Your will lets you decide what happens to your money, property and possessions after your death.
If you make a will you can also make sure you don’t pay more Inheritance Tax than you need to.
Your will should set out:
- Who you want to benefit from your will
- Who should look after any children under 18
- Who is going to sort out your estate and carry out your wishes after your death (your executor)
- What happens if the people you want to benefit die before you
You should get an idea of what your estate will be worth by drawing up a list of your assets and debts.
Assets that typically make up an estate include:
- your home, and any other property you own
- savings in bank and building society accounts
- National Savings, such as premium bonds
- insurance, such as life assurance or an endowment policy
- pension funds that include a lump sum payment on death
- investments such as stocks and shares or investment trusts
- motor vehicles
- jewellery, antiques and other personal belongings
- furniture and other household contents
Debts may include:
- a mortgage
- a credit card balance
- a bank overdraft
- equity release
Get your assets valued regularly because the value of them can change over time.
You should make sure that it’s absolutely clear what you want to happen to your whole estate. Think about:
- who you want to benefit from your will
- whether you wish to give any specific gifts to particular people
- where the residue of the estate is to go (any property or money left over after paying
funeral and administrative expenses, legacies and taxes)
- what you want to happen if any of your beneficiaries should die before you
At SM Mortgage Services we have access to a range of solicitors that can help you plan for your future. Contact us today to discuss your options
Will writing is not part of the Openwork offering and are offered in our own right. Openwork Limited accept no responsibility for this aspect of our business.
Will writing is not regulated by the Financial Conduct Authority.