Making a Will? Things to consider before meeting with your lawyer.

Meeting with your lawyer to discuss something as personal and important as creating your first Will can be daunting. Often clients are unsure of what we will ask, what they should bring with them and where to start.

In this article, Ruby Jaremko discusses the ‘ABCs’ of Will making so you can get the most out of your initial meeting.

A is for Assets

As inheritance tax planning forms part of the Will-making process it is helpful for us to know the nature and extent of your assets in order to properly advise you on how your Will and estate planning can do the most for you.

Questions to consider are: What are the main assets owned by me? What is their value? Are any of my assets located abroad? Do I own any assets jointly with another person? Do I own any business or company assets?

B is for Beneficiaries

Beneficiaries are the people that you would like to inherit from your estate. For many clients this is straightforward with everything passing to their partner and down to their children. However, there is often a bit more to think about.

Questions to consider are: Who should benefit if my partner and my children die together in an accident? Could my partner remarry and update their Will to remove our children? What should happen for children within blended families? Is there anyone else that I have not included who would expect to benefit under my Will?

C is for Children

You should appoint a guardian if you have children under the age of 18 at the time of your death.

If you do not consider appointing a guardian within your Will, the courts will appoint someone for you, although this may not be who you would have preferred to look after your children so it is better to cover this off now.

Questions to consider are: Do I trust this person with the welfare of my children? Does the guardian have sufficient space for my children in their home? Acting as a guardian involves substantial personal expense, should this be considered when deciding how to leave my estate?

D is for Division of your estate

For many clients, the main priority is to achieve fairness between beneficiaries when dividing up their estates. However, for some clients this is not achieved through the equal division of assets.

Questions to consider are: Have I made any lifetime gifts to a beneficiary that should be brought into account on my death? Is one beneficiary more deserving than another for any reason? Do I want to distribute my estate assets outright or include a protective trust?

E is for Executors

An executor is the person in charge of handling your affairs after your death. The role of the executor comes with considerable responsibilities, so it is important to choose wisely!

Questions to consider are: Are my chosen executors able to work together well? Are my family members best placed in this role or should I consider appointing a professional? Who would I want to take over if my original executor/s can’t act? Am I comfortable with who I have appointed managing my children’s finances if I die before they reach adulthood?

Making a Will does not need to be a daunting task, we are happy to advise and guide you in creating something that is best fitted for you and your family.

If you would like to discuss your options, please do get in touch our private wealth team at bpe@bpe.co.uk.

These notes have been prepared for the purpose of articles only. They should not be regarded as a substitute for taking legal advice.