Making a Will is one of the most important things you can do to protect your loved ones and ensure your wishes are carried out after your death. Without a valid Will, your estate will be distributed according to the rules of intestacy, which may not reflect your intentions.
Whether your estate is straightforward or more complex, taking the time to prepare a Will can provide peace of mind for you and your family.
Step 1: Take an inventory of everything you own
Before you can decide how your estate should be divided, it is important to understand exactly what you own and what you owe. You should make a list of all of your assets such as property, land, bank and building society accounts, pensions, vehicles, personal possessions and business interests – together with their corresponding values. You should also note all debts and liabilities such as mortgages, loans, credit cards and tax liabilities.
Having a clear picture of your financial position will allow us to advise you fully in relation to any Inheritance Tax implications and to identify if you require further support from an accountant or financial adviser.
Step 2: Choose your executors
An executor is the person (or people) responsible for administering your estate after your death. The role of an executor includes ingathering assets, paying debts and taxes, and distributing your estate in accordance with your Will.
When choosing an executor, you should choose someone who you consider to be trustworthy and willing to take on this responsibility. Many people choose to appoint a spouse, family member or close friend.
You should consider appointing more than one executor to help make sure there will always be someone able to wind up your estate.
Step 3: Identify your beneficiaries
Your beneficiaries are the individuals, charities or organisations that you wish to benefit from your estate. Thought must be given to who you would like to inherit and if you would like to leave these people/organisations legacies, ie. specific gifts - or a share of what is left in your estate after deduction of debts, known as the residue.
Where gifts are being left to children or young people, it is important to consider the age at which they should receive their inheritance and whether a trust arrangement may be appropriate.
Step 4: Consider Legal Rights
In Scotland, certain close family members may have legal rights to claim part of a deceased person's estate, regardless of what the Will says.
Legal rights can apply to a surviving spouse, civil partner and children. These rights are complex and depend on the circumstances of each estate.
Whilst a Will remains the best way to express your wishes, it is important to understand how legal rights could affect the distribution of your estate. A solicitor can explain how the rules may apply to your specific situation and help you plan accordingly.
Step 5: Consider any other instructions
A Will is not only about who receives your assets. It can also be used to record other important wishes and instructions. You may wish to include clauses regarding funeral preferences, the appointment of guardians for children under 16, provisions for pets and whether any beneficiary may require additional support in managing an inheritance.
Step 6: Have your Will drafted
Once you have gathered your information and considered your wishes, the next step is to have your Will prepared. You will meet with a member of our team to discuss your instructions.
Step 7: Sign and witness your Will
Once you have been provided with drafts and have approved these, the next step will be for you to sign your Will. For a Will to be legally sound, it must be properly signed and executed. You will typically meet with a member of our team to have this witnessed and signed. Once it has been signed, we send the principal Will for safe storage and provide you with a copy.
Step 8: Review and update your Will regularly
As your circumstances, family situation and financial position can change significantly over time, we would advise that you review your Will every three to five years, or sooner if there is a major life event - such as marrying, having children, purchasing a property or inheriting.
Regular reviews help ensure your Will continues to reflect your wishes and remains fit for purpose.
Need help making your Will?
Preparing a Will can feel daunting, but taking the right advice can make the process straightforward and give you confidence that your affairs are in order.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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