Why Make a Will?
If you die intestate, which means without making a will, your assets will be distributed according to the law, and not according to your wishes. In England and Wales, if you are married with children, you might assume that all of your assets would go to your spouse.
However, if your estate is worth more than £250,000, your partner will only get the first £250,000. They will get a life interest in half of the remaining estate, which means they can’t get rid of it or spend it, but they are entitled to the interest. The remainder will go to the children.
If your assets are worth less than £250,000, your children will get nothing.
How to Make a Will
You can make your own will, as long as you get it witnessed and have all of the formal requirements within it. However, a will that is badly worded could lead to relatives being saddled with massive legal fees. It is possible to use on-line services where your will would be checked by a professional. For a full will, which will help your family to avoid tax and trauma after you die, it’s best to talk to a Will Writing Specialist.
Do everything you can to make sure that your wishes are not contested. Make sure you do not ask any of the beneficiaries of your will to help draft it. Older people may ask grown-up children to help them write a will, but this means the will could be challenged by other potential beneficiaries. Make sure your will is properly signed and witnessed by two people who are not beneficiaries.
You will need to decide who your executors are. These are the people who will administer your will. You can pay for a bank or solicitor to do this, or a friend can offer to do it for free. If you have young children, you will need to appoint guardians to look after them if you were to die.
What is the Cost?
Heritage Financial Solutions Ltd provide a cost effective way of making a Will, ensuring your wishes are met. For a ‘Single Will’ its £100 and for a joint ‘Mirror Will’ its £150.
We also can write Lasting Power of Attorneys along with Trusts, prices are available on request.
Storing your Will
If you would like your Will to be stored on an independent basis, again we have a secure storage facility which costs £19 per annum for a single Will, or £29 per annum for joint Wills.