How to plan your will visit - some of the points to consider
Before you start
Please accept that all debts, bills, funeral costs and so forth must be paid from your estate first. The rest is your residue.
First...
Before deciding who gets what consider whether you want to leave any gifts of money, ornaments, sentimental items to anyone and make a list including a description of the gift(s) and the recipient's address. Leaving a gift is at your discretion.
Next...
Decide who will have what from your residue. Usually it is a case of each to each other on first death, and then to the family on second death, or straight to family/friends for single people. Legacies to children/families are often expressed in percentages, eg, 50% between the two children. Precise details of any accounts/policies you want to mention in your will are needed.
Then...
Decide whether you can leave your legacies absolutely or whether they need to be looked after and administered in a trust. Your consultant can advise you.
And remember...
...that your will is also a place to nominate guardians for if the worst happens and your children are still minors. Names and addresses of potential guardians please if the children are under 18.
And just as important...
Have ready the names and addresses of the people who will act as your executors. Two is a recommended number, though you can also have a reserve in mind. Make sure they know what will lie before them and will feel capable of undertaking all their necessary duties.
Finally and at any time...
Ask all the questions that will help you. That is what we are here for.
