Writing a will is something we should all do. Many people assume you do not need a will until you are in your 50s or later, but it is never too early to make provisions. While property and savings are the obvious things to include in a will, there are many things that are also very important. This blog offers a checklist to ensure you have covered everything necessary in your will.
All Money
This may sound obvious, but ‘all money’ covers many things, including the following:
- Insurance policies
- Bonds
- Shares
- Pensions
- ISAa
- Savings accounts
- Bank accounts
- Digital currency
- Cash back accounts and loyalty cards
- Online wallets, such as PayPal or selling sites, such as vinted.
You may even wish to include a separate document with information about online accounts, including login details and passwords.
Child Guardianship
If, at the time of making your will, you have children under the age of 18, you must ensure you cover the matter of guardianship. You may think that your spouse will care for them, so there is no need to include this, but you do not know if that will be the case at the time of your death. You should appoint appropriate guardians and ideally talk it through with them too.
Non-monetary Assets
This includes tangible objects that can be passed down to keep or sell on. Examples are:
- Vehicles
- Jewellery
- Furniture
- Collectables
- Antiques
- Clothing and accessories
- Family heirlooms
Property
Another one that may seem obvious but property does not just cover the home you are living in. Any property you own should be covered in your will, including holiday homes, chalets, caravans, and rental properties.
Sentimental Items
This will include things such as photographs, letters, personal gifts etc. This digital age means many of us have memories in the cloud, so be sure to leave instructions for anything digital of importance too.
Beneficiaries and Executor
You must appoint an executor you trust to deal with your estate efficiently and, ideally, discuss your wishes with them. You should also clearly outline your beneficiaries to avoid disputes during probate.
Charities
If you wish to leave a sum to charity, you should outline this in your will and name your chosen charity. Telling a loved one is not enough – it must be stated clearly in a valid will.
For help with Spanish probate issues, contact Spanish Probate Matters on 0208 150 2010.
