What can you do in your Will?
Paul Mounce, 6th January, 2020
There are many things that you can do in your Will. Here's a quick look at some of the things you may wish to consider and include.
You can choose who will be the Executors of your Will. You can choose any number and they can be family members, friends or even professionals. Your Executors are responsible for gathering in all of your assets and distributing them in accordance with your wishes. They are also responsible for organising your funeral.
You can use your Will to specify whether you wish to be buried or cremated. This is very important for Executors who are perhaps not aware of your wishes. If you have any specific wishes regarding your funeral, or where you want your remains to be buried or scattered, this information can be drafted into your Will to ensure your specific wishes are met after your death.
Leaving children or dependents behind can be a huge worry. Including a guardianship clause within your Will ensures your wishes are known and are used in making a decision about their future.
If there are certain items that you want to leave to particular people you can use your Will to do this. A family heirloom, that chair that your grandson always sat on as a child. You can also leave cash legacies, perhaps to your grandchildren or close friends.
Charities rely heavily on donations from members of the public. Leaving a legacy in a Will can provide them with much needed financial support.
Inheritance Tax and Residential Care Fees can severely reduce the value of your estate. Through the use of Trusts in your Will we can attempt to mitigate these factors, leaving more money to pass on to your loved ones.
You may also feel that your loved ones, particularly if they are young, aren’t ready to inherit a large amount of money. You can use your Will to create a trust and Trustees to look after their Inheritance until an age that you feel would be more appropriate.
Every Will is different and it is important that you discuss your requirements with a solicitor to ensure the Will you draft contains all of the things that you need it to.
Related article: What's in a Will?
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