Well done, you’ve done the hard part – deciding to organise your Will! You are in the 39% of the UK adult population who have done the same. We are still working on the rest!
A Will is an essential document as it allows you to determine what happens to your money, belongings, and loved ones once you have gone. From a few pounds in your bank account through to multiple properties or businesses, you have worked hard for what you have and you should be able to determine what happens to it, not the Government.
Executors
These are the people who will administer your Estate in accordance with your Will. They may work closely with a professional, or arrange it all themselves. Either way these people need to be people you trust. You should also consider having a reserve Executor, in the event that your first predeceases you or is unable to act when the time comes.
Guardians
These are the people who you wish to look after your children, assuming they are under 18 when you pass away. Whilst the natural choice may be grandparents, it’s important to consider their ages and those of your children. Perhaps brothers or sisters may be more suitable? It’s a personal decision but it’s essential you think about the implications of your choice both now and in years to come.
Your Estate
Essentially your Estate is everything you own. From your property through to your car, and even cash in the bank and savings or shares, you need to think about who you want to receive what. These people are known as your Beneficiaries.
Beneficiaries and Distribution of Your Estate
A standard Will allows for basic distribution of your Estate, such as all to surviving spouse/partner on first death, and split equally between your children on second death. If you would like a more complicated distribution additional charges may apply.
Have a think about what you own and who you want to receive it.
Other Things to Consider
Here is a list of features included in a basic Will and any additional charges that may apply if more are required.
Provision in/for Your Will | Standard Will Includes | Additional Charges |
Executors | 2 levels of Executors | £10 per additional level |
Guardians | 2 named Guardians | £10 per additional Guardian |
Distribution | 2 levels of Beneficiaries | £10 per additional level |
Beneficiaries | 8 Beneficiaries | £10 per additional Beneficiary |
Gifts of Personal Belongings | Letter of Wishes template provided | N/A |
Monetary Gifts | 2 gifts can be named | £10 per additional gift |
Gifts of Property | N/A | £10 per gift |
Gift of Business | N/A | £25 per gift |
Hard copy of your Will | A digital PDF copy of your Will | £10 per hard copy of your Will
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