What should you ensure goes into your Will?
We don't know your circumstances yet, but here is a checklist of considerations that Goodwills will make if we were to make your Will
You will see that the list is very comprehensive, but it is not exhaustive. Your circumstances might mean we need to consider more than this. Goodwills do not use templates when making Wills, which gives us the ability to fully meet your needs.
- 1. We will collect your personal details including any other name(s) that you might have accounts in, or any alias that you might go by.
- 2. If you have made a will for assets in England and Wales previously, we would include a clause to revoke that Will.
- 3. If we revoke a Will, we will make sure we only revoke your Will for England and Wales, unless you tell us otherwise.
- 4. We will make a note if you have foreign assets or a foreign will, so that your executors are aware.
- 5. If you are unable to read or write, we will include provisions to ensure that your Will is still valid.
- 6. Appoint executors, reserve executors and determine if they will act with the surviving spouse if applicable.
- 7. For Wills with complexity we will discuss the benefits of professional executors.
- 8. Specific gifts to beneficiaries, whether they should receive the gift on first or second death if mirror wills, at what age they should receive it in a minor, and whether it should be placed in trust.
- 9. Consideration as to what would happen if a beneficiary might die before you, and who should inherit instead.
- 10. Noting gifts to charities if applicable.
- 11. Considering assets and determining whether they fall inside or outside of the estate, and leaving out of the Will where appropriate. This can have a devastating effect if an incorrect amount is gifted if this is overlooked.
- 12. Outlining what happens with the residuary estate (what is left over once all gifts, debts and costs are paid out. Appointing residuary beneficiaries and noting what would happen if these any of these die before the estate is distributed.
- 13. Looking at whether a property should have its tenancy severed, or whether a transfer of equity is required.
- 14. Looking at the appropriateness of Will Trusts and stand alone Trusts and if they would provide a benefit if written into the Will or created now.
- 15. Noting if you are excluding or providing a reduced provision to any children, your spouse or others who might be financially dependent on you, and putting in appropriate clauses if this is the case. This can help protect your Will from being sucessfully challanged.
- 16. We would look at adding a total collamity clause should all beneficiaires die at the same time. This is something to consider mainly for young families, or where there is only one beneficiary.
- 17. Noting any Financial Advisor you might use where you would like the executors to consult them when administering your estate.
- 18. Providing a freephone legal helpline to the executors for advice when dealing with the estate after your death.
- 19. Detailing your funeral wishes, your funeral plan details, and any information in regards to your service.
- 20. Appointing guardians and reserve guardians. Making note if the natural father should be a guardian or not if you are not married, and if not the reasons why.
- 21. Considering business clauses if you have a business that would continue to run after your death, to ensure that people can make decisions and continue to run the business whilst the estate is still being administered.
- 22. A discussion around how guardians might be able to afford to bring your children up, and if appropriate, an appropriate trust for this purpose.
- 23. Consideration If you have disabled or vulnerable beneficiaries, on how to distribute your estate without falling foul of a local authority or other legal challenge.
- 24. Looking at what existing trusts you might be a beneficiary for, and ensuring only the correct assets are placed into your Will.
- 25. Noting additional trustees if required, and recommending professional trustees where appropriate.
- 26. We will look at whether your Will is likely to be challenged if you are being coerced into making certain decisions, or if there is a question over your mental capacity to write your Will.
- 27. We will look at protecting assets should a spouse remarry after your death. We will also look at how trusts might help with any Inheritance Tax liability, and protect again other factors which might remove assets from your estate outside of your control.
- 28. We will make sure the Will is correctly signed, including ensuring that the witnesses are valid witnesses.
- 29. We will provide provisions if you require, that your Will (and other documents) are stored safely, and that updates and revisions can be made at a competitive price.
- 30. We will write case notes and collect ID so that if your Will is challenged, we can provide additional information of the circumstances of when and how the Will was made.
- 31. If your Will is made in consideration of Marriage, we will write the appropriate clauses so that your will is not revoked when you do get married.
Goodwills Wilts and Glos price check
Goodwills Wilts and Glos single Will from £125 which is 16% cheaper than a Co-operative Legal Services Single Will from £150*
Goodwills Wilts and Glos Mirror Will from £200 which is 14% cheaper than Co-operative Legal Services Mirror Wills from £234*
* Prices correct as of 12th March 2019. All prices include VAT as applicable. Further information about what is included in our standard prices can be found by clicking here.