FAQs About Wills & Trusts – What needs to be in a Will and how do I go about it?
A Will is a legally binding document that lets you decide what happens to your money, property and personal possessions when you die. Sometimes it can be difficult to know where to start and you may wish to think about the following points before making your Will.
In the third mini blog in the series of FAQs about Wills and Trusts, Emma Batstone, Solicitor in our Private Clients team in Sherborne, explains what needs to be in your Will and how you go about making one.
Choosing your Executors – your Executors are responsible for carrying out the terms of your Will when you die and therefore it is essential that you appoint someone you trust. You can appoint any person to be your Executor, provided they are over the age of 18. You may wish to consider appointing a solicitor or other professional.
Appointing a Guardian – if you have minor children, you should consider appointing a Guardian in your Will. A Guardian will be responsible for looking after and making decisions for your children after your death.
Who you would like to benefit from your Estate – consider who you would like to leave your money, property and personal possessions to (referred to as your beneficiaries). This may include your partner or spouse, children, other family members, friends and charities.
How you would like to divide your assets – for example whether you wish to leave gifts of money or specific assets. If your estate is relatively simple, you may wish to make residual gifts instead i.e. leave everything to your children in equal shares.
Funeral wishes – you can include any specific wishes you have in regard to your funeral, for example whether you have a preference as to burial or cremation. These wishes are not binding on your Executors but are usually adhered to.
If you would like to discuss making your Will, please contact the Wills team on 01935 813691.