What to Consider When Making a Will

21 Aug

Making a Will is one of the most important steps you can take to look after your loved ones. It’s about much more than simply passing on money or property – it’s about making sure your wishes are clear, reducing stress for your family, and protecting the people who matter most.

Here are some of the key areas to think about when preparing your Will:

Executors

You’ll need to choose the people who will carry out the instructions in your Will. Executors should be:

Over 18
People you trust (family, friends, or professionals)
Willing and able to take on the responsibility

Executors can also be beneficiaries, but they cannot witness the signing of your Will.

Beneficiaries and Gifts

Think about who should inherit from your estate. This could include:

Specific gifts (such as jewellery, heirlooms, charitable donations, or cash sums)
The main beneficiaries who will inherit the remainder of your estate

Guardians for Children

If you have children under 18, your Will allows you to appoint guardians. This ensures that if the worst should happen, the people you choose – not the courts – will be there to care for your children.

Pets

For many people, pets are part of the family. Your Will can include instructions for who should care for them, along with any financial provision you’d like to leave for their upkeep.

Funeral Wishes

You may want to record whether you prefer burial or cremation, and note down any particular wishes for your funeral. While these wishes are not legally binding, including them in your Will provides helpful guidance to your loved ones.

Property and Joint Ownership

If you own property, it’s worth checking whether you hold it as joint tenants or tenants in common. This can affect what happens to your share when you pass away. If needed, we can advise you on severing a joint tenancy so your share passes according to your Will.

Overseas Assets

If you own property or other assets abroad, you may need a separate Will for that country. It’s important to make sure that one Will doesn’t cancel out another – we can guide you through this.

Keeping Your Will Up to Date

Life changes – marriages, divorces, births, and deaths can all affect your wishes. We recommend reviewing your Will every few years to make sure it still reflects your circumstances.

Inheritance Tax (IHT)

While most people don’t need to worry about IHT, it can become relevant if your estate is above certain thresholds. We can highlight where IHT planning may help, and if needed, refer you to a financial adviser for specialist advice.

Ready to Talk It Through?

Making a Will doesn’t have to be complicated. At South West Wills & Estate Planning, we’ll guide you through each of these points step by step – in clear, simple language.

clare monson