Will Estate Planning Checklist
Estate planning is much more than just making a Will. However, to start with, the Will can be useful to ascertain what you are trying to achieve.
A Will provides peace of mind that your estate will pass in accordance with your wishes. A Will allows you to appoint executors, guardians, make gifts and provide for charities, friends, or your Partner if you are not married. A Will can also help to reduce inheritance tax liability. Without a Will your estate will pass under the rules of ‘Intestacy’.
By making an appointment with us, we will advise you on the Will suitable to your circumstances. In addition, we will ensure you will maximise inheritance tax reliefs and carry out your wishes in the best interests of you and your beneficiaries.
For further information on the process of making a Will, please download our Will guide below.
Estate planning is much more than just making a Will. However, to start with, the Will can be usefulto ascertain what you are trying to achieve.
1. Identify what you are trying to achieve
It may be about ensuring loved ones are provided for or protecting your assets from care fees or inheritance tax. It may also be to ensure the probate process is easier for your family and potential disputes are minimised.
2. List of assets
A full list of your assets and liabilities will be required at the initial meeting. This is to ascertain your inheritance tax position, and it can affect what type of Will you have and gifts that may be made.
3. Decide on your executors
You can appoint up to 4 executors and you can also have replacement executors. Take time to think who you may wish to appoint. You may also consider appointing independent professional executors.
4. Guardians
Something that is often underestimated is the importance of appointing a guardian to look after your children should you pass away whilst they are still minors.
5. Funeral Wishes
It is often useful to put in the Will a preference to a cremation or burial so that your Executor’s know your wishes.
6. Gifts
You may wish to consider a specific gift in your Will which are personal items such as a painting or jewellery. You may also consider pecuniary legacies. These are cash gifts to a named person or charity.
7. Residuary Estate
The final aspect of the Will is about who you would like your estate to pass to. How this is structured in your Will is often dependant what you are trying to achieve.
8. Trusts
If you have vulnerable beneficiaries, a high net worth, at risk of divorce or bankruptcy or simply want to protect certain assets, then a life interest or discretionary trust may need to be considered.
9. Letter of Wishes
This is not a legally binding document but there may be additional certain wishes you wish to document for your executors.
To learn about what trusts you may wish to consider putting in your Will, please see our Trust page
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