What is involved in writing a Will?

To write a very simple Will, there are 3 main considerations.

• Firstly, who will be the executor of the Will. The executor is the person who administers the Will, they can be anyone you like, there is no conflict of interest.
• Secondly, if you have children under the age of 18yrs you need to think of who would be the guardian, again this can be anyone you wish.
• And thirdly, who inherits your estate and in what proportions?

It’s also a good idea to write a list of all your assets and your debts to get a good understanding of what your net worth is. If you have a larger estate, say one which is valued at over £1m and/or own a business, it would be a good idea to seek some further guidance on Inheritance Tax. Inheritance tax is charged at 40% over your allowance.

There are a couple of allowances, the main one being the Nil Rate Band and that gives each individual £325k of assets that can be passed to your beneficiary inheritance tax free. There is another allowance called the Residents Nil Rate Band which is currently £175k and is used for passing on your main family residence to your direct descendants. This allowance will be reduced for any estates worth over £2m.

Ready to create your Will?

Here at Cedar Wills & Trusts writing a Will is simple. We offer both an online Will service that can take as little as 15 minutes, along with our face-to-face service for people who require more in-depth planning.