Peter Savage of Deedsafe Wills & Legal Services in Shrewsbury shares his top tips for getting your Will done properly. Here are some of the most important things you may want to consider:
1: Ensure whoever draws up your Will is suitably qualified. Not all Willwriters are.
2: Chose the people who are acting in your Will carefully. Executors are the people who will make sure all your wishes within your Will are carried out. Guardians take over parental responsibility for any minor children if both parents are killed.
3: You may wish to leave sums of money or specific items to family, friends, charities etc. Have you decided upon how much and to whom? Also if you are making gifts to a charity ensure that you have their Registered Charity Number.
4: Who is to receive the rest of your estate and in what quantities i.e. equal shares, percentages. Do not use specific sums of money in this section of the Will. If you are leaving anything to children, at what age are they to receive it? Also think about what would happen should any of your beneficiaries die before you.
5: Always store your Will somewhere safe and make sure your Executors know where it is.
6. Ensure that your Will(s) are reviewed often (approximately every 3-5 years) or in the event of a change to your personal or financial circumstances. For example, the birth of a child, acquiring a large sum of money, divorce and of course marriage. This is extremely important as marriage voids any existing Will(s).
For further information on will writing and estate planning, call Peter on 0800 781 9371.
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