Writing your will may not be the first thing on your to-do list, or it might be the very thing you’re avoiding! Writing a will can be a slightly long process, but with our expert advice, it can be a simple, straightforward journey. To find out more, keep on reading!
Our Steps For Writing Your Will
If you have no idea where to start, follow our steps to help you get started, and check that all the relevant parts of your will are completed.
Valuing & Dividing Your Estate
The first part of writing your will involves valuing your estate and deciding who you want your assets to benefit. The first step is itemising, which means writing down all your assets and what they’re worth. This would include:
● Homes & Properties
● Savings, Shares & Investments
● Pension funds
● Vehicles
● Contents Of Properties
● Valuables like art, jewellery…etc.
● You will also have to account for debts (credit card debt, overdrafts, outstanding mortgage payments)
Once you’ve listed all your items and valued them, you then need to decide who will now benefit from your estate. This could be a partner, family members, friends, charities…etc. You can leave sums of money, items, or percentages of large items to individuals, couples…etc.
Executors
The executors of your will are the individuals responsible for distributing your assets once you have passed. This is an important decision, so appoint your executors carefully as theft will have a lot of responsibility.
Inheritance Tax
During your will writing process, it’s important to determine whether you will be paying inheritance tax or not. The current threshold for individuals is £325,000, and any estates above this value will pay 40% inheritance tax. If you want to learn more about inheritance tax, you should seek legal advice
Write & Sign
Once you’ve narrowed down all your assets, executors and done your research regarding inheritance tax, you’re ready to write your will! Using solicitors and other legal services is slightly more expensive, but it can help you to create a solid, watertight will. Professional will writing services are also useful if you want to ensure that you get it right. You can, of course, write your will yourself, however your will could be unstable.
For your will to be valid, it must be signed. Sign your will, with two witnesses who will also sign it. If you have any other copies or drafts of your will, you can dispose of these.
Store
Last, but certainly not least, ensure that your will is kept in a safe place. You may need to make changes and edits to your will over time or if significant life changes occur, so keep it in a secure and accessible place.
DJP Solicitors
Here at DJP Solicitors, our team has years of experience delivering quality legal advice to all of our clients. To learn more about our legal services, feel free to contact us today.
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