Asset Inventory and Distribution

You need to identify all your assets (real estate, bank accounts, investments, personal possessions) and decide exactly who receives each item or what percentage of your estate you would like to be shared and with whom.

Think specifics, so instead of "my jewellery to my daughter," consider listing specific items if they have significant value or sentimental importance.

Also consider what happens to assets not explicitly mentioned in the will, this is known as your residuary estate.

Handling digital assets is also a new consideration for us all (e.g. social media accounts, cryptocurrency, online banking, email). You may need to grant your executor specific powers to access and manage these, which often requires separate instructions or a digital will supplement.

Executors

You will need to choose trusted individuals (or a professional) to administer your estate. They will be responsible for paying debts, taxes, and distributing assets according to your instructions. Consider their location, willingness to serve, and their ability to handle potential family dynamics and complicated paperwork.

Guardians

This is perhaps the most important decision of all. You must select a guardian who shares your values and is willing and able to care for your children and/or pets. You should also discuss this choice with them beforehand.

Formal help 

You may need to seek advice for any legal formalities that might affect your decisions. The distribution your will dictates can have significant inheritance tax consequences. You may need to consider setting up trusts for beneficiaries who are minors, have special needs, or might otherwise mismanage a large inheritance. Simple advice might drastically reduce the amount of tax payable. 

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