Make a Will
The Pre-Drafting Checklist
A good starting point before you make
a Will is to draw up a list of your assets, which are anything you
own, such as cash, investments, a house and other personal
possessions. If the value of your assets exceeds £325,000, or if
you are married or in a civil partnership, £650,000 when added to
your partner's assets, there could be Inheritance Tax (IHT) to
pay.
Here are some more points you may wish
to think about before you make a Will:
Executors - who will
they be? Are they willing to act for you? Are they likely to
outlive you?
Guardians - do you
have children under the age of 18? Have you thought about who would
look after them in the event of your death? Would your chosen
guardian have enough money to care for them as you would like? Are
they reliable, trustworthy? Do they have parental
responsibility?
Beneficiaries - who
are they? Are they under 18? If so, do you want to give the
Executors power to release money to them before they reach a
certain age?
Gifts - Have you made
any substantial gifts in the last 7 years which will then be
subject to Inheritance Tax?
Inheritance Tax - is
there any way to avoid or reduce IHT because of your
circumstances? If you are cohabiting, you could save over £100,000
by getting married or entering into a civil partnership.
Claims against your
estate - is there a chance of any claims being made if you
leave someone out of the Will? Would you want to include an
explanation of any exclusion?
Automatic transfer of
property - what property automatically changes hands
irrespective of what your Will says? Do you own your house as a
joint tenant? Do you have insurance policies written in trust for
your spouse or civil partner and children?
Specific Items - Are
there any specific items you want to leave to a particular
person?
Specific sums of
money - are there any specific sums of money you wish to
leave to a particular person?
Residue of your
estate - What do you want to happen to the rest of your
estate after all tax and liabilities have been deduced?
Your body - do you
have any specific wishes as to what happens with your body after
death? Do you want it buried, cremated, given for medical research
or donated for transplants?
Pets - Do you have
any pets? What would you like to happen to them on the event of
your death? Who would you like to look after them? Is there a Trust
or rescue centre you wish to give them to?
If you'd like to make a Will, call us
on 0117 910 1209 or send an email to contact@bristolwillscompany.co.uk