Talking about the potential aftermath of your passing is a subject many shy away from, but failing to organise your financial affairs can lead to significant complications after your death, comments Partner, Dagmara Kulczykowska from the Private Client Services team at Geoffrey Leaver Solicitors.  We frequently receive inquiries asking about what should be included in a Will, so to simplify the process, we’ve compiled some essential guidelines on what you should be thinking about including.

Firstly, we recommend you reflect on your assets and who matters the most.

Inventory of Your Assets

It would be a good idea to first list your assets, this can include real estate, investments, savings, insurance policies, and personal items of value such as jewellery, art and other collectibles.   Don’t forget to include any digital assets such as intellectual property and cryptocurrency.

Name your beneficiaries.

After determining the contents of your estate, the next step is to decide who should inherit these assets upon your death (referred to as the beneficiaries).

You have the freedom to name anyone as a beneficiary, including friends, family members, acquaintances, organisations, or charities.  There is no limit to the number of beneficiaries you can choose.  It is perfectly acceptable for your executor, the person tasked with managing your estate, to also be a beneficiary.

It’s crucial to understand how your choice of beneficiaries can affect the inheritance tax payable on your estate.  For example, gifts left to your spouse or to charities do not incur Inheritance Tax because these are considered exempt beneficiaries.  It is therefore important to keep this in mind when you decide whether you appoint a non-exempt beneficiary or exempt beneficiary when you allocate your assets.

Inheritance Tax regulations can be complex, so consulting with a legal professional, is highly recommended.  Furthermore, the method of gifting in your Will can vary, and the sequence in which gifts are distributed is key.  Improper planning could result in some beneficiaries not receiving their intended share as you might have hoped.  This is one of many reasons why professional assistance is invaluable when drafting what to include in your Will.  For a deeper understanding of Inheritance Tax visit our blog here.

Seeking expert advice ensures your wishes are effectively executed and that your loved ones are adequately cared for.

What roles need to be filled in a Will?

Executors

This is a critical decision because an executor will be the person who manages the execution of your Will.  This person should be trustworthy, organised and financially savvy as they will handle everything from paying off debts and closing accounts to distributing the assets as specified in your Will.  It is a responsible role that comes with certain legal obligations.  To learn more about being an Executorclick here.

At Geoffrey Leaver Solicitors we always recommend to our clients to appoint more than one Executor as this can help keep a balanced judgement, share the workload, and more importantly provide continuity and a backup to continue to manage the estate if one of executors is no longer able to carry out their duties.

If in the event you don’t have someone you feel you can trust to carry out this role then there are other options such as appointing a professional, like a Solicitor.  For more further information about professional executors  click here.

Letter of Wishes

Making a Will is an important part of lifetime legal planning but for your Will to be legally binding, it must be worded using specific legal terminology which does not leave much scope for creativity. Quite often alongside your Will, you can create a letter of wishes to express yourself in a more personal way.

While a letter of wishes is not legally binding it does place a strong moral obligation for those involved in your Will to follow your guidance.  To learn more read our article:  Do I need a letter of wishes alongside my Will.

Guardianship

If you have minor children (under 18 years of age), choosing a guardian is perhaps one of the most emotional decisions.  Consider who shares your values and has the capacity to take on this responsibility. It’s wise to discuss this possibility with the potential guardian before finalising your decision in your Will.

If you have a child with a disability, you might like to read our article on providing for a child with disabilities in your will or talk to one of our experts who can help you navigate and tailor to your circumstances and the needs of your child.

Specific Gifts

You may wish to leave specific items or amounts of money to individuals or organisations. These are called specific bequests or legacies and should be clearly listed to avoid potential disputes.  They are distinct from the general distribution of the residue of an estate and can include monetary gifts, real property, personal property such as jewellery, artwork, vehicles or other tangible goods, stocks and shares and digital assets.

It is important to be as clear and specific as possible when describing the gift to avoid any ambiguity that could lead to disputes among beneficiaries. Our article on probate and avoiding problems with chattels can explain more.

Pets

If you have pets, consider including arrangements for their care.  Appoint a caretaker and consider allocating funds for the pet’s maintenance.  For more guidance visit our article on Providing for a pet in your will.

Funeral Wishes

Although not mandatory, including funeral wishes can be helpful for your family.  Whether it’s a burial or cremation preferences or specific arrangements, these details can guide your loved ones at this difficult time.  By including a Letter of Wishes with your Will you can be very specific and detailed as to your wishes regarding the arrangements such as: what kind of service you would like, whether it should be religious or not, the music etc. and the venue of the funeral even down to the attire you would like attendees to wear. It is a way to express your personal preferences in a way that the formal Will might not accommodate.

Residual Estate

After specific bequests, the remainder (or residue) of your estate will be distributed. You can choose to divide it among several beneficiaries in specified percentages or leave it entirely to one person.  However, It is not advisable to leave everything to one person in the hope that they will distribute to others.  If there is no mention in the Will, then there is no obligation for that one person to carry out your wishes and it cannot be enforced.

Legal Compliance

A Will must meet certain legal standards to be valid.  These vary by location but generally include being of legal age and of sound mind and signing your Will in the presence of witnesses.

Witnesses

Witnesses are crucial for the validation of your Will.  You need two independent witnesses (people who are not beneficiaries) to sign your Will.

By reading this article you have already started the hardest part of the journey when it comes to estate planning.  By starting now, you can ensure that your wishes are respected, and your loved ones are cared for, which can provide an immense peace of mind.  Remember drafting a Will is not a one-off in a lifetime event but an ongoing process that reflects your life’s changes.  Engage with it regularly and adjust as needed to suit your evolving circumstances and relationships.

Store your Will in safe place

It is also helpful to make it clear to your loved ones/executors where you Will is stored, as quite often families are left searching for the Will of the deceased, which can cause worry, stress, and problems when dealing with your estate.

At Geoffrey Leaver Solicitors when you choose us to draft your Will, we will ensure that it is registered with Certainty which is the UK’s register of Wills.  Its main objective is to ensure that your Will can be quickly and easily located by your family when it is needed, and not overlooked, lost or untraced, giving you that extra peace of mind.

How we can help

We will listen sensitively to your needs and can help you draft a Will that suits your situation – so that you always have the final say. This includes providing advice on:

• Appointing guardians for your children
• Distributing your assets, such as your home and savings, among family members
• Making provisions for your business
• Incorporating Trusts to protect your property and assets
• Reducing the cost of inheritance tax
• Setting out your funeral wishes

Why choose Geoffrey Leaver Solicitors?

Our highly experienced Private Client Services team are here to help you protect your wealth and inheritance for future generations.  To speak to one of our experts about Will drafting contact Dagmara Kulczykowska, Ivone Joaquim, or Catrina Saracino on 01908 689341 or contact us.  Geoffrey Leaver Solicitors has offices in Milton Keynes, Buckinghamshire.

This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.