Planning your Will
Know what you need to include in your will.
The vast majority of people put off making a Will for a variety of reasons - believing that the people they wish to inherit will automatically do so, or because they don't think it's relevant to them at this particular time. The reality is you can putt of making a Will until it's too late and this poses all sorts of problems for the people left behind and could mean that some, or all of your inheritance either goes to the wrong person or to the state.
Your pension - whether you can include your pension will depend on the rules of your pension itself and you will need to check. If you can include your pension, estimating its value might take some thought. The value will depend on your scheme and when you die. Your first step should be to read the death benefits advice from the Pensions Advisory Service.
You should also think about any sentimental items that you would wish people to have
Specific bequest - leaving a specific item of which you own. For example " I leave my jewellery to my daughter"
Residuary bequest - leaving a percentage of whatever your estate is worth after any debts, costs, liabilities, legacies and tax have been paid. For example "I leave 50% of my estate to my brother"
Reversionary bequest - Specifying what happens if the person you leave it to dies. For example "I will leave the shares of my house to my wife if she survives, but if she doesn't survive I will pass it to my daughter"
A trust - Allows you to say who will benefit from your property immediately after your death and then who you would like to benefit from your property once the first person you chose has died. For example "I will leave my house to my wife for the rest of my life, then it will go to my son"