There are plenty of adverts and information around in the media about making a Will and they make it sound so easy. Whilst in most cases it is very easy to make a Will (it is not often they are very complicated) you don’t always get told in advance some of the things that you would need to think about. This blog will hopefully give you a brief idea of what sort of topics you need to think about when making a Will:
Executors
Executors are the people (or company) that are chosen in the Will to administer the estate of the deceased. In simple terms, they do all the paperwork to carry out the terms of the Will and make sure all debts are paid out of the estate and the assets distributed accordingly. You can have up to 4 executors working together and they must be over 18.
Trustees
Very often these will be the same people as the Executors, though sometimes they can be different. The Trustees role extends beyond the administration of the estate. So if there are any assets which go into a trust (for example assets for children under 18) then the Trustees role will be to look after the assets accordingly for the benefit of the beneficiaries. They will have discretion about how assets are used and when and will work together accordingly. Again you can have up to 4 Trustees working together.
Funeral wishes
Though strictly not necessary when making a Will, some people do wish to state any funeral wishes they might have so it is recorded somewhere. Burial, cremation, green burial, donation to medical science it can be anything. These are only a wish though so not legally binding.
Guardians
If you have young children, you should think about who you would want to have parental responsibility for them should you and the other parent pass away before they are 18. Guardianship refers to the day to day care role of the looking after the children. Sometimes the Guardians and Trustees are the same people, other times they are different. You can appoint as many guardians as you wish and it would then be up to them to work together to look after the children. One thing I always recommend for this is to tell whoever you have appointed that they are down as a Guardian otherwise it could be a huge shock for them that in the event of your passing they then become responsible for your children.
Gifts (also known as legacies)
Are there any specific items you want to leave to someone? Did you want to give cash gifts to anyone? A gift can literally be anything in your Will. The only criteria is that you still own it at the time of passing for it to take effect (for instance you can’t gift someone your car when you die if you have sold the car before passing because you no longer use it). Quite often you should also think about a backup provision (i.e. who gets it if the named person dies before you). Gifts have to be clear, any ambiguity could mean that the clause fails.
Pets and Animals
Often our furry friends can be forgotten. Although you can’t technically leave anything to animals, you can say under a Will who you would wish to care for them in the event that they survive you. You could also leave gifts to the nominated person to help cover the costs of looking after the animal as well.
Residue
The residue is basically everything that is left over after all of the debts and costs of administration have been paid and all the other gifts in the Will have been made. This can be distributed however you want (e.g. to one person or in percentages to various people etc.). Every Will should have a residue clause. Again this is a clause where you should also have substitute provisions in case the beneficiaries named die before you (or if charities are no longer in existence).
These are just a few of the most common topics to think about when making a Will. Of course as a solicitor, my job is to carry out your wishes as best as possible so even if you don’t know exactly what to put, having an idea means that we can help you achieve these aims.
If you have any questions about a Will or wanted assistance to make one, then please do contact us on 01206 835261 and we would be happy to provide further information or assist however possible.