Nobody likes to think about dying. But death, like taxation, is unavoidable. If you care about what will happen to your assets when you die, and you wish to make a proper provision for your loved ones, then you should ensure that you have a valid and up to date Will.

Before making a Will however you will need to consider the following:

1. Your property Make a list of everything you own and how much it is worth. Include your home and any buy to let or holiday property you may have, money in bank or building society accounts, shares, pensions, insurance policies, any personal valuables and any business interests you own.
2. Providing for your loved ones Who do you want to leave your property to? Make sure that you make property provision for your spouse or partner, children, extended or previous family members and friends. Do you want to leave some money to a particular charity? Do you want to put any conditions on any of your legacies? A common condition is that children must reach a particular age, say 21, before being entitled to the money that you leave them.
3. Guardians Do you have any minor children? If so, who would you want to care for them if you were to die before they reach the age of 18.
4. Your business interests What would you like to happen to any business interests you my own after you die?
5. Any other wishes? Are there particular arrangements you wish for your funeral? In particular, would you prefer to be buried or cremated – or do you have some other preference? How do you feel about organ donation?
6. Appointing Executors Executors are people you appoint to administer your estate; i.e. carry out your wishes under the Will when you die. They may be family or friends, or alternatively experienced professionals such as your solicitor. A common and often sensible combination is to appoint both a family member and a solicitor. Make sure that you appoint someone who understands financial issues and don’t forget to make sure that they are prepared to take on the role of executorships should you die. This is important as without checking with them first, you run the risk of them refusing to act as executors and leaving the estate without someone you have chosen to administer it. Bear in mind that there can be quite long term responsibilities under the Will – especially if your Will involves the creation of a trust, for example with regard to your children.
7. Tax Implications Finally don’t forget to make sure you are aware of any tax implications, particularly with regard to inheritance tax, of your Will.

It is good advice to review your Will at least every 5 years and especially on any major life changes such as marriage, divorce, or having a child. Although it is possible these days to prepare your own Will, there are serious risks involved and sadly the number of incorrectly drafted Wills being contested is rising rapidly – at a huge emotional and financial cost to the deceased’s estate. Consider instead getting some expert advice from one of our experienced Wills solicitors who can provide you with a value-for-money fixed fee for a simple Will.

For legal advice from an expert Wills, Trusts and Probate solicitor, contact our Salisbury, Andover, Warminster, Verwood or Amesbury offices today.