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Your checklist for preparing a Will

Preparing your Will

Making a Will can seem daunting. It’s a document that sets out your wishes in the event of your death, and requires some careful reflection – as well as an acknowledgment of your mortality. As such, it’s important to approach the task with proper preparation. After all, unless your Will is clear and unambiguous, disputes could arise after your death, leaving more of a mess than fond memories. Here, we offer a comprehensive checklist to ensure you feel prepared for making your Will.

  • List your assets

The first task is to gather a list of everything you own. This might include property, a business or part of a business, cash, shares, intellectual property (such as patents or copyrights) and valuables like art, jewellery, collectibles and cars.

If you have a large or complex estate, including overseas assets or a business you want to pass on, for example, it’s a good idea to speak to Kent tax advisors about estate planning before making your Will. A professional such as Nick Hughes, who specialises in estate and tax planning for high net worth individuals, both UK domiciled and non-domiciled, can ensure you minimise your tax liabilities and pass on your wealth in the most efficient way.

  • List your beneficiaries and executor

You will need to be crystal clear about who you want to pass your wealth on to. Beneficiaries might include a partner, children and grandchildren, friends, or charities. You can choose to split your wealth by percentage of the total value of your estate, or choose specific assets that you would like to pass to specific individuals. You may, for example, want to pass your family home to your child and items of jewellery to grandchildren.

You’ll also need to appoint an executor – a trusted individual who will administer your estate after you pass away. You can choose a friend or relative, or nominate a solicitor or Kent accountant for probate services.

  • Consider your digital assets

In the age of the internet, cryptocurrency and online banking, it’s important to consider your digital assets within your Will. You’ll need to list your logins and passwords for your computer or tablet, mobile phone, online bank or BitCoin accounts, email and social media accounts and more. You will also need to appoint a Digital Executor to manage these accounts once you pass away.

  • Gather the relevant documents

Documents such as birth and death certificates, marriage or divorce certificates, property deeds, investment portfolios and insurance policy information will all be required during the Will writing process. You’ll also need your digital asset list and the names and contact details of your solicitor, bank and accountant. If you have specific wishes for your funeral, these should be documented too.

  • Nominate guardians

If you have children who are under 18 or dependent on care, you will need to nominate guardians for them in your Will. Ensure you speak to the person(s) you’d like to nominate before doing so to make sure they’re happy to take on the role if necessary.

If you’ve completed the above checklist, creating your Will with a reputable solicitor should be straightforward. All that remains is for it to be drawn up, signed and witnessed, and stored in a secure place.

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