Who Do I have a spouse or partner? If so, should we both do Wills and do they have to have any reciprocity?
1 What assets do I (and my spouse or partner) have? If so, will both Wills be done?
2 What liabilities do I have? How will liabilities existing at date of death be paid?
3 Do I have insurance to be applied against liabilities in the event of death?
4 Do I have superannuation? If so, do have to make any special nominations or notifications to the trustee of the superannuation fund?
5 Who will be your beneficiaries?
6 What will the beneficiaries be given? – General or specific gifts?
7 Do I intend to make any specific gifts of specific property or amounts of money?
8 Are any of my assets liable to Capital Gains Tax (CGT)? If so, consider obtaining specific advice, including from your accounting advisor, in respect of your estate dealing with them.
9 How will do you want to divide your estate amongst your nominated beneficiaries?
10 Do you want to leave part of your estate to one or more charitable organisations?
11 Who will be your residuary beneficiary, if the main beneficiaries predecease you?
12 In deciding what to leave to whom, have you made adequate provision in your Will for your dependants?
13 Who will you appoint as executor(s) / trustee(s) for your Will? Do they have the relevant skills? – Being an executor/trustee involves real obligations and is not merely honorary
14 Have you obtained consent from any proposed executor / trustee?
15 Consider appointing an alternative or fallback executor(s)?
15 Do you want the executors to use particular solicitors and/or accountants?
17 If you have children, do you want to appoint a guardian for your underage children? Who will this be? Are there children from other relationships?
18 Do you want to nominate an amount of maintenance for your children?
19 You make a gift to your child but the child predeceases you, do you want that grandchild(ren) to step into the gift of their parent?
20 Do you want to give other directions, such as where you would like to be buried and/or aspects of your funeral service?
21 If you have grandchildren (nieces or nephews or other people) , do you wish to make any specific provision for them?
22 Does your estate require you to consider Estate Planning?
For example, do you:-
want to pass on a family business? – Who will run it and how?
Have a family or business trust? If so, how will it be best dealt with, particularly in light of CGT issues? This may involve having to have us check the terms of the trust because “trust” held assets may not technically part of your estate..
have a superannuation payout? – Does it go to your estate or to a nominated or fallback beneficiary?
want to make a gift to charity?
have capital losses, to the extent Capital Gains Tax might be relevant?
have property which may be caught by Capital Gains Tax,?
have death and/or life insurance?
have personal and/or family debts?
want flexibility in distributing your assets, e.g. if there are more children or grandchildren on the horizon, or for tax purposes?
23 If you envisage specific gifts of specific items (e.g. jewellery, sometimes it is best to list them on a schedule with photographs of specific items)
24 Where will you store your Will? Where will you store copies? Have you told anyone, e.g. the executor, where it is?
25 Do you want to arrange and pay for your funeral in advance?
26 Consider the need for and wisdom of doing Enduring Powers of Attorney, Enduring Guardianships or medical Directives at the same time.
27 What do you want done with your social media material?
28 Do the circumstances warrant thought about “mutual wills ”?
If you have any query, feel free to contact me firstname.lastname@example.org