A Checklist for Making a Will

11 September, 2025 5 minutes reading time

Thinking about your Will may not seem glamorous, but it is essential for protecting your loved ones’ future. A Will is a legal document that explains how you share your assets and who will care for your minor children and estate. Without one, intestacy laws decide these matters, and they might not align with your wishes. To make things easier, here’s a simple checklist of key points and items to consider when preparing your Will.

Details of What You Own & What You Owe

Take stock of all your possessions. This includes: 

• Property: This includes all types of real estate: your home, holiday homes, and land.
• Financial Accounts: List your bank accounts, investment portfolios, and pension funds. Note that some financial products have their own designated beneficiaries, which can override your Will. It’s essential to review these.
• Personal Property: For example, your car, any other vehicle, jewellery, art, furniture, and other valuable items.
• Digital Assets: Don’t forget your social media accounts, domain names, digital photographs, and cryptocurrencies.
• List Your Liabilities: Ensure you have an overview of your debts, such as mortgages, loans, and credit card balances. Your executor will need to handle these. 

Specifying Your Beneficiaries

If you leave your estate to multiple beneficiaries, think carefully about how to distribute your assets. While it may seem unnecessary to make a detailed list, recent life changes like births, deaths, marriages, and divorces could influence who you want to include in your Will. You don’t need to include every detail now—just focus on who’s involved and ensure you haven’t missed anyone.

• Specific Gifts (Bequests): If you wish to leave a particular piece of jewellery to your niece or a sum of money to a charity, you should be as precise as possible to avoid confusion.
• Residuary Estate: This is what remains of your estate after all debts, taxes, and specific gifts have been settled. You should specify who will inherit this residual part (e.g., “the remainder of my estate shall be divided equally among my three children”).
• Contingency Plans: Your Will should specify what happens to a beneficiary’s share if they die before you do. For example, does it go to their children (known as per stirpes) or back into the residuary estate to be divided among the remaining beneficiaries?

If you aim to exclude someone from your Will, it’s usually not simple. Consult a legal professional to minimise the chance of future disputes.

Appointing Key Roles

• Executor(s): You need to specify the person or people who will manage your estate, settle any debts, and distribute your assets according to your wishes. Choosing the right individuals is essential. You need someone you absolutely trust to act in your best interests and those of your beneficiaries. Consider the advantages of appointing a professional (such as a solicitor or accountant). Additionally, you should also nominate at least one substitute executor in case your first choice is unable or unwilling to act.
• Guardian(s) for Minor Children: If you have children under 18, this is arguably the most critical part of your Will. Think about how you want to provide for your children. You can appoint a guardian to raise them and handle their inheritance. You should also designate a backup guardian.

Other Important Considerations

• Pets: Don’t forget your furry friends. You can use your Will to name a caregiver and set aside funds for their care.
• Funeral Arrangements: You can include a letter of wishes with your Will to express your preferences for your funeral, burial, or cremation. While not legally binding, this provides clear guidance for your loved ones.
• Digital Assets: You can create a secure list of passwords and usernames to make it easier for your executor to access your digital life.
• Inheritance Tax (IHT): A note about IHT: the current threshold is £325,000. So, if the total value of your estate (minus debts or loans) exceeds this amount, it may be subject to IHT. Usually, married couples and civil partners can transfer their unused allowance to each other. This means that on the surviving partner’s death, the estate may be able to claim both allowances, currently £650,000. Additional tax relief, the Residence Nil Rate Band, may also apply. Depending on your circumstances, lifetime gifts and other provisions can help to minimise IHT. This is a complex area, so we advise you to seek specialist advice.
• The Formalities: Under the Wills Act 1837, your Will must be signed in the presence of two witnesses at the same time. These witnesses must also sign the Will in your presence and cannot be beneficiaries or their spouses/civil partners, as this would invalidate their gift. While it’s technically not required for a Will to be dated or witnessed by a lawyer to be valid, it’s advisable to do both to ensure clarity and validity.
• Lasting Powers of Attorney: Lasting Powers of Attorney (LPAs) are as vital as making a Will, if not more so. If you lose capacity without an LPA, your family cannot simply take control of your finances, even to pay for your care. They would need to apply to the court, which can be a time-consuming and costly process.

Our Advice

Creating a Will is a responsible act of love. It provides peace of mind, ensures your wishes are respected, and protects your loved ones from the financial and emotional burden of managing your estate without clear instructions. If you need more advice about making a Will or LPAs, please feel free to contact us. We’re here to help.

Please note that all views, comments or opinions expressed are for information only and do not constitute and should not be interpreted as being comprehensive or as giving legal advice. No one should seek to rely or act upon, or refrain from acting upon, the views, comments or opinions expressed herein without first obtaining specialist, professional or independent advice. While every effort has been made to ensure accuracy, Curtis Parkinson cannot be held liable for any errors, omissions or inaccuracies.

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