Creating a Will using the Will Maker Worksheet

In UK versions of the Microsoft Money product, there is a feature to allow you to create a Will - this is the legal document which allows you to decide how you would like your assets will be distributed when you die.

You can use this tool either to generate a new Will, or to remind you to update it or to understand the concept of a Will more.

Money allows you to create up to two Will worksheets. You can create them by going to the Planning menu and selecting the Will Maker Worksheet.

You should enter your address details by pressing the 'Address Setup' button which is situated in the lower left corner of the window.

To select which worksheet you are working with, choose one from the left hand pane (you can rename it if required).

Will Maker Worksheet

Note along the top of the worksheet window, there are the following radiobuttons: Welcome, Details, Executor, Guardian, Gifts, Estate, Results. You should click through each of these in turn to add the relevant details to the will. At all times, you will see information on the right of the window giving you help in following through the process.

Details

The details radio button should include information directly from your lifetime planner, so you may not need to type everything here in again, should it have been done in that part of the Money program.

Executor

This is to enter the names of those who will execute the will for you on your death.

Guardian

If you have children or other dependents, then you may wish to nominate a guardian in this page

Gifts

If you have specific gifts or legacies, then you can enter them in here. The 'gift description' list will contain items from your home inventory. Note that the help on this page may be out of date (especially with inheritance tax rules on the value of assets) due to changes in the law in England and Wales.

Estate

This is to provide information on how to distribute the rest of your estate after all costs are paid (e.g. funeral expenses, tax and your debts.

Results

The results page allows you to put in a figure for the 'simultaneous death clause' of up to 6 months. In addition, you can now edit the Will in Microsoft Word, which allows you to print it out.

Note that Wills need to be witnessed and signed.

This worksheet is only suitable for use in England and Wales

Category: Planning

Keywords: lifetime planner, estate, inheritance tax, inventory, will

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