Interview Qs for Drafting a Will

Question 1

General objectives

Answer 1

Open question - what are your main goals in creating the will?

Ideas:
- ensure fair distribution of assets?
- protect beneficiaries?
- minimise taxes?

Question 2

Beneficiaries

Answer 2

• Who would you like to name as beneficiaries?
• Are there specific individuals/groups you want to leave particular assets or amounts to?
• If a primary beneficiary is no longer alive at the time of your death, would you like to name an alternative beneficiary? What would you like to happen to that beneficiary’s entitlement? (Advise on substitution)

Question 3

Specific Gifts

Answer 3

Advise on when specific gifts are read from (date of execution)

• Are there specific personal items you want to leave to certain individuals?
• What do you want the individual to receive in the event that you no longer own this item at the time you die? (E.g., if you sell the car)

Question 4

Guardianship for minors

Answer 4

If you have minor children, who would you like to appoint as their guardians?

• specific instructions on care or education?

Question 5

Executor and Trustees

Answer 5

• Who would you like to appoint as the executor of your estate (the person responsible for administering your will)?
• Would you like to establish any trusts?

Question 6

Debts and taxes

Answer 6

• How would you like any outstanding debts or liabilities to be handled? Should these be paid from specific assets, or from the estate as a whole?
  (Advise on the general rules on IHT burden)

Question 7

Witnesses and legal requirements

Answer 7

Are you aware of the legal requirements for your will to be validly executed?

Question 8

Failure of gifts

Answer 8

What would you like to happen if a specific gift under the will is no longer available at the time of your death (e.g., item is sold or destroyed)?

• Would you like this specific gift to be replaced with a similar item, or should the value be substituted by a cash equivalent?
• If the primary beneficiary of this specific gift predeceases you, should there be an alternate beneficiary named who receives that gift instead?

Question 9

Residuary clause

Answer 9

Do you want to rely on a residuary clause in your will to address any failed gifts?

A residuary clauses disposes of remaining assets which have not already been dealt with

Question 10

Costs of transfer/expenses?

Answer 10

Would you prefer for the specific beneficiaries to bear the costs of the transfer and expenses incurred in keeping the property up to date?

If the testator prefers for these expenses to be made from the residuary estate, the gift should be stated to be ‘free of expenses and/or cost of transfer’

Question 11

Burden of a property subject to a secured debt / charge

Answer 11

Does the testator want the asset charged to bear liability for payment (this would mean the beneficiary inherits the property subject to the charge)?

Or does the testator want to relieve the property of a charge - then it would become a general debt paid out of the residue

Question 12

Personal chattels

Answer 12

Ask whether these items are held (mainly / solely) for business purposes or (solely) for investment purposes
- relevant for intestacy as well - as these items are not included in statutory definition of chattels