Here is a simple step-by-step guide to get you started:
- Choose your executors. These are the people responsible for ensuring that the instructions in your Will are carried out. Who should I choose? It is usual to appoint two executors, and these are usually family members or close friends. Alternatively you can elect a professional such as a solicitor, bank or accountant. These will charge for their services, and such charges will come out of your estate.
- List your assets. These such as property, savings, investments and personal possessions. Have you got any debts? These will be settled out of your estate before any gifts can be made.
- Who would you like to benefit from your Will? It may be that you want to leave most of your assets to close family, and something to friends and charities close to your heart.
- What kind of gifts can you make? It may be that you want to give someone a specific gift, cash gift or percentage of what’s left of your estate. A solicitor can talk options through with you. Click here to find out more about the types of gift you can leave and the wording you can use if you decide to leave Arthur Rank Hospice a gift in your Will.
- Get your Will legally written. It is advisable to ask a legal professional, such as a solicitor, to draw up your Will so they can ensure that the document has the right information in it. This also helps avoid problems further down the line, such as someone not getting a gift that you want them to receive.
- Storing your Will. Your solicitor can keep hold of your Will if requested, but make sure your family and executors know who has the Will. You could make a copy for your executors.
- Keeping your Will up to date. Personal circumstances change with age, so make sure your Will is up-to-date.