A Christmas Gift for You
Sixty-one years ago, Phil Spector released an album that went on to become a pop-music classic: A Christmas Gift for You. But in this blog I want to talk about a different Christmas gift for you: your Will. You’ve surely got enough socks? And air fryers are so last year. So why not give yourself the best Christmas ever and get your Will sorted out at long last. Then you can enjoy the festive season with an easy mind and step into the new year feeling smug that, at long last, you’ve got your Will sorted out.
Have I convinced you? Great! Here’s what you need to include in it.
Three things your Will MUST cover/include:
- Your Executors
Executors are the people you choose to carry out the instructions in your Will. It’s these people that have the legal authority to look after your estate in the event of your death.
So it’s vital you decide who you want to choose as executors when you’re drafting you’re Will. Executors can be trusted friends, a family member or even a professional – a solicitor for example. It’s imperative that you’re able to trust them with money. They should also of course be people with a strong sense of responsibility – and the time to do all the necessary work.
An executor can also be a beneficiary of your Will – e.g. your spouse or adult children.
- Your Guardians
If you’re the parents of children below the age of eighteen then you MUST, must, must appoint legal guardians to care for them should you die while they’re still minors. I can’t stress enough how imperative this is.
- Your Beneficiaries
I know this sounds like stating the obvious but it’s crucial that your Will is clear in its identification of your beneficiaries.
You may well also have to give thought to a worst-case scenario. Let’s say, for example, you’re married with young children. What would happen to your estates if you were all to die at the same time? I know this is a terrible, grim thought. Yet it’s one you must face I’m afraid when getting your Will drafted.
Optional
So that’s dealt with the three things your Will MUST include if it’s to be any use at all as a Will. What follows is information on some useful but optional things to put in your last Will and Testament.
- Your Funeral Wishes
There’s no obligation at all for you to include your funeral wishes in your Will. But consider that your family might find it helpful to know what your wishes are. I find that many people like to make this clear in their Wills.
- Personal belongings
Again – optional. But if you’re adamant that your daughter gets your jewellery then a clause in your Will to that effect will ensure it.
- Legacies
If you want to leave cash legacies to charities or individuals then it’s a good idea to add them into your Will.
- Trusts
If you’re getting a professional Will writer (like me!) or a solicitor to draft your Will, they should explore the appropriateness of having a Trust in your Will. There are different Trusts applicable to different scenarios. Your advisor will decide on the best one for your particular circumstances.
- Inheritance Tax
Again, with good professional advice, you should know if inheritance tax is likely to be a problem for you. And further, what your options are to mitigate a hefty tax bill. To this end, I ask my clients to list all their assets and liabilities so they know what their estates will be worth when they die. Don’t forget life insurance and death in service benefits when your compiling your list.
So there you have it – a simple overview of the must-haves and the nice-to-haves of your Will. If you’re already pondering on all these things and discussing them with the relevant parties, your Will drafting will be so much easier.
I trust you’ve found this helpful and please don’t hesitate to contact me if you’d like more information on anything I’ve said above. You can call me on 07538946839 or email me at info@swindonwillwriting.co.uk
And remember this: Just as DFS can get a sofa to you in time for Christmas, I can do the same – but with your Will. It only takes a couple of weeks to process so get in touch now for a worthwhile and useful Christmas gift for you!