Making a Will
1 May 2008
When planning to make your Will, here are some things you could do before you see your solicitor. You might find it helpful to print this off.
Your Estate
1. Make a list of everything you own and what it is worth (assets)
2. Deduct any money you owe (liabilities)
3. Include any life assurance policies and pension assets
(if not already assigned or written in trust)
4. Define a ‘working budget’ (the difference between assets and liabilities)
The beneficiaries
5. Make a list of who you want to benefit
6. Don’t forget to include guardians to care for your children
7. Think about wider family and friends
8. Think about charities
9. Note those you don’t want to benefit
The file
10. Make a list of your ‘working budget’
11. Make a list of the names and addresses of the beneficiaries
12. Create a folder containing all the important information
Once you've got all this information to hand, now is the time to seek legal advice.
Expert legal advice
13. Go to a solicitor to draft your Will
If you don't have a family solicitor you can find a list of solicitors from the Law Society on 0870 606 2555 or on their website at www.lawsociety.org.uk
There is also an professional body called STEP [Society of Trust and Estate Practitioners] whose members are professionals, specialising in trusts and estates, executorship, administration and related taxes. You might wish to consider using a STEP practitioner if you think your affairs might involve complicated Inheritance Tax or Trust matters. They can be contacted on 0207 838 4890 or you can find a member in your area on their website at www.step.org
Appoint your executors
14. Choose people who you know well, and whom you trust
15. Think about family members, friends and perhaps a professional person (remember they may wish to charge for this service)
Your Will should be signed and witnessed
16. The Will must be signed by you in the presence of two witnesses*
17. If you change your Will, any changes must be signed and witnessed
* Beneficiaries or their partners should not be asked to be witnesses as they would lose any inheritance if they signed
Review your Will when circumstances change
18. If you divorce
19. If your partner dies
20. Your children have children of their own
21. Keep your Will up to date
Keep your Will safe
22. It’s important that those who need to, can find your Will
23. Keep your Will safe
24. Register your Will
Note you can find out more about registering your Will at www.thewillregistryoffice.co.uk
Preparing your Will if you own property or plan to live abroad
Make a Will
Still go through all the steps you would if making a Will in the UK even though the rules of inheritance and intestacy are likely to be different.
Dying abroad without a Will means you die intestate and it will be problematic and costly for your family and beneficiaries.
Seek professional legal advice
If you need to make an International Will you may also still need a separate Wills for all your property held in the UK and in other countries.
Contact the local British Consul
They can usually provide a list of English-speaking lawyers able to help you.
Keep your Will safe
Wills made abroad can also be stored at The Will Registry Office together with any Will made in the UK.
