What to Include in Your Will

A well-drafted will is one of the most important documents you can put in place. It ensures that your estate is handled according to your wishes, allows you to appoint trusted people to act for you, and can save your family time, stress and cost.

Start by identifying your property, savings, investments, pensions, business interests, digital assets and personal possessions. Listing liabilities also helps your executor deal with the estate efficiently. Don't list these in your Will itself or you could cause confusion.  It is important to think about what you own and who you want to inherit but let your solicitor draft the Will or gifts might fail or end up going to the wrong people.

Below is a guide to the key things your will should include.

Executors and guardians

You should appoint one or more executors to handle your estate. If you have minor children, your will should name guardians to care for them if both parents pass away.

Gifts, legacies and the residuary estate

You may leave specific gifts, monetary legacies or the remainder of your estate (“the residuary estate”) to chosen beneficiaries. You may also set up trusts—for example, for young children. Trusts are complex and you should not attempt to draft Will clauses setting up trusts as there is too much to get wrong.

Funeral wishes and additional instructions

While not legally binding, funeral preferences can be included to guide your family. You may also include wishes about pets.

Tax planning and regular updates

Your will should be reviewed after major life events such as marriage, divorce, or the birth of children or grandchildren. Professional advice ensures your will reflects your latest circumstances and tax position and that your wishes are made clear and not open to interpretation.  You don't want your family to end up embroiled in litigation which can eat into the estate, nor do you want to pay more Inheritance Tax than you should.

If you’d like to discuss drafting or updating your will, Marsons Solicitors’ Private Client team is ready to help.

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