Writing a will What to put in your will
Deciding what to leave behind when you make a will can be complex
Making bequests and legacies when you make a will
Most wills are made up of cash legacies, bequests and the residue. You can leave cash to relatives, friends or charities – these are usually fixed sums to named individuals. You can also bequeath your possessions (including property) and treasured objects to whoever you wish.
What’s left after all the debts, tax and fees have been paid is the ‘residue’. This can be left to one person, or it can be shared out among several individuals.
Leaving property in your will
If you share ownership with a spouse or partner, your worth is half its market value, less your share of the mortgage. Property can held in two ways - either as joint tenants or tenants in common.
- If your property is held in a joint tenancy, your half of the property will pass to the surviving joint tenant automatically.
- If your property is held in a tenancy in common, you can leave your share of property to someone else in your will. They will then become a tenant in common with the other owner of your property.
This used to be a common arrangement to avoid inheritance tax (IHT) but is now less widespread. It may also protect a share of the estate if you are assessed for residential care home fees, although this is not automatic and can be invalid if the local authority judges you have made the arrangement to deliberately deprive yourself of assets.
Be wary of re-arranging your property ownership and rewriting your will specifically for this purpose. It could be expensive and ineffective.
If you need help on how to go about making a will, or any other aspect of your finances, sign up to Which? for just £1 for one month and you can speak to a member of our Money Helpline team to get individual guidance
Children as the beneficiaries of your will
For children under 18, you should say who you wish to be their guardians if both parents die, and where the money will come from to look after them. This is usually made in the form of trusts.
If children inherit money and/or property, it is held in trust until they are 18 (or until they marry if earlier). If you don't specify how the trust should be managed, it will be dealt with according to the 'trustee laws', which let the executors deal with the fund (see below).
Appointing executors to your estate
Executors are people that carry out your wishes in accordance with your will. It's best practice to name more than one executor (or one executor and a substitute). These can be relatives, friends or even a solicitor.
In most cases (unless your estate is particularly complex) lay executors are preferable. If they need professional help to administer your estate they can commission probate services. Beneficiaries can act as executors.
For more advice on making a will, see our book Wills and Probate.
- Need individual help on making a will? Call the - Which? Money Helpline
- Baffled by the rules of probate, find out how to - apply for probate
- Protect your assets from the tax man with our guide to - how to avoid inheritance tax
