And we mean everything! We’re not just talking about your house, your car, your investments etc. We’re talking about all of that plus any possessions, personal belongings or furniture of value. Check in the attic for that old stamp collection or under the stairs for that antique vase your gran gave you. You need to be as thorough as possible to ensure that your will is accurate and complete. These will be classed as your assets. 

You’ll also need to take into consideration any outstanding debts that you may have. This includes a mortgage, credit card balance or any loans if they have not been paid off. These will be classed as your liabilities. 

Make sure you get your assets and liabilities valued on a regular basis. Your will should be reviewed when there are big changes. 

Take the time to work out who you want to inherit your estate. How will it be divided amongst your family? Who gets what? You also need to take into consideration what will happen if one of your beneficiaries pre-deceases you. Failing to include directions on what should happen in this situation is a common failing. 

If you are leaving something to children then it is sensible to think about the age at which you would want them to inherit. Without this consideration, your beneficiaries could inherit at 16 which is usually too young. 

You may also want to consider leaving a donation to a charity. There are incentives to do this as it can reduce the tax that needs to be paid on your estate. If you choose to do this, you must make sure that you have the charity’s full name, registration number and address to ensure that they receive your donation. 

An executor is the person (or people) who will be in charge of ensuring that your will is carried out to your specific requirements. This is a lot of work to ask someone to take on so you must make sure that they understand what is expected of them and that they are willing to take on the task. If you don’t want to ask a family member or friend, you can appoint a professional such as a solicitor to take on the role. However, they will charge a fee for this service so you need to take that into account. 

You can write your will yourself. However, this is an important legal document so it is a good idea to consult with a solicitor to either write it for you or to check what you have written. You may find that your bank also offers this service. Alternatively, you could hire a professional will writer but you will need to check their credentials beforehand to ensure that the document they produce is valid. 

We would normally recommend using a solicitor who specialises in will writing as you could easily make a mistake. In fact, during November, some solicitors are participating in Will Aid. They will draft a basic will for you in return for a donation to help raise funds for good causes. Click here for more information. 

For your will to be considered a valid legal document in Scotland, you need to make sure that it has been signed in the presence of one independent witness. The will must be signed on every page by you as testator. The witness must be independent and cannot be in any way considered a beneficiary (i.e., they cannot be a family friend or a partner of a beneficiary). 

Once the will has been signed, it should be stored in a secure location such as at a bank or with your solicitor. 

When you are writing your will, there are some important factors to consider to ensure that the document is valid: 

Although we do not offer a will writing service, you can get in touch with us to help you put together your financial information to take to your solicitor. If we can help in any way or you would like a recommendation, let us know.