HELP MAKING A WILL

If you need some help making a will, Hunter & Cole Associates has provided a helpful guide. If you would like us to help you make your will, give our team in Hampshire a call.

STEPS OF WRITING A WILL

The pivotal question to consider is whether your Will is crafted to harness the full power of this incredibly significant document. A Will serves as more than a legal requirement; it's a heartfelt message to your family. The way it's written can either unite your loved ones in a time of need or, if poorly constructed, create conflict amongst them.

While there's no substitute for professional guidance when composing your Will, we understand that some individuals prefer a DIY approach. For those who opt to take the reins themselves, the government provides a concise overview of Will writing. However, to ensure that your Will comprehensively addresses all your unique circumstances and desires, our guide here covers crucial aspects that go beyond the government's outline. It's our aim to help you make the most of your Will, ensuring it serves as a testament to your care and consideration for your family's future.

STEP ONE -
VALUE YOUR ESTATE

Get an idea of what your estate will be worth by drawing up a list of your Assets and Debts. Assets that typically make up an estate include:

Your home, and any other property you own
Savings in bank and building society accounts
National Savings, such as premium bonds
Insurance, such as life assurance or an endowment policy
Pension funds that include a lump sum payment on death
Investments such as stocks and shares or investment trusts
Jewellery, antiques, and other personal belongings
Furniture and other household contents

STEP TWO -
DECIDE HOW YOU WANT TO DIVIDE YOUR ESTATE

You should make sure that it is clear what you want to happen to your whole estate. Think about:

Who you want to benefit from your Will
Whether you wish to give any specific gifts to particular people
Where the residue of the estate is to go (i.e., any assets left over after paying funeral and administrative expenses, legacies, and taxes)
What you want to happen if any of your beneficiaries should die before you
Do you wish to leave a donation to a charity?
Executors: The individual, individuals or professionals who have the responsibility of executing the will. Being an executor can involve a lot of work and responsibility, so consider the people you appoint carefully.

STEP THREE-
DECIDE ON

Guardians: If you have children under the age of 18, who will be responsible for them if you are not around, how will they be raised?
An Estate Plan: How can I pass on my assets minimising risk of sideways disinheritance and minimising Inheritance my tax liability
Make full use of exceptions, gifts, life Insurance and Trusts whilst ensuring you have enough money to live and enjoy life.
Trustees: The individual, individuals, or professionals responsible for looking after your assets for the beneficiaries of any trust’s setup for Estate Planning
Funeral Arrangements: Let your family and friends know what you want to happen once you have passed. Works well in conjunction with a pre-paid funeral plan.
Letter of Wishes: Non-binding letter that is never made public. Can be used to confirm any wishes you may have that are not covered in the Will and can also help in identifying your assets.

STEP FOUR -
MAKING SURE MY WILL IS VALID

Testor (Person Making the Will)

It must be in writing, signed by you and witnessed by two people.
You must have the mental capacity to make the will and understand the effect it will have.
You must have made the will voluntarily and without pressure from anyone else.
The beginning of the will should state that it revokes all others. If you have an earlier will, you should destroy it.

Signing and witnessing the will

You must sign your will in the presence of two independent witnesses, who must also sign it in your presence – so all three people should be in the room together when each one signs.
If the will is signed incorrectly, it is not valid.
Beneficiaries of the will, their spouses or civil partners shouldn't act as witnesses, or they lose their right to the inheritance.
Beneficiaries shouldn't even be present in the room when the will is signed. It’s also best not to ask an executor to act as a witness.

STEP FIVE -
STORE YOUR WILL

Ultimately as a client you have the decision as to where to store your Will and other legal documents.

When the time comes, the executors will need to know where the Will is that they need to execute is.

Did you know that if your Will cannot be found after you have passed away, the law presumes that you must have destroyed it and did not wish its contents to be considered?

Failure to find your Will after your death would mean that all your efforts so far would have been for nothing, and your estate would be distributed according to the laws of intestacy.

This could mean your loved ones do not receive your assets and property as you had hoped.

When the time comes the Probate Office will only accept the original document which must be in good condition to authorise a grant of probate. It is therefore implicit that you store the document in a safe place where your executors can find it and where it won’t be damaged. A Will stored at home is at risk of being lost in a move, misplaced, forgotten, or destroyed.

Store your Will and other documents with Hunter & Cole Associates. Your Will be added to the Certainty Database to ensure it can always be found, your executors will know the exact location and there is no risk of it.