Practical tips for making a Will

To save you some time and costs, it's worth considering the following matters before you visit your solicitor. It will also help you to think about your affairs and those people and causes you might like to include.

Step 1 – Consider your assets

• home
• money in bank/building society accounts
• shares and other investments
  
• insurance/pension
• national savings/premium bonds
• home contents
• other savings and assets

Step 2 – Consider your debts and other liabilities

• outstanding mortgage
• any credit agreements
• loans or overdrafts
• credit card debts
• any other debts
  

Step 3 – Who do you want to name as Executor of your Will?

Up to four individuals can be selected to act as your Executor, although it is normal to choose just two.

Step 4 – Are there any specific items you wish to leave to people?

Known as specific legacies, these tend to be specific personal possessions.

Step 5 – Are there any sums of money you wish to leave to people?

These are called pecuniary legacies, and are simply fixed amounts of money that you want to leave to people or organisations. Depending on the size of your estate you may find that will need to revisit these gifts, because they are subject to the effects of inflation.

Step 6 – Who do you wish to leave the residue (or remainder) of your estate to?

Once all the costs and liabilities, and your specific and pecuniary gifts have been taken into account, what is left in your estate is known as the residue.

Step 7 – Other matters to discuss with your solicitor

Back stop clauses
It is always important to think about what might happen if one of your chosen beneficiaries, sadly, passes away before you. Organisations you have named might also cease to exist by the date of your death.

Your solicitor will be able to advise you on how to word your Will, so that it includes a clause that considers what to do with these funds. This ensures that no matter what happens, your estate is distributed where you want it.

Funeral wishes
You can detail these in your Will, ensuring that they are known to your family and friends.