If you are in the process of writing a will for the first time, it can be impossible to know where to begin. It may sound relatively straightforward but there are a number of factors you must consider beforehand. Continue reading to find out what you should know if you don’t already.
Determine who will benefit from your estate
When it comes to writing a will, determining who will benefit from your estate should be the first decision you make. It can include your partner, spouse, civil partner, child, family member, friend, or even a charity with the entity you choose referred to as your beneficiary. It can only take a couple of minutes to decide who will benefit from your estate and by doing so as early as possible, you can free up time to focus on the next steps involved in writing a will.
List your assets and what they’re worth
If you have determined who will benefit from your estate, you must list your assets and what they’re worth. This includes savings, valuable items, such as jewellery or family heirlooms, your pension, your business, and any stock market or property investments, shares, funds, and bonds. It may also benefit you to think about any sentimental belongings and who you would like to inherit them.
Decide how to split your money
If you have a large family or are just struggling to make an informed decision, deciding how to split your money can allow you to determine not only who benefits from your estate but how. There are several different legal terms to choose from. For example, if you choose to leave £5,000 to your son, or your jewellery to your daughter, this is called a specific bequest. If you choose to leave 50% of your estate to a particular family member, a residuary bequest will be made..
Find out if you have to pay inheritance tax
During the process of writing a will, you must find out if you have to pay inheritance tax ahead of time. You will not be required to pay inheritance tax if the value of your estate falls below £325,000 ( excluding your home) or in the event you leave everything above this threshold to your partner or an exempt beneficiary such as a charity.
Are you looking for expert help and advice when it comes to writing a will? Get in touch with our dedicated team of experts today to find the answer to any question or query you may have as well as anything you need to know about the will writing process from start to finish.