8 November 2019

10 Things to Decide before making a Will

Having a Will in place is an important part of financial planning. Here are 10 things to decide before you arrange one (courtesy of The Will Company, with my comments in italics):

1. Who you want to benefit from the receipt of your estate. If this is your spouse, then who else if your spouse dies as well (or before you).

2. If you have children at what age you would like them to inherit, e.g. 18, 21, 25.

3. Who you trust with the role of executor.

4. If applicable, who you trust with the role of guardians for your children.

5. Whether you want to leave any specific sums of money, or particular items to any individual or charity. (If you want any charities to benefit you will need the charity name and charity number - Go to: www.gov.uk/find-charity-information)

6. Whether you want to be buried, cremated or donated.

7. If applicable, who you want to exclude from benefiting from your estate and if you are willing, your reasons.

8. If all beneficiaries died at the same time who would you want your estate to go to then.

9. Whether you want to set up Lasting Powers of Attorney. If so, who would be your chosen attorney/s. (This is largely a decision independent of your Will but could conveniently be done at the same time.) 

10. If you wish future generations to have trust funds available (rather than making outright gifts).

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