Making a Will is one of the most important things you can do to protect your family and make sure your wishes are followed.
Whether you are buying your first home or settling into a longer term move, it is natural to start thinking about the future. If you have not made a Will before, knowing where to begin can feel unclear.
Poole Townsend Solicitor, Alexandra Fox, specialist in Wills and Estate Planning offers three key steps to consider to help get you started.
1. Who should benefit from your Estate?
Start by thinking about who you would want to inherit from you.
For most people this would be their family members, such as spouses or children. But you may also wish to include:
- Grandchildren
- Stepchildren
- Friends
- Charities
- Other relatives
You may also wish to leave specific items, such as jewellery, sentimental items, or specific sums of money to particular people.
Also consider what should happen if someone you have chosen is no longer here. Deciding who their share should pass to can help avoid uncertainty later on.
2. Choose your Executors
Your executors are responsible for administering your estate and making sure that your assets are distributed in accordance with your Will. This includes dealing with the practical and legal steps involved in administering your estate.
Their main responsibilities are:
- Collecting your assets
- Settling any debts, liabilities or tax
- Applying for probate
- Distributing the estate to your beneficiaries
It’s important to choose people you trust and who feel comfortable taking on this responsibility. This could be a family member, a friend or a professional such as a solicitor.
Naming a back up executor in case your original choice is unable to act, is also best practice.
3. Consider Guardians (if you have children under 18)
Who would you trust to look after your children if you were to pass away before they reached adulthood? This is a very personal decision, and it helps to think about:
- the relationship they have with your children
- their ability to provide long term care
- whether their values align with yours, and how you would wish for your children to be brought up
Having an open conversation with the person you are considering, helps ensure they feel comfortable taking on the role.
Key points to keep in mind
- think carefully about who you want to benefit and what they should receive
- choose trusted executors to ensure your wishes are fulfilled
- appoint guardians if you have young children
- Use key life moments, such as moving home, change in circumstances to review and update your Will
How can we help?
At Poole Townsend, we support clients across the South Lakes and Furness Peninsula with clear, practical, professional advice.
Whether you are making your first will or reviewing your plans after a move, our private client team will guide you through the process in plain English. We can also introduce you to our financial services team if you would like to look at your longer term plans alongside your will.
We offer an initial, no obligation appointment so you can talk things through and feel confident about your next steps.
Call us on 01229 811811 to speak to our team.