Deciding to make your Will is always the first important step. Once you have done this there are a number of considerations to make before you go ahead with your decision. We have picked out five of the most important considerations below.
1 – Your Assets
You should always make a list of all of the assets that you own and their values for financial planning purposes. These can include property you own, savings and investments. Financial planning is a key part of your estate planning and it is vital that all assets are included in the process.
2 – Your Beneficiaries
Another consideration is the beneficiaries that you want to benefit from your assets. Think about how you would like to provide for your spouse, children and any other loved ones. You also need to consider some of the circumstances which could lead to other people benefitting. These could include a spouse re-marrying and children from previous marriages.
3 – Your Executors, Trustees and Guardians
Next, consider who you want to carry out the wishes expressed in your Will. If you have grown children, this is usually the default choice for many but if they do not get on, it may be important to think about appointing another executor. If you have young children, a guardian needs to be chosen who will look after them until they are 18. Trustees have a similar role in which they look after the inheritance until they are old enough to inherit. This is an important long term commitment so always think carefully about who to appoint.
4 – Deciding on the division of your estate
After deciding your beneficiaries, you need to consider the division of your assets between them. Working with our clients, we have learnt that the preference is usually to look for the fairest solution which would suit everybody. However, the choice is completely yours to make. Consider whether a child is more deserving, this could be due to financial hardship, illness or if they have been more supportive than others. Other than children, many of our clients have considered giving to charity or splitting assets amongst close friends.
5 – Inheritance Tax / Care Fee Planning
There may be Inheritance Tax Planning opportunities for unmarried couples and business owners. Correct, structured planning may also have the added benefit of preserving the home from the effect of potential long term care fees. If you chose a consultation with us, our consultant will speak to you in depth about your planning options and opportunities.
Ater these five considerations, you will be well prepared for the Will writing process. As you can tell, making the Will is not that easy. It is always important to take advice from and have the Will completed by a professional (with the STEP qualification).
Our managing director is fully STEP qualified and all our consultants are members of the Institute of Professional Willwriters, so you will be in capable hands. We offer a free consultation, where we discuss your personal circumstances and provide tailored recommendations. Once completed, we follow up every 3-5 years ensuring that the Will is still fit for purpose and has not been affected by any major changes in your life such as marriage and children or by changes to the law.
To find out more or to book an appointment, contact us online today by clicking the link here and completing our simple online form.