What to Consider When Writing a Will

Starting the process of writing a will can be tough. After all, we don’t like to dwell on what will happen when we die, and it’s one of those tasks that’s simply easy to put off. However, writing a will is an important part of life that ensures your wishes are honoured after you pass on, and also provides some much needed clarity for your loved ones at such a difficult time.

So, what factors do you need to think about when writing a will? Here are some points to consider.

What Assets Do You Have?

When writing a will, you need to check that all aspects of your estate are accounted for, so it’s wise to firstly make a comprehensive list of everything you own. This list will detail the contents of your estate, which will need to be administered after your death and might include:

●      Property, including single or jointly-owned property

●      Bank accounts, premium bonds, shares and ISAs, including joint bank accounts

●      Assets held in Trusts, such as life insurance policies or a pension

●      Personal belongings, such as cars, jewellery, family heirlooms and other valuables

●      Debts and liabilities - these will impact the final value of your estate, so should be included

Who Will Write Your Will?

There are several different options for who will actually write your will. Drafting it yourself is a good idea if you have a simple estate and few beneficiaries, however, more complex estates can be hard to write into a will. In this case, you can instruct a probate solicitor or will writing service, as they can advise you on what to consider and ensure the will is legal and coherent.

Who Will Execute Your Will?

You must choose executors who will be responsible for administering your estate. It’s considered best practice to choose between 2-4 executors; these should be people who are capable, willing and trustworthy, such as your spouse, family members or close friends. Your executors can also be beneficiaries.

Who Will Your Beneficiaries Be?

When naming your beneficiaries, it’s essential to be as clear as possible. It’s considered best practice to name all beneficiaries in full, and you should also make sure that any categories (i.e. “to my grandchildren”) covers everyone you want to benefit, such as any future grandchildren born after the will has been completed.

When the will has more than one beneficiary, how the inheritance will be split needs to be dictated clearly.  This can include assigning a specific item, sum of money or a percentage of the total estate to each beneficiary.

Who Will Witness and Sign Your Will?

A legally valid will must be signed in the presence of two other people in England and Wales. They must witness you signing your will and also sign it whilst you’re present. Witnesses cannot be beneficiaries of the will, or a spouse/partner of another beneficiary, so you should consider this when naming beneficiaries.

Seek Help From Our Probate Solicitors

Writing a will doesn’t have to be an impossible task. At PJE Solicitors, our expert probate solicitors offer a professional will writing service designed to help fulfil your wishes in a clear and legal manner. Please get in touch with us for more information.