With no will, what you leave behind might not go where you want it. So, the answer to your question “Do I need a will?” is probably Yes..
Putting a will in place ensures that you decide what happens with your possessions, your money and property after you die.
Why do I need a will?
A will, properly drafted, eliminates uncertainty and reduces the potential for family conflict at a difficult and, in most cases, emotional time. Also divorce and the complexity surrounding families where parents have introduced new partners and possibly other children are becoming more common, making the division of assets more complicated. A will that is specific and lays out clear wishes will prevent any speculation over disposal of assets.
Tax Reasons
Having a will in place can help reduce the amount of Inheritance Tax that might be payable on the value of your estate left behind. Do I need a will?
Thinking about the children
Writing a will is especially important if there are children or where there is another dependent family. A concise statement of intent will ensure clarity when leaving something to people outside the immediate family.
Your wishes will not be met
If you don’t write a will, everything you own will be shared out in a pattern defined in law. This means that your possessions may be dealt with in a way you wouldn’t have wished for.
What should I include in my will?
When putting together your will, there are various things to consider:
- If you have children under the age of 18, you should stipulate who will take care of them.
- What will happen to your possessions, property and liquid assets such as savings, occupational and personal pensions, insurance policies, bank and building society accounts and shares?
- Your beneficiaries. Who are the people who you want to benefit from your will. You should include a list of people to whom you wish to leave money and possessions.
- Finally, you will need to consider who will sort out the estate and carry out your wishes as set out in the will. These people are known as executors.
Do I need to see a solicitor?
Not everyone uses a solicitor and, you don’t have to. A will is a legal document and it is important to make sure it is correctly worded to ensure that it cannot be misinterpreted. Should you decide to write your own will, it is still advisable to seek advice from a professional first.
A solicitor will make sure your will is in order. While having the support of a solicitor may be expensive, misunderstandings caused by poor wording can be avoided and a solicitor might be able to point out whether there are ways to reduce a potential inheritance tax liability (depending on the size of your estate).
It will usually cost upwards of a few hundred pounds to have a solicitor help with your will although the exact cost will depend on the complexity of your affairs.
Should you wish not to use a solicitor, you can use a will writing service which can also give you support and guidance. If your circumstances are very straightforward then this might be a better option for you.
When looking for a will writing service, it is important to make sure that it is recognised by a regulated body. The service can start from around £80 upwards, depending on the complexity of your will and the expertise of the company you have engaged.
Make sure you receive a full breakdown of costs before going ahead. It is particularly important to look for clauses that give the will writing company the power to administer your estate, as they could charge extra fees for doing so. Even with relatively straightforward estates, you might be charged a percentage of that estate, perhaps 5% to act as sole or joint executor. These charges will still apply if the estate is very straightforward, or if most of the probate work is done by someone else.
Government advice on Wills – Click here
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