How do I write a Will?

Steps to take for updating your Will

When should you write or update your Will?

First of all, when should you think about writing or updating your Will?

• When your relationship status changes – getting married or divorced, for example.
• When you have children or grandchildren.
• When you buy a property.
• When your financial circumstances change – maybe you finally win the lottery, or you inherit a sum yourself.
• When your family relationships are complex – for example you have step-children.
• Your spouse or partner passes away.
• When you are not married but wish for your partner to inherit.

Even if none of the above apply, you should reconsider your Will every five years, to check if your feelings have changed about your wishes.

Writing a Will is simpler than you might think. Here’s the process in three simple steps:

Step one: Value your estate

This doesn’t have to be exact, but in order for a solicitor to give you advice, it will be helpful to know the estimated value of your estate. Work out the value of your house, any savings and investments, the cash in your accounts, and any high value items (such as vintage cars, or your artwork collection). Also take note of any items of sentimental value, that you may want to make specific plans for.

Step two: Consider your executors and beneficiaries

Your Executors are the people who execute your Will; who make sure your wishes are carried out. You can appoint anyone; a professional, a friend, or a relative. We would recommend that you speak to them first, but you do not have to. It should be someone you trust, and someone capable of the responsibility.

Your Beneficiaries are the people who will receive from your estate. Most commonly this includes close family members, friends, and causes you care about. In Scotland, your children have ‘legal rights’ to a certain percentage of your estate, but there's still room to include other people and causes you care about. A solicitor can guide you on this.

Leaving a gift in your Will to charity is an amazing gift to leave to the world. If you're considering CHAS as a beneficiary alongside your loved ones, we're so grateful.

Step three: Consider what you want to leave in your Will

There are three main ways you can leave a gift in your Will.

• Specific Items – This is where you leave specific items to beneficiaries, such as your record collection, classic car, or something sentimental you know they would love.
• Pecuniary Gift – This is a set amount, such as £1,000. It doesn't change with inflation, or any changes in the overall value of your estate.
• Residual Gift – This is a percentage of your estate when all pecuniary gifts, specific items, and any debts on the estate are paid. You can leave both pecuniary and residual gifts to the same individuals and causes, or to different ones. The value of these is hard to predict, as it depends on the value of your estate, but are useful as they don't commit to a set amount.

Don’t worry about having all the answers – it's just helpful to have a think about these things before meeting with your solicitor.

Ready to go?

When you’ve had a think about the above, book an appointment with a solicitor. You don’t need to have all the answers, they will be able to guide you and provide advice specific to you.