Thinking about your own mortality isn't the most pleasant experience, but writing a Will is very important as it allows you to decide what happens to your money, property and possessions after your death. Making a Will can also ensure that you don't pay more Inheritance Tax than you need to. Here you'll find a few top tips on the things you need to cover in your Will.
You can write your Will yourself, but you should also get legal advice to ensure that it's interpreted in the way you intend it to be. The charity Citizens Advice will be able to help you right a Will correctly. You will also need to get your Will formally witnessed and signed to make it legally valid.
The main points you need to include in your Will are who you want to benefit from your Will, who should look after any children under the age of 18, who will carry out your wishes after your death (referred to as your executor) and what happens if the people you want to benefit die before you. You can also use your Will to outline any requests or preferences you have with regards to your funeral.
You should aim to review your Will every five years and after any major changes in your life such as getting married, divorced, having a child and if the executor named in your Will dies. To make a change to your Will, you will need to make a codicil – an official alteration, which needs to be signed and witnessed – or write a new Will altogether. You can read more about updating your Will here.