Making a Will: A Comprehensive Checklist
When it comes to making a will, the process can often seem confusing and overwhelming. However, it’s a critical step in securing your family’s future and ensuring that your assets are distributed according to your wishes. Shockingly, three out of five adults in the UK do not have a valid will in place, which equates to 59% of the adult population or 31 million adults. This statistic highlights the importance of addressing this vital task.
Simplifying the Will Writing Process
The thought of death and preparing for your departure can be daunting. We understand the emotional challenges associated with this task, and that’s why we’ve created a straightforward will writing checklist to make the process as easy as possible.
What to Include in Your Will
The thought of death and preparing for your departure can be daunting. We understand the emotional challenges associated with this task, and that’s why we’ve created a straightforward will writing checklist to make the process as easy as possible.
Personal Details
- Include your name, date of birth, address, and marital status.
- Mention the names and details of your children if you have any.
Estate Details
- List all your possessions, properties, bank/savings accounts, financial assets (like stocks), and valuable items such as cars or jewellery.
- Provide an overview of the value of your estate.
Beneficiaries
- Clearly state what you bequeath and to whom.
- Consider including charities as beneficiaries.
Executors
- Identify the individual(s) who will administer your estate.
- Executors can be people you trust or professionals.
Children’s Guardians
- If you have children under the age of 18, you can designate a legal guardian.
Trustees
- If you plan to leave part or all of your estate in trust, provide details of your chosen trustees.
Legal Requirements for a Valid Will
For your will to be legally valid, it must meet specific requirements:
Age and Mental Capacity
- You must be over 18 years old and of sound mind when creating your will.
- Exception: Individuals on active duty as soldiers or sailors at sea can create a will at any age.
Witness Requirements
- Your will must be signed in the presence of two witnesses.
- Both witnesses must also sign the will.
Choosing the Right Witnesses
It’s crucial to select trustworthy witnesses who are not beneficiaries (or the spouse of a beneficiary) in your will. This choice ensures that the witnesses won’t inherit from your will, as this would disinherit them.
Safeguarding Your Will
After completing your will (signed and witnessed), it’s essential to keep it secure. Professional will storage is an option, ensuring easy retrieval when needed. If you opt not to use professional storage, ensure a trusted person, such as your executor(s) or close family member, knows the will’s location.
Ready to Write Your Will?
While it’s never easy to contemplate your own passing, organizing your affairs can provide peace of mind that your loved ones will be taken care of. Consider consulting a professional to streamline the will-writing process. At My Family Legacy, we handle sensitive matters professionally and can assist you in this essential task. Contact us at 0117 279 5507 for a no-obligation discussion today.