What’s in a will?
Who gets what?
Wills need to set out who you want to get what in clear and unambiguous language. They should list gifts of specific items or amounts (if you are leaving a property to someone, say if the mortgage is to go with the property or be paid off from other money), and set out how anything that is left over ("the residue") is to be shared. It should also cancel earlier wills, appoint your executors, and appoint guardians for your children (if necessary).
Executors
You need to appoint one or more executors to organise your funeral and to ‘administer’ your estate. This involves working out what you own and what you owe, closing your various accounts and gathering in all your money, paying the debts, and then distributing what is left in the way you have set out in your will. Sometimes there will be very little to do, but sometimes it will take a lot more work. The people you choose don’t have to carry out these duties personally - many executors will ask a firm of solicitors to help them with the more difficult bits, the cost of which can come out of the estate.
You need to think about who you will choose. It is sensible to have two executors, in case one dies before you. One can be your partner if you wish. If you are leaving property to children under 18 you need at least two executors who, after they have administered your estate, will carry on as trustees to look after the money or property for the children until they reach 18 or 21.
Banks offer to be executors, but be aware that they will charge a hefty fee for this service.
Your wishes
The final paragraphs of the will set out the powers of your executors and any directions for your funeral or other wishes you have, perhaps for the care of your pets etc.
Witnesses
When you have written your will, in order for it to be valid, you must sign it in front of two witnesses, who should then sign and write in their full names and addresses. Both your witnesses should be present at the same time and all three of you should see each other sign. Neither of your witnesses should be going to receive anything from your will (nor should they be the husband or wife of somebody who will). Then the will should be dated.
