5 Easy Steps to Making your Will
When you make your Will with
us, you are taken through the following 5 simple steps:-
(1) You and your Wishes
(2) Responsibilities
(3) Specific Gifts of Material Possessions
(4) Specific Gifts of Money
(5) Your Residual Estate.
1) You and your Wishes
You need to tell us your full name and address, marital status,
sex, and whether/where you wanted to be buried or cremated
on your death.
(2) Responsibilities
You need to allocate two sets of responsibilities:-
- Who you want to be the Executor(s) of your Will - Put
simply, the Executor(s) of your Will is/are responsible for
carrying out its execution - i.e. distributing your estate
to the people you have specified.
- Who you want to be the Guardians of your children - If
you have any children, you need to tell us who you want to
be legally responsible for them.
(3) Specific Gifts of Material Possessions
This is where you specify, for example, that you want your
gold watch to go to your best friend.
You also tell us here who, after specific gifts have been
distributed, you wish to have the rest of your material possessions
- your 'Chattels'. There is a specific definition of what
this does and doesn't include, but basically it's anything
which can be easily carried (or driven) away.
(4) Specific Gifts of Money
This is where you can make gifts of specific amounts of money
to people. If you wish to leave £1000 to your favorite
Charity, you do it here. An important note is that you should
make sure that there will be enough money to at least fulfill
all the monetary gifts you specify here. Don't worry if there
is going to be some (or a lot) left over:- the next and final
step covers what happens to that.
(5) Your Residual Estate
In the simplest Wills, this is the Step which really matters.
This is where you can say 'x gets the lot'.
When they execute your Will, your Executors first of all convert
everything not covered in Step 3 into cash. Then they pay
off any debts you have (including any Inheritance Tax due),
any expenses incurred in executing your Will, and the cost
of your Funeral expenses. Then they distribute the specific
gifts you have detailed in Step 4. Whatever is left, they
then distribute to the people or organisations you specify
in this Step.
That's all there is to making a Will.
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