise things for when you die. Here are some of the key points to consider:
Executors Who will take care of all the practical things when you die? You can use one person, but it is advisable to have at least one in reserve, if not two.
Trustees It is common for a will to create a trust situation - for example, when children need to wait for a gift or legacy. You will need two trustees at least, so have at least one more in reserve. trustees are often the same people as the executors.
Funeral wishes You should consider whether you want to be buried or cremated, or have this left to the discretion of your executors. Try to be as clear as you can, as your family may not know what you want.
Guardians If you have children under 18, you should nominate a guardian. Do not assume that your husband/wife/partner etc. will survive you, as you may die together. By not putting a guardian, you may run the risk of having your children put into temporary care.
Business If you have a business or partnership, what will happen to the running of this? You can state who is to take control and ownership. Otherwise, your business could stop completely.
Who to exclude and why Be careful if you exclude people that may be expecting to benefit from your will. It is advisable to say why you have arranged things the way you have.
Gifts Gifts can be money, property, possessions or anything else that can be given away. If you have a pot of money that you wish to distribute, it will be next to impossible to guess how much money you will have when you die. Therefore you may want to consider dividing your estate into percentages. if you make reference to certain things, such as your Ford Fiesta, if you do not own a Ford Fiest, but changed it for a Vauxhall Astra, the gift will fail.
If you do not want to use a professional for drawing up your will, but still want to create one yourself, then feel free to contact us for a free guide to making your own will, which goes into more detail. use our contact us page to send your details.
Executors Who will take care of all the practical things when you die? You can use one person, but it is advisable to have at least one in reserve, if not two.
Trustees It is common for a will to create a trust situation - for example, when children need to wait for a gift or legacy. You will need two trustees at least, so have at least one more in reserve. trustees are often the same people as the executors.
Funeral wishes You should consider whether you want to be buried or cremated, or have this left to the discretion of your executors. Try to be as clear as you can, as your family may not know what you want.
Guardians If you have children under 18, you should nominate a guardian. Do not assume that your husband/wife/partner etc. will survive you, as you may die together. By not putting a guardian, you may run the risk of having your children put into temporary care.
Business If you have a business or partnership, what will happen to the running of this? You can state who is to take control and ownership. Otherwise, your business could stop completely.
Who to exclude and why Be careful if you exclude people that may be expecting to benefit from your will. It is advisable to say why you have arranged things the way you have.
Gifts Gifts can be money, property, possessions or anything else that can be given away. If you have a pot of money that you wish to distribute, it will be next to impossible to guess how much money you will have when you die. Therefore you may want to consider dividing your estate into percentages. if you make reference to certain things, such as your Ford Fiesta, if you do not own a Ford Fiest, but changed it for a Vauxhall Astra, the gift will fail.
If you do not want to use a professional for drawing up your will, but still want to create one yourself, then feel free to contact us for a free guide to making your own will, which goes into more detail. use our contact us page to send your details.
