What to include in a Will?
Want to make a Will or change an existing Will? Why not contact us today.
Decide who you would like to receive particular items of your property, no matter how large or small. This can be money, valuable items such as your house, or items that may have sentimental value such as a watch or wedding ring. You can also let people know where to find these items:
  • Make a list of any Gifts which can be specific (say an item of jewellery), residual (percentage of what’s left in the estate) or restricted (eg. provide for your pets or charity gift).

  • Say what funeral arrangements you want including your instructions for the service, burial or cremation. You could also authorise or prohibit the use of your body for scientific or medical research.

  • Consider what you want to happen if your nominated beneficiaries die before you.

  • You should appoint a guardian for any children aged under 18 or any children not able to care for themselves. If relevant say how you wish to provide for their upkeep.

  • Outline reasons in the will to leave anyone out as the law expects you to make adequate provision for anyone for whom you are responsible.

  • You may want to impose conditions on a beneficiary’s right to receive a gift? Not all conditions are allowable - for example, you cannot prohibit a spouse from remarrying but you can provide that a minor cannot receive their cash benefit until age 25.
What you don’t need to include in your will:
  • All jointly owned assets as these automatically pass to the other person when you die.

  • Any life insurance policies can be paid into your estate to be distributed as part of your will. Alternatively they can be paid directly to the nominated person, depending on the arrangement made with the insurance company when you took out the policy.

  • Any superannuation monies can be included in your will, but the superannuation fund does not have to abide by your wishes. Normally, their first priority is to benefit direct dependents. You may wish to obtain independent financial advice on the situation.


    Mirror Wills:
  • A Mirror Will is prepared when a couple want to make almost identical Wills leaving everything to each other and thereafter to the children, or where there are no children, to a named beneficiary.

  • They must be individual Wills, so in effect they are separate legal documents with similar content. The respective partners usually become both sole beneficiary and sole executor to each other.

  • When writing a Mirror Will it's essential to add at least one extra executor and beneficiary to each Will to safeguard the estate in the event that both should die together.
Making a will means that once all debts have been covered, the remainder of your estate will be distributed exactly as you want. However, increased property values may make your estate liable to Inheritance Tax (Death Duties). This can be minimised or even eliminated by a carefully written will.

You should also consider if your will needs updating say every four or five years.

We are qualified to help at Cheltenham Wills - the professional 'one stop shop' Will Writing Service covering the Cotwolds and all surrounding counties.
Cheltenham Wills - Cheltenham IFA Limited - 10 Montpellier Arcade - Cheltenham - Gloucestershire - Tel: 01242 26 96 56