Preparing to Make a Will: What Do I Need?

October 22, 2013  |   Posted by :   |   Blog

It’s a really good idea to get some basic info together before you consult a solicitor to draw up a will as this can make the whole process much quicker and easier. Making a will is one of those grown up jobs that we all put off and off until it’s right at the bottom of your to-do list, but it’s amazing what a relief it can be to have an up-to-date will in your filing cabinet. And honestly – it doesn’t take very long to sort out, so stop stalling and book yourself a meeting with your solicitor. Here’s a list of the fundamental figures and details you’ll need to bring with you to your appointment:

  • Your name and address, and the names  and addresses of your partner, children and any guardians if applicable
  • The value of any assets, eg: property, vehicles, home contents, savings, investments, insurance, pensions, any other assets and items of particular value
  • The value of any liabilities, eg: mortgages, debts, loans, credit cards and credit agreements
  • The details of specific items, property, or sums of money you would like to leave to loved ones, organisations or charities
  • An idea of who you’d like your assets to go to if a beneficiary dies before you

Another thing to consider when drawing up a will is inheritance tax, which applies to estates worth over £325,000 and will deduct 40% from the total value. Inheritance tax may reduce the money you leave to your beneficiaries quite substantially, so it is certainly something to keep in mind. Your solicitor will be able to explain the different options regarding your estate and assets at your appointment to help you find the right solution for your family.

If you’re in the Berkshire or Buckinghamshire area and would like to put together a will for your peace of mind – either individually or as a couple – get in touch with us at Frances Lindsay & Co to arrange an appointment at our Maidenhead or Beaconsfield offices.

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