What do I need to think about when making a Will?

 

When making a Will, there are a number of issues to consider to ensure that the Will meets your requirements and fully covers your circumstances. Midwinters Partner, Mark Lynham (mark.lynham@midwinters.co.uk ), explains what questions you need to ask yourself:

 

 

There are three main issues to firstly consider when making a Will. Firstly, you should have a good understanding of the extent of what you own and an approximate value (your estate). Of course, the size and nature of what you own might change considerably between when you make a Will and when you die, but having an understanding of your estate is important so that you can make informed decisions about how your estate should be divided.

 

The fact that your circumstances can change after you have made a Will (not just your financial circumstances but also your personal circumstances, e.g. you could have children, grandchildren, get divorced, win the lottery(!) etc) means that you should review your Will after any such life event or at least every few years.

 

The second question is to decide who will benefit from your estate, including making substitutional provisions in the event of any of your original Beneficiaries dying before you. Your Solicitor will be able to advise you of anyone in particular that you need to give consideration to in order to reduce the risk of a claim being made against your estate after your death.

 

The third question is to consider who you will appoint as your Executor or Executors. These can be close relatives, friends or professional executors, such as Solicitors. Everyone’s circumstances are different and your Solicitor will be able to give you guidance as to advantages and disadvantages of each option.

 

There are other issues to consider such as

  • the appointment of guardians for any minor children who might survive you;
  • your wishes for the disposal of your body after death (e.g. burial, cremation, etc); and,
  • the extent of the powers you might want to give to your Executors to deal with certain circumstances, for example allowing them to make payments early to any minor beneficiaries if it is considered appropriate.

 

Your Solicitor should take you through all of these issues so that a Will which fully matches your wishes can be produced.

 

 

This is a brief summary of the issues to consider when making a Will.

At Midwinters, we can offer an obligation-free initial appointment and can tailor our services to suit your particular circumstances. Please call us on 01242 514 674 to discuss further.