Specific Gifts

This type of gift is something which has a certain value i.e. an asset which could be something from personal possessions, property or shares. It is important to realise that Specific Gifts will fail if you (the person writing the Will) have transferred the property to someone else before passing.

Residuary Gifts

This type of gift is a share (a percentage) of your total estate, i.e. everything you own that is of value after all other payments such as debts, tax and other expenses have been deducted. Most people divide their estate into 100 equal units. After giving certain shares to those important to them, people can give a certain percentage of their estate to charities and organisations of their choosing. It is important to realise that unlike a cash gift, leaving a share of your estate means that a Residuary Gift won't devalue over time.

Pecuniary Gifts

This type of gift is a fixed amount of money that you leave in your Will to an individual, charity or organisation. It can be a specific amount or split between a group. It is important to review Pecuniary Gifts regularly as problems can arise if there are insufficient funds to pay for these gifts and their value can be lessened by inflation and turn out to be less powerful than you intended.

1. Make a list of your assets and debts

This is an important step to take as it will let you know how much you may be able to leave in your Will once you have paid off your debts. It will also save you time and money before instructing a solicitor to help you write up your Will.

• Assets are things such as property, savings, shares and other personal belongings you may own such as jewellery and tech. The total sum of your assets is your 'estate'.
• Debts you need to consider are any outstanding mortgages, loans and bills. Deducting what you may be tied in to owing will give you a good idea of how much your estate is worth.

2. Decide who you would like to benefit in your Will

The next recommended step would be to list the people, charities and organisations that you support who would like to benefit in your Will. When making your list consider how you like them to benefit by dividing your estate up and considering the type of gift too.

3. Decide who you want your Executor(s) and Guardian(s) to be

Carefully choose who you would like to be your Wills Executor(s) and Guardian(s). This is an important step in ensuring your wishes are carried out!

• An executor is the person(s) who you choose to carry out the terms of your Will upon your passing. Executor's roles are to ensure that your wishes are fulfilled correctly. Most people choose their solicitor who wrote the will and/or a trusted family member to be their Executors.
• If you have children under the age of 18 or any dependents choosing responsible Guardians is important but can be a difficult decision to make. You must take your child(s) welfare into account. Guardians will be responsible and raise your children if you die. This is usually a spouse if you are married or their ex-spouse if divorced. If you have neither of these it is important to consider all your options.
  

4. Choose a solicitor to write and then make arrangements to sign your Will

Carefully choose your solicitor who will assist you in drafting your will based on your wishes. Take the time to read and request necessary amendments which you want to be made before signing... remember it is your Will! The document will not be legally valid until it has been signed, and your signature has been witnessed. Your will must be signed in the presence of two people, who then each sign your Will as a witness.

Both of your witnesses need to be over the age of 18 years old. Neither can be a named beneficiary in your Will or married to one either.

5. Keep your Will stored safely and keep it up to date

Your Will is one of your most important documents now that it is signed. Most people prefer to leave it in the care of the solicitor who helped write it. Make sure to also keep your copy in a safe place and ensure your Executor(s) know where to find it. Make sure to regularly review your Will every few years or after a significant life event, to make sure it remains current and reflects who you would like to benefit from your estate.