Making a Will

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A 'Step by Step' introduction...

More and more people are realising the importance of making a Will as early as possible. Having an up-to-date Will ensures peace of mind, both for you and your family. It means that you know your money and assets will be used as you want, perhaps by helping family, friends and charities.

The following guidance will advise you on the step you'll need to take to make a Will, but we recommend that you consult a solicitor for relevant advice for your situation. We would be delighted to have an informal, no-obligation meeting with you to discuss this in more detail.

There are five key steps to be done in making your Will:

1. Value your assets

2. Decide who should benefit from your will

3. Identify your executors

4. Find a solicitor

5. Keep it safe

1. Value your Assets
This can be a daunting task so the best way to do this is by making a list of everything you own and allocating a reasonable value for each item. Don't forget your bank and savings accounts, investments, stocks and shares, your house, as well as your belongings.

2. Decide who will benefit from your will
This is a major decision for you. The beneficiaries of your Will are the people and/or charities to whom you wish to leave a gift in your Will.

There are several ways to leave a gift:

• A specific sum of money (called a pecuniary amount). For example, you may choose to leave £1,000 to a friend of relative. It is important to consider how this gift will hold its value in years to come.
   
• A share of your estate (called a residuary amount). Typically this is a share of what is left in your estate once all tax, bills, expenditure and specific gifts have been allocated. For example, you may want to leave 5% of your estate to a relative.
   
• A specific item. This may be of either sentimental or financial value; typically it might be family jewellery, furniture etc.

Once you are happy that you have provided for your family and friends, we would be very grateful if you would consider leaving a gift to Step by Step. The best gift to leave Step by Step is a share of your estate, as this means that if your circumstances change you do not have to alter your will.

We have provided some legal wording, which we recommend your solicitor uses.

3. Identify your executors
An executor is a person (or persons) you choose to make sure that your wishes are carried out. It is best to have more than one. Executors can also be beneficiaries. You must ask them if they are willing to do this, and then let them know where your will is (e.g., with your solicitor).

4. Find a solicitor
We strongly advise you to consult a solicitor in drawing up your will. A Will is a legal document and it is very important that it is drawn up correctly.

Many people will already have a solicitor, or you can ask your friends and family for recommendations. Alternatively, contact STEP (The Society of Trusts and Estate Practitioners, 0207 838 4890) who represent solicitors with specific experience in drawing up Wills.

5. Keep it safe and up-to-date
Once your Will is completed and signed it is very important that it is kept somewhere safe and that you inform your executor where it is being held. Your solicitor may keep it for you or it may be held at your bank.

In addition, it is important to remember that you may want to review your Will on a regular basis. Your priorities or your estate may change, so it's essential that you do this regularly - every three years is recommended. Any additions or alterations can be made by adding a codicil, which your solicitor will be able to help with.

Finally, thank you again for considering Step by Step in this important way. We hope that this information has been of use to you, but remember we are always willing to answer any questions you may have.

© 2007 Step by Step Partnership Ltd   :   Reg. Charity No. 900308    :   Company No. 2431825