Tips for making your Will

TIPS FOR MAKING YOUR WILL  

Your Will must be in writing, signed by you in the presence of two adult witnesses who subsequently sign in your presence.

Do no make amendments to your Will, this may invalidate your Will - make a new Codicil indicating the amendments to yourWill instead.

Make sure your Will revokes all your earlier Wills.

Choose your executors wisely (at least 2) and get their consent on appointment - they will need to deal with sensitive and perhaps also complex matters.

Appoint a suitable guardian (who is not also your executor to avoid conflict of interest) for your minor children,making sure they are happy to be appointed.

If listing an asset in your Will, make sure that asset passes under your Will – not all assets do, such as those which you own jointly with another person.

Take special care of vulnerable beneficiaries, for instance you may set up a Trust with trustees who will look after their inheritance on their behalf.

As well as beneficiaries, nominate reserve (substitute) beneficiaries to avoid intestacy (when the law decides who receives your estate).

If you are excluding someone who is expected to receive a gift explain your reasons for your decision on a separate document (letter of wishes).

If you can, give to a charitable cause or an institution that is close to your heart,for your legacy to last for generations to come.