A-Z of a Will
A – Assets:
Take stock of your assets, including property, investments, bank accounts, and personal belongings.
B – Beneficiaries:
Determine who you want to inherit your assets and specify their names in the will.
C – Children:
If you have minor children, consider appointing guardians who will take care of them in the event of your passing.
D – Digital Assets:
Take into account that you need a Digital Asset clause in your Will.
E – Executor:
Choose a trustworthy executor who will be responsible for carrying out your wishes and handling the distribution of assets.
F – Funeral arrangements:
Consider specifying your preferences for your funeral or memorial service.
G – Guardianship:
If you have dependents who are unable to manage their own affairs, consider establishing a trust and appointing a guardian to oversee their financial matters.
H – Household items:
Household items and personal belongings and gifting them in your Will.
I – Inventory:
Create a detailed inventory of your assets and their estimated value to aid in the administration of your estate.
J – Joint assets:
Understand how assets held jointly and pass by survivorship.
K – Keep it updated:
Review and update your will periodically, especially after significant life events, to ensure it reflects your current wishes.
L – Legal assistance:
Consult an experienced Solicitor to guide you through the process of drafting a valid and legally binding will.
M – Mental capacity:
Ensure you have the mental capacity to make a will, which generally requires being of sound mind and understanding the implications of your decisions.
N – Next of kin:
Consider the rights of your closest relatives and address their potential claims or inheritances in your will.
O – Organ donation:
If you wish to donate your organs or tissues, include your intentions in your will or carry an organ donor card.
P – Pets:
It is important to make sure you have a Pet Provisions clause in your Will and you set out who will look after your Pets.
Q – Qualified witnesses:
Ensure your will is witnessed by individuals who meet the legal requirements set by your jurisdiction.
R – Residuary clause:
Include a residuary clause to address how any remaining assets should be distributed after specific bequests are fulfilled.
S – Specific bequests:
Clearly outline any specific gifts or bequests you want to give to individuals or organizations.
T – Taxes:
Consider the potential tax implications of your estate and consult a tax professional for guidance.
U – Unmarried partners:
If you have an unmarried partner, ensure your will includes provisions to protect their interests and inheritance rights.
V – Verification:
Sign and date your will in the presence of witnesses to validate its authenticity.
W – Witnesses:
Choose witnesses who are not beneficiaries or related to beneficiaries to ensure the impartiality of your will.
X – Extra care:
Extra care and take you time when making your Will and seek the advice of a Solicitor.
Y – Your wishes:
Clearly express your wishes regarding the distribution of your assets, guardianship, and other important matters.
Z – Zero ambiguity:
Write your will in clear and unambiguous language to avoid confusion or misinterpretation.
If you have not made a Will, please contact the team at Guardian Solicitors on 0203 301 6600 or by email us at info@guardiansolicitors.co.uk
