Married ? (Spouses full name?)
Intending to marry? (Fiance(e)'s full name?) If so, is the will to take effect now, or only after the marriage?
Living together? (Co-habitees full name?)
Children - By spouse (full names and ages?)
Children - By anybody else (full names and ages?)
Grandchildren? - (who is their parent? Full names and ages?)
Other living relatives (Number only will do)
At what age ought any of the above who may be under 18 to have full control of anything that is left to them (can be any age from 18 upwards)
Any favourite charity?
Do you have your own business? If so, what is the trading style - is it a limited company, are you a sole trader, or what? What will happen to your business if you are still running it when you die?
Have you made any substantial gifts (over £3,000) to anyone in the past seven years?
Estimated figures will be more than adequate - include the amount of any insurances which will be paid out on your death - this information is needed to see the extent to which tax needs to be taken into account, and whether any particular steps can or should be taken to reduce this.
You don't have to say anything about this, but if you have any firm views, this is the place to record them. The options:
Should be appointed if there is any possibility of children under 18. It is the Guardian(s) who have the responsibility for physically caring for and having Custody of the children.
They have the financial responsibility for generally administering the Estate and any Trusts that follow (e.g. until children reach 18)
Please note: I generally advise against the same person(s) being appointed both Guardian and Executor - There is a potential conflict here, which could leave them in an uncomfortable position. Guardians need to take their decisions based on the interests of the children in the short term. Executors, on the other hand, should take their decisions based on the interests of the Estate as a whole, and weighing both short and long term needs.
It is important that the Executorship appointment will ensure that there is an Executor no matter what happens.
You should appoint two Executors if there is any possibility of a situation arising where there will be a trust for a beneficiary under 18.
Options:-
Satisfactory in the event that all is left to him/her
Other things being equal, this is the option I'd generally advise.
Advantages:
Low cost if they do the work themselves (although it may be appropriate to leave a small financial Legacy to the Executor).
Flexibility - The executor can decide when the time comes if the expense of instructing lawyers to deal with the administration is justified
Disadvantages:
There can be a lot of administrative work and correspondence, and the Executor has the responsibility to 'do it right'. But if there is any complication they may need to instruct solicitors. They can in any event appoint solicitors if they choose - but it is their choice, and if the chosen solicitors do not perform satisfactorily, the Executors can change solicitors.
(Note: this is not a service I personally offer, as I feel it is more in my clients' interests to appoint someone within or close to the family)
Disadvantages:
Cost, assessed on a "time and work done" basis. Control - or rather the lack of it. Can result in the estate taking vastly longer to resolve.
Advantages:
Continuity, Professional service, Branches everywhere; avoids the need for two Executors.
Disadvantages:
Cost (assessed on percentage of Estate together with an Annual percentage charge for any ongoing Trusts) this basis generally produces a high cost - and if it doesn't eg because the estate is small - they may decline to act when the time comes. Potentially impersonal.
When you've been through this checklist and would like to take preparing your Will further, mail me at roger@egos.co.uk
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This page was last updated 3rd March 2005.
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