Q: Following the birth of my first grandchild I have persuaded my partner we need to make new Wills as those we have were made thirty years ago. So that we can be fully prepared, what information will a solicitor want so they can re-write our Wills?
A: Firstly, you must provide your personal details; name, address, date of birth, contact details. Also, your marital status and personal details of family members and others to be named in your Will.
You should make a list of all your assets and their values, i.e. property, savings, investments, life insurance, pensions in the UK or overseas. As joint assets may pass automatically to the surviving partner, they should be indicated as being jointly held. Your solicitor will also require details of any significant debts or loans you have, including details of any loans/gifts you may have made to such as family.
With this information your solicitor will be able to provide you with a brief overview of what impact inheritance tax may have on your estate(s) when you die.
You will also need to decide who you wish to act as your executors. You can have more than one executor. You could appoint a family member, or a friend, or your solicitor. Executors can also be beneficiaries. The Executor(s) will look after your estate on your death and will be responsible for ensuring your wishes expressed in your Will are carried out.
Your solicitor will need details of the beneficiaries and how you wish your estate to be divided up, i.e. in percentages or shares, monetary values or if you have specified items to named people, whether you want any conditions attached to them inheriting from you.
Your funeral wishes can be included in your Will. Finally, two independent witnesses must sign the Will, neither of which can be beneficiaries. Good luck and well done for deciding to update your Wills – too often people don’t and it causes problems.
This question has been answered by Paul Owen, a Solicitor with GHP Legal. If you would like to speak to someone about this or any other legal matter, please visit our website www.ghplegal.com and use the contact us form, or call us on: Wrexham 01978 291456, Llangollen 01978 860313, Oswestry 01691 659194
