Writing a will is a step by step process:
1. Value Your Estate
When writing a will, the first step is to value your estate. The combined monetary value of your assets, minus your debt is the value of your estate.
Making a list of all your assets and their values, and the debts you have and their respective amounts will allow you to work out the total value of your estate.
Assets that make up an estate will typically include:
- Any property you own including your house.
- The money in your bank account.
- Any savings you have in addition to the money in your bank, such as building societies or separate savings accounts.
- Motor vehicles.
- Personal belongings such as art, jewellery, and antiques.
- Household contents such as personal belongings and furniture.
- Insurance, such as life insurance or endowment policies.
- National savings such as premium bonds.
- Investments such as investment trusts or stocks and shares.
- Pension funds that include a lump sum payment in the event of your death.
The value of your assets can change over time, so it’s important to have them regularly valued.
Debts typically include:
- Loans.
- Your mortgage, if you have one.
- Your overdraft.
- Equity release.
- Credit card balance.
2. Decide How to Divide Your Estate
When writing a will you’ll need to make it absolutely clear how you’d like your estate divided.
You’ll need to think of:
- The people you’d like to benefit from your will.
- How you’d like your estate divided between beneficiaries.
- Where you’d like the residue of your estate (what’s left after funeral expenses, taxes and administrative expenses have all been paid) to go.
- What will happen if any beneficiaries die before you do.
- If there are any specific gifts you’d like particular people to inherit.
- If you’d like to leave anything to charity (and if you do you must include the charity’s full name, address and registered charity number).
3. Choose your executors
When writing a will, you’ll need to state who your executors will be. Executors are the people that will deal with dividing your estate after you die. Executors have a lot of responsibility and dividing your estate can involve a lot of work. You’ll need to choose your executor carefully, and with consideration. You can find out more about executors in our FAQ.
4. Write your will
Once you’ve established the above, you’ll then be able to start writing a will. There are a number of ways you can do this.
Write your own will:
When writing a will, you must make sure that it’s valid if you choose to do this. As your will is a legal document it needs to be written and signed correctly. It’s a good idea to seek advice if you decide to write your own will.
Use a professional will writer:
Professional will writers aren’t always solicitors and some may not be regulated. If you choose to use a professional will writer, you’ll need to check that they’re a member of The Society of Will Makers or The Institute of Professional Will Writers.
Banks:
Some banks will provide will writing services covering writing a will, but may charge high fees for this service. You’d need to book an appointment with your local branch to discover your options and how much they cost.
Charities:
Some charities will provide will drafting services to encourage charitable donations (although you’re under no obligation to make a charitable donation). Both Will Aid and Free Wills Month can be used to find out more.
Solicitors:
It’s usually best to get advice from a solicitor or chartered legal executive. Some solicitors will specialise in wills and probate. The Solicitors Regulation Authority and The Law Society can be used to check if a solicitor is licensed with a relevant professional body.
5. Sign your will
Sign your will in the presence of two independent witnesses.
6. Store your will safely
You can leave your will with your bank, your solicitor, store it safely at home, or leave it with your local probate service. You can find your local probate service on the gov.uk website. You must let your executors know where your will is stored.