Money Savings Advice Will Writing Checklist

Len Burgess[1]

Len Burgess

Money Savings Advice Will Writing Checklist

When deciding to write a Will, there are quite a few things to consider to make sure you are covering everything required in the Will.

Here is our 7 point checklist we recommend you follow;

1 – When Was the Last Time You Calculated the Value of Money, Property and Possessions You Own?

  • How much is your house worth?
  • Have you paid off your mortgage?
  • Do you have any investments?
  • Do you have overseas property?
  • Do you own your car?
  • Do you own any land?
  • Do you have any outstanding debts?

These are all things to price up to and get a value on. You might own all of the above, and more or you might have one or two.

Whatever the number you need to consider them all when calculating the value of your estate.

Looking for other information on Wills, probate and Lasting Power of Attorneys? This guide has info on 'Writing a Will Checklist' We have also writen extensively about:

We update all our guides regularly. If you are looking for additional info on Wills and Lasting Power of Attorneys and we haven't got an exact guide that helps you, keep coming back as we update daily.


2 – Decide Who You Want to Benefit From Your Will – Who Are the Family Members or Friends You Want to Leave Your Estate Too?

  • Do you have any children?
  • Do you have ant grandchildren?
  • Would you like to leave your wife or partner?
  • Would you like to leave to your friends
  • Or maybe you would like to leave some to a charity.

Make a full list of everybody you want to leave your estate too. The list can be as long or as short as you like, this is a personal decision. 

3 – Decide Who You Want the Beneficiary to Be?

So you have your list it's now time to allocate your estate to them.

  • You could allocate a value individually
  • You could assign a percentage equally
  • You could allocate all to one person or charity.

The decision is completely yours. Remember though, once it's on the Will and unless you change it the executives of your Will, will allocate accordingly so make sure you are happy with the final version.

4 – Decide Who You Want to Sort Out Your Will.

These are known as the 'executors'. These are the people who are responsible will read out your Will and inform the people who have been left something of value.

They could be a friend or a family member, a solicitor or an accountant.  

5 – Draw Up Your Will

We have written extensively about the costs of a Will, and the different types of Wills.

You could choose a Will writing company or a solicitor, or you could write the Will yourself.  

Depending on the complex nature of your estate and financial affairs, we would recommend using a Will writing company or a solicitor.

6 – Keep Your Will Safe

Once you have your Will written up its worth making a few copies, give a copy to your bank, solicitor, accountant, a family member or a company that deals with probate.

You can never have enough copies in safe places.

And lastly...

7 – Review Your Will

Your Will is an incredibly important document. But remember, life does change. Maybe your estate has increased in value, perhaps some investments have changed, or you have purchased or sold a property.

So, whatever your circumstances it is worth reviewing your Will every 4-5 years to make sure everything is covered.

How Can Money Savings Advice Help You With a Will?

Here at Money Savings Advice, we have partnered with one of the UK’s leading Will-writing companies, and they are members of The Society of Will Writers, and they have already helped thousands of our readers get the right Will in place.

Choosing an independent adviser means they won’t recommend a scheme unless they are sure it is in your best interests. Their advice is also regulated by the FCA, which gives you an additional layer of protection.

If you would like to speak to them, click on the button below, answer the very straight forward questions.

 

Len Burgess[1]

Len Burgess

Len Burgess is a professional financial writer who over the last five years has written hundreds of articles for all financial sectors. Len founded Money Savings Advice with the aim of helping consumers navigate their way around the financial world by providing easy to understand financial information and matching consumers with the best financial advisor based on their personal information.

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