Executors   One of the first decisions you need to take into account when making your Will is who you would most like to administer it. This will involve sorting out all the paperwork and dealing with all aspects of your estate.

You can choose more than one executor if you wish but most people choose two. Experts advise that you choose a member of your family or a friend who knows your personal circumstances and a professional. A professional can be a solicitor, bank or accountant who can act as a referee if there are any family disputes. Professionals will charge quite hefty sums for their services. 

If you appoint one of the big banks as executor you or your family will have to pay around £10,000 for an estate valued at £250,000 whereas solicitors typically charge £5,000 for an average estate.

Bank charges to act as executor
Bank £250,000 estate £500,000 estate £1 million estate
Barclays £9,500 £14,500 £24,500
HSBC £10,000 £17,500 £22,500
Lloyds TSB £10,000 £20,000 £35,000
NatWest £10,000 £20,000 £25,000
Solicitor £3,500 £7,500 £15,000
Based on a complicated estate

It is always best to confirm with your chosen party that they are happy to take on the role and that they are familiar with what would be involved.

For more information on the role of an executor click here.
Guardians   When making your Will it is essential that you appoint guardians to look after your children.  Contrary to popular belief, where there is no Will, children will not automatically be left to the care of a close family member.  In some cases children have been taken into care until a decision has been reached as to who should become their legal guardian.

Your choice of guardian or guardians is obviously personal and should be discussed in length with all involved.  Remember it is a huge responsibility and there are many issues which will need to be discussed. 

For more information on the role of a guardian click here.
Marital Status   It is important that your marital status is accurate in your Will because this will have an effect on how your estate is administered when you die. 

If you are in the process of, or considering, divorce then you should make allowances for this in your Will.  Legally, you will continue to be married until you are granted your Decree Absolute.

On the other hand you may be in the process of planning your wedding. Presumably if you were to die you would want your estate to be the property of your intended spouse. This must also be specified in your Will otherwise your estate will be executed as if you were a single person. 

It is essential that you write a new Will or amend the Will you have immediately if your circumstances change.  
Pecuniary Legacies   Pecuniary legacies are specific amounts of money which you want someone in particular to have. If there is a friend or someone in the family or even a charity who you want to help, then it is essential that you specify this in your Will otherwise the money will be shared out as part of your estate as a whole.  
Specific Gifts   Specific gifts are items which you would like to give to a chosen party. You might have a valued record collection which you know would be appreciated and looked after by a particular family member or friend.  By specifying this in your Will you will ensure that it is received by the person you choose.
Residue   Any part of your estate remaining after your gifts and legacies have been distributed is called the residue and you should consider who should be the recipient of the residue and how you would like it to be dealt with.
Inheritance Tax   Due to increasing house prices and stock market booms in the last decade, more and more people are finding themselves liable to pay Inheritance Tax (charged at 40% on all estates valued at £242,00 or more).

Although there is no getting away from paying IHT, good planning can alleviate the costs involved.   

For more information on inheritance tax click here.
Costs of Care   

Many people find that they need help as they get older whether on a personal or residential level.  The cost of health care can be substantial and there are lots of implications to consider which can affect your Will.

For more information on care factors click here.
Funeral Arrangements   Most people have some idea of what kind of service they would like when they die and whether they would prefer burial or cremation. Leaving precise instructions in your Will will help ensure you receive the funeral you wanted.

For more information on funerals click here.