PLANNING…Wills Checklist

PLANNING...
Wills Checklist

This week we are focusing on ensuring that firstly, you have a Will but secondly, and most importantly, that your Will does exactly what you want it to…and is valid!

 

Remember, a Will is a working document and we always recommend reviewing your Will every three to five years (as a minimum) and when a life event occurs to ensure that it still does what YOU want it to.

 

We have set out below a little checklist of considerations and points so that you can review your own Will and ensure that it is up to date and your wishes will be carried out when needed.

 

 

  1. Executors

 

    1. Have you appointed someone that you TRUST implicitly as your Executor (or has the person who drafted your Will been inserted)?

 

    1. Does your Will mention replacement Executors to cover circumstances in which your first choice Executor is unable or unwilling to act?

 

  1. CHILDREN – such an important consideration for any parents!

 

    1. Who would you like to look after your children should both you and your spouse pass before they reach 18?

 

    1. Have you thought about replacement Guardians to cover circumstances in which your first choice Guardians are unable or unwilling to act?

 

  1. Trusts

 

    1. What age would you like your children to reach before having unconditional access to their inheritance (usually 18, 21 or 25)?

 

    1. Who have you appointed as Trustees (Managers, if you like) of your finances should your children inherit before reaching 18 (or the age you have prescribed in the Will)?

 

    1. Has a professional individual / body / organisation been appointed as Trustee and you would prefer to appoint a loved one?

 

    1. Do you need to consider including a Vulnerable Beneficiary Trust and are you aware of the special tax treatment?

 

    1. Do you want to pass your property to your children but ensure your spouse has somewhere to live for the remainder of their life?

 

 

  1. Specific Gifts

 

    1. Are there any specific gifts that you wish to leave to anyone?

 

  • Wedding ring

  • Watch

  • Jewellery

  • Money etc.

 

  1. Animals

 

    1. Do you have any animals that you need to make provisions for in your Will?

 

  1. Exclusions

 

    1. Is there anyone that you have specifically excluded from your Will (an ex-spouse, perhaps) that we should clarify an exclusion for?

 

  1. Funeral Wishes and Organ Donation

 

    1. Have you included your Funeral wishes in your Will or have you put a Funeral Plan in place?

 

    1. Have you included your wishes as to organ donation?

 

  1. The Legalities

 

    1. Witnessing

Has your Will been witnessed by two individuals that saw you sign the Will?

 

Are the witnesses, or their spouse, mentioned in the Will as a Beneficiary?

 

    1. Marriage

Marriage can make your Will invalid, unless the intended marriage is stated within your Will. So, if you have got married since writing your Will that Will will no longer be valid.

If you would like to have a free chat about your existing Will or making a new Will, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

Got a Question or want to book a FREE Consultation?

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