Crafting Your Will:

Essential Elements for Your Peace of Mind

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Having specific information ready can streamline drafting your Will and save time during our meeting. We provide a separate web form to facilitate this preparation. Additionally, it's important to consider various aspects of your estate planning. If you have any uncertainties, we are here to offer guidance and advice.

Value of Estate

Value of Estate

Compile an overview estimating the total value of your assets, including your home, financial holdings such as savings, investments, shares, and ISAs, alongside personal valuables like cars, jewellery, and antiques.

Property

Know how your home is owned e.g. singly, jointly or as tenants in common, as this will assist with advice for your will. Would you like to ensure your spouse/partner can continue to live in the home after your death? Would you like to protect your share of the home so that it goes to children, if your spouse/partner were to re-marry after your death?

Property
Debts and Liabilities

Debts and Liabilities

Know the amount(s) for which you are responsible i.e. mortgages, bank or personal loans, credit cards etc.

Inheritance Tax

If you are concerned about inheritance tax consider the total value of all your assets, and then deduct your debts to arrive at a net value. Would you like to know how inheritance tax could affect your estate?

Inheritance Tax
Life Insurance

Life Insurance

Know details of what you have to cover any mortgage or loan, standalone cover, or “Death in Service” benefit via employers, and if any life policy is written in trust or not i.e. with nominated beneficiary/ies. Also know about value of any pension fund(s) held and beneficiary/ies.

 

Executors

You will need to appoint one or more persons to apply for probate & distribute your estate in accordance with your will. A spouse / partner can act as executor but it may be prudent to appoint at least one other, and possibly reserve executor(s) as well. An executor can also be a beneficiary. An executor should be 18 or over, capable of acting and available to act.

Executors
Professional assistance

Professional assistance

If your estate is large and/or your will is complex e.g. involving trusts, you may wish to appoint a professional executor to either act solely, or jointly with your own executors to assist them.

 

Children

If you have children under the age of 18 and they are to be beneficiaries you will need at least two trustees. The trustees can be & often are the same as the executors.

Children
Guardians

Guardians

If you have children under the age of 18 you should consider appointing guardians in your will – someone who suitable to look after your children, and willing to do this.

Beneficiaries

Make a list containing the full names and addresses, and their relationship to you, of all those you wish to benefit from your will, and in what percentages. Also, anyone you want to specifically exclude from your will and why.

Beneficiaries
Reserve beneficiaries

Reserve beneficiaries

Consider naming reserve beneficiaries to inherit e.g. grandchildren or other relatives, should your first named beneficiaries die before yourself.

Gifts and Legacies

Make a note of any specific gifts i.e. property, money or items you wish to leave to any family members, friends, acquaintances or charities. Also have you made any gifts of money or property to anyone in the last 7 years?

Gifts and Legacies
care cost

Care Costs

If in later life you were to go into care would you like to protect your property as much as possible from the effects of the Care Act (2014) and therefore still have something to leave your family?

Lasting Power of Attorney

Consider giving members of your family the legal authority to look after your financial affairs and/or your personal welfare should you become unable to make your own decisions through mental incapacity, infirmity or illness?

 

Power
Advance Decision

Advance Decision

Do you want to express your wishes to your doctor and family (via a “Living Will”) regarding your medical treatment, in the event of not being able to make or communicate decisions yourself e.g. due to severe accident or illness.

Safe storage

As an estimated 40% of wills go missing, and it is only the original will document which is normally valid, would you like to arrange safe storage of your will?

 

Safe storage
Registration

Registration

As an additional safeguard, your will can be registered with a UK Will Registry, and a scanned copy made and stored, would you like to do this?

Funeral

Do you have any specific wishes in terms of funeral arrangements? Would you like to discuss details of pre-paid funeral plans?

 

Funeral
Pets

Pets

Do you wish to arrange for the continuing care of pets by those whom you have decided are suitable carers? 

 

Asset 1@2x

The Financial Conduct Authority does not regulate Will Writing or taxation and trust advice.

Custodia Financial Services has a strategic partnership with APS Legal & Associates Limited (APS), is a member of the Institute of Professional Will Writers and complies with the Trading Standards Institute approved IPW Code of Practice.

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