10 THINGS TO CONSIDER
1. Do not try this at home. It is not advisable to make your own Will or to purchase template Wills and complete them yourself. The rules around the wording of Wills and, in particular, the witnessing of Wills are complex. You should have your Solicitor do it for you.
2. List your assets. Nothing fancy, a simple list of bank accounts, insurance policies and property.
3. Make the Will that suits your situation now. Do not try to think too far into the future. You can always revise it if your situation changes.
4. Consider your legal obligations to your Spouse. No matter what you say in your Will, your spouse is entitled to half of your estate or if you have no children and 1/3rd of your estate if you do have children and can choose this over anything left to him/her in your Will.
5. Consider your legal obligation to your children. This is less specific than for your spouse. The law says you must make proper provision for your children taking into account any provision you may have made for them during your life.
6. Consider the tax implications.. Anyone mentioned in your Will may be liable for Capital Acquisitions Tax, commonly referred to as Inheritance Tax. The tax implications should be considered and we will explain them to you.
7. Choose an Executor. This is somebody you trust to make sure your Will is implemented when the time comes. It can be a family member and it can be somebody mentioned in your Will as beneficiary.
8. Choose Guardians for your children. If you have young children you can provide for the situation where both parents die within a short time of each other. For instance, in a car crash. You can appoint Guardians for your children under your Will in the event that this happens. You should ask the people you are intending to appoint before doing so as you need to be sure that they are happy to do it. Simply appointing them in your Will does not oblige them to do it.
9. Tell your Executors. Just let them know you have made your Will and the name of your solicitor. No need for them to know what’s in it bar them being appointed executors. Keep a copy of your Will and your list of assets at home in a safe place.
10. Review it regularly. Your circumstances change, your kids grow up. Lots of things can happen. Your Will should change to reflect this.