What You Need to Prepare before Making Your First Will

Your will needs to account for your estate, so the first step is building a clear picture of what you own. This does not need to be a formal valuation at this stage, but a working list of your main assets will help you understand the scope of your estate and think through how you want it distributed.

Your list might include:

• Property, including your home and any other property you own
• Savings accounts and investments
• Vehicles
• Personal possessions of significant financial or sentimental value
• Business interests or shares
• Any outstanding debts or liabilities, including mortgages

It is also worth noting how property is owned. If you own your home jointly with another person, the way ownership is structured can affect what can be left in a will, and it is worth seeking legal advice if you are unsure.

Your beneficiaries are the people or organisations who will inherit from your estate. Before you start, think about who you want to include and in broad terms what you would like them to receive. If you want to leave a gift to a charity, note down the charity’s full name and registered charity number.

It is also worth considering what should happen if a beneficiary were to die before you. Having a contingency in mind avoids complications later.

Your executor is the person responsible for carrying out the wishes set out in your will, from applying for probate through to distributing your estate. It is one of the most important appointments you will make, so it is worth giving it careful thought before you start.

Most people choose a spouse, close family member or trusted friend. It is sensible to choose more than one executor and to speak to them in advance to confirm they are willing to take on the role. For more complex estates, a professional will executor may be more appropriate.

If you have children under the age of 18, you can use your will to name a guardian who would be responsible for their care if you were to die before they reach adulthood. This is one of the most significant decisions a parent can make in a will, and is worth discussing with your chosen guardian beforehand rather than making the appointment without their knowledge. 

Your will can include instructions for your funeral arrangements, which can relieve your loved ones of difficult decisions during an already difficult time. It is worth having a broad sense of your preferences when you come to making your will.

Bear in mind that funerals often take place before probate is completed, so it is equally important to let a family member or executor know your wishes separately rather than relying solely on your will.

If the value of your estate is above the current inheritance tax threshold, your beneficiaries may face a tax liability. You do not need to have worked through this in detail beforehand, but having a rough sense of the overall value of your estate means you can have an informed conversation about any planning opportunities when the time comes. 

Taking the time to prepare before you start means the process of making your will is more straightforward and the end result more likely to reflect your intentions. But preparation only goes so far. A will that is incorrectly drafted or improperly witnessed can be deemed invalid, leaving your estate to be distributed under the rules of intestacy rather than according to your wishes.

Using a qualified solicitor ensures your will is legally sound, clearly worded and properly executed. Solicitors are also regulated, which means you and your beneficiaries have recourse if something goes wrong. While some people choose to write a will without legal support, errors in drafting or execution can invalidate the will or cause costly disputes for your beneficiaries. By the time these issues come to light, it is too late to correct them.

Once your will is in place, it is important to keep it up to date as your circumstances change. 

Once your will has been made, keeping it somewhere safe and accessible is just as important as the document itself. Your executor will need to be able to locate it, so it is essential they know where it is kept. 

Options include leaving it with your solicitor, storing it with HM Courts and Tribunals Service or keeping it securely at home. Whichever you choose, make sure at least one trusted person knows where to find it.

At GSB, our will writing solicitors work with clients across Leeds, York and Harrogate to create wills that are tailored to your circumstances and legally sound. 

If you are ready to get started or would like to discuss what making a will involves, you are welcome to book a free 15 minute consultation with a member of our team.