Creating a will is one of the most important steps you can take to ensure your assets are distributed the way you intend after your death. This guide provides a comprehensive checklist to help you prepare a will that reflects your intentions and provides peace of mind for your loved ones.

By preparing a well-structured will, you can provide clear guidance on how your estate should be managed, appoint guardians for your children, and leave specific gifts to those you care about. Without a will, the future of your estate is left to the rules of intestacy, which can lead to unintended consequences and potential disputes among family members.

Writing a last will and testament without professional support can be a daunting task. This checklist is designed to guide you through the process, making it easier to create a will that reflects your values and provides peace of mind for those you leave behind. We have also provided tick boxes next to each item if you wish to print this page out.

If you have any questions we have not answered, the expert Wills, Trusts & Probate solicitors at Percy Hughes & Roberts Solicitors are happy to speak to you regarding your query and provide the legal services you need. You can contact us by completing the enquiry form or by calling 0151 666 9090.

How to Prepare a Will: Checklist for Testators

List All Your Assets 

Start by creating a comprehensive inventory of everything you own. This includes your property, bank accounts, investments, personal possessions, and any other assets of value. Don’t overlook smaller items or digital assets, such as online accounts and cryptocurrencies, which can also hold significant value.

Having a clear, detailed list of your assets ensures that nothing is missed when it comes to distributing your estate, and will make it easier for your executor to carry out your wishes efficiently.

See: Six Assets That Are Often Forgotten About In A Will

Identify and List All Debts 

In addition to your assets, it is essential to account for any debts you owe. This includes mortgages, loans, credit card balances, and any other financial obligations.

Listing your debts ensures that they are properly settled before your assets are distributed to your beneficiaries.

By providing a clear picture of your liabilities, you help your executor manage your estate more effectively. These lists will help the executor to calculate the total value of the estate when it comes time to administer it, and ensure that your loved ones are not left with any unexpected financial burdens.

Choose the Right Executor(s) 

Selecting the right executor(s) is one of the most important decisions you will make when preparing your will. The executor is responsible for managing your estate, settling any debts, and ensuring that your assets are distributed according to your wishes.

It is essential to choose someone you trust who is organised, reliable, and capable of handling financial and legal matters. It may be advisable to choose multiple executors, especially if you are planning your estate well in advance. There is always a risk that an executor could lose mental capacity or die before taking on the responsibility, which can be difficult if you have not assigned a second or replacement executor.

You might want to appoint a professional executor such as a solicitor to manage your estate, rather than giving this burden to your loved ones.

You can read more about executors and their duties here:

The Ten Key Tasks for an Executor

Can An Executor Decide Who Gets What?

Can an Executor be a Beneficiary of a Will?

Choose Beneficiaries and Specific Bequests 

When preparing your will, carefully consider who should inherit your assets. These individuals or organisations are your beneficiaries. You may wish to leave specific items, such as family heirlooms, jewellery, or charitable donations, to particular people or causes.

Clearly outlining these bequests in your will helps prevent disputes among the people involved and ensures that your intentions are honoured.

Also, think about what should happen if a beneficiary passes away before you. Naming alternate beneficiaries can provide clarity and avoid potential complications.

Consider Guardianship for Children 

If you have children under the age of 18, designate a guardian in your will who will take responsibility for their care if something happens to you. The guardian you choose will be responsible for their upbringing, including decisions about their education, health care, and overall wellbeing.

Have a thorough discussion with the person you intend to appoint to ensure they are willing and able to take on this role. Additionally, consider naming a backup guardian in case your first choice is unable to fulfil their duties when the time comes.

Appointing a guardian provides peace of mind, knowing that your children will be cared for by someone you trust.

See: Will Writing for New Parents

Address Inheritance Tax Considerations 

Inheritance Tax can significantly impact the value of your estate and the amount your beneficiaries ultimately receive. In the UK, the current tax-free threshold is £325,000. Any value above this amount is typically subject to tax.

It is essential to consider strategies to minimise the tax burden on your estate, such as utilising the Residence Nil Rate Band. Married couples and civil partners can often benefit from transferring any unused tax allowance to the surviving partner, potentially doubling the tax-free allowance.

Consulting with a solicitor can help you to structure your estate in the most tax-efficient way.

See: What Is the 7-Year Rule in Inheritance Tax?

Plan for Your Funeral and Final Wishes 

Detailing any preferences for funeral arrangements or other final wishes in your will can provide clear guidance to your loved ones during a difficult time.

Whether you prefer burial or cremation, have specific requests for your service, or want to leave instructions for the handling of your remains, documenting these wishes can help to ensure they are honoured.

You can also include special wishes about organ donation, memorial services, or charitable donations in your memory. While these instructions are not legally binding, they help your family understand your preferences and can ease the decision-making process for them.

Include Any Digital Assets 

In today’s digital age, it is important to consider your digital assets when preparing your will. Digital assets can include online bank accounts, social media profiles, email accounts, cryptocurrencies, and any other valuable digital holdings.

Leave instructions on how these assets should be managed or distributed. Include usernames, passwords, and other access details in a separate, secure document, to help your executor to manage these accounts effectively.

See: Digital Assets and Your Will

Decide Whether You Want to Include a Power of Attorney 

When preparing your will, it is worth considering whether to set up a Lasting Power of Attorney (LPA). An LPA allows you to appoint someone you trust to make decisions on your behalf if you become unable to do so due to illness or incapacity.

There are two main types: a Property and Financial Affairs LPA, which covers financial matters, and a Health and Welfare LPA, which covers medical and care decisions.

Including a Lasting Power of Attorney alongside your will ensures that your affairs will be managed according to your wishes, even if you are not in a position to make decisions yourself.

See: Lasting Power of Attorney Services

When Does an LPA End?

Make Your Will Legal and Valid  

It is essential to follow the legal requirements to create a valid will that is legally binding. In the UK, your will must be in writing and signed by you in the presence of two independent witnesses who are both over 18 years old.

These witnesses must sign the will in your presence. The two witnesses cannot be beneficiaries or married to beneficiaries, as this could invalidate parts of the will. The simplest way to do this is often to have a solicitor act as a witness. Working with a professional is the best way to create a legally binding will.

See: 14 Common Mistakes to Avoid When Writing a Will

The Dangers of DIY Wills

Store Your Will Safely 

After creating your will, choose a safe and secure location to store it where it can be easily accessed when needed. Inform your executor and a trusted family member or friend of its location so they know where to find it when they need it.

Avoid placing your will in a bank safety deposit box, as access may require legal permission, which can be difficult to obtain without the will itself. Instead, consider storing it with your solicitor, in a secure, fireproof home safe, or using a dedicated will storage service.

Even when your estate plans are made and the will is secure, it is advisable to review the document periodically to keep it up-to-date and valid. For example, you may need to create a new will if you acquire or dispose of certain assets, such as property, or after significant life events.

How Can Percy Hughes & Roberts Help? 

At Percy Hughes & Roberts, we understand that preparing a will is a significant and sometimes complex task. Our experienced team of solicitors is here to guide you through every step of the process, to create a last will and testament that is comprehensive, legally sound, and truly reflects your wishes. 

Whether you need assistance with drafting a straightforward will, managing complex estates, or navigating Inheritance Tax considerations, we provide expert advice tailored to your unique situation.

If you require legal advice in relation to the above or need help with anything else to do with Wills, Trusts and Probate, Percy Hughes & Roberts can help. If you would like to contact one of our expert wills, trusts and probate solicitors you can do so by calling 0151 666 9090 or by completing the “Get in touch” form on this site.