What should I include?
What should be included in a will?
To save time and reduce costs when going to a solicitor, you should give some thought to the major points which you want included in your will. You should consider such things as:-
- how much money and what property and possessions you have, for example, property, savings, occupational and personal pensions, insurance policies, bank and building society accounts, shares
- who you want to benefit from your will. You should make a list of all the people to whom you wish to leave money or possessions. These people are known as beneficiaries. You also needs to consider whether you wish to leave any money to charity
- who should look after any children under 18
- who is going to sort out the estate and carry out your wishes as set out in the will. These people are known as the executors (see below).
Who are executors?
Executors are the people who will be responsible for carrying out our wishes and for sorting out the estate. They will have to collect together all the assets of the estate, deal with all the paperwork and pay all the debts, taxes, funeral and administration costs out of money in the estate. They will need to pay out the gifts and transfer any property to beneficiaries.
Who to choose as executors?
It is not necessary to appoint more than one executor although it is advisable to do so, for example, in case one of them dies. It is common to appoint two, but up to four executors can take on responsibility for administering the will after a death. The people most commonly appointed as executors are:-
- relatives or friends
- solicitors or accountants
- banks
- the Public Trustee (in England and Wales) if there is no one willing and able to act.
It is important to choose executors with considerable care since their job involves a great deal of work and responsibility. You should always approach anyone you are thinking of appointing as an executor to see if they will agree to take on the responsibility. If someone is appointed who is not willing to be an executor, they have a right to refuse.
If an executor dies, any other surviving executor(s) can deal with the estate. If there are no surviving executors, legal advice should be sought.
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