PARENTS & CARERS - Making a Will
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Why is it important?
Never an easy subject to talk about, death, and not something anyone with a young family likes to dwell on. Sadly, most of us will have known someone who died young, often with a spouse or partner and with children, and if that person died without making a will, we will also probably be aware of the problems and issues this can cause.
If someone dies without having made a will, it is legally known as being intestate, and that means that the disposal of their assets and property, usually referred to as their estate, can be decided by the law, rather than their personal wishes.
In essence a will is a legal document which lays out your wishes as to how your estate is divided. Naturally anyone with a partner, spouse or family will want to ensure they are well provided for and, of course, a will can also include your instructions as to how or where you are buried or cremated. Legislation exists in this country which dictates what will happen to your estate if you don't have a will and those laws will be followed if you die intestate. That means the people you want to inherit your estate may not automatically get it, and the very last thing anyone needs following the death of a loved one is to become embroiled in legal action to try and set things straight again.
If you want to leave an item, say your watch, to someone special, a good friend for example, then a Will ensures that this (known as a bequest) is carried out.
Another thing to remember is that if you are an unmarried couple who live together and you are not in any form of civil partnership, you cannot automatically inherit from each other unless there is a will, so the death of one partner may create serious financial problems, and if you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die.
If you have been divorced and have children by a previous partner, these will make the division of your estate and effects more difficult unless you have clearly stipulated your wishes.
Lastly, having a Will ensures that your estate will not be liable for more inheritance tax than may otherwise be the case.
Drawing up a Will
As we mentioned previously, a Will is simply a legal document setting out your requirements in the event of your death. Once completed it must be signed and witnessed and usually contains details of a named individual who will take change of your affairs and ensure your wishes are carried out, this individual is known as the executor as he or she will execute your wishes. You can have more than one executor, and often this is a good idea.
Who you pick to discharge your affairs after you have died is, of course up to you, but common choices are close friends or relatives, accountants or solicitors, or your bank. Naturally, accountants, solicitors and banks will charge for this service and their fees will be taken from your estate before it is divided according to your wishes. If you are thinking about using a friend or relative, it is best to speak to the person you want to be your executor before you name them in your will, firstly so they are aware you want them to do it and secondly to ensure they are happy to take the role and responsibility on.
Many people use a solicitor to drawn up their Will, and again a fee is payable for the solicitors professional service. He or she is preparing a legal document for you after all. The cost will vary depending on a number of factors, primarily the complexity of the Will. If you do a lot of the ground work before you visit the solicitor that will reduce the time and therefore the cost, so list all your assets, your personal history (previous marriages, etc) and your wishes, including your bequests of personal items, funeral arrangements, etc, beforehand. The solicitor will also need details of the person you wish to be your executor, so take those to.
Must I use a Solicitor?
In short, no you don't. You can draw up your own Will, either from scratch, or by using a Will template which you can buy. Stores like WH Smith sell these templates or they are available from many on line sites.
A word of warning though, if you draw up your own Will you have prepared a legal document. If it is incorrect in any way, it can be legally challenged, and in some cases over turned. Seriously
consider using a trained legal professional. They will ensure every "i" is dotted and every "t" is crossed. Many legal firms have a solicitor who specialises in Wills and probate and that individual's experience can be worth many times the cost of the bill. If you make your own Will, you can pay a smaller fee and get a solicitor to check it for you and then advise you on its validity.
It is also a good idea to shop around and contact several solicitors before committing to one. Some do Will-making packages for a one off fee, often including the preparation of a spouse's or partner's Will while others charge for the solicitor's time for talking to you and then drawing up the document.
Solicitors are trained to prepare Wills but the advice of a specialist in this complex legal field is now offered by many firms, so always ask if the solicitor you will be seeing specialises in Wills and Probate.
Keeping Costs Down
If you use a solicitor, and as you have probably gathered, here at BEST Advice, we would recommend that, there are ways to reduce the cost even further.
If you belong to a trade union, check with your local representative. Many unions offer Will-making services with local or central solicitors, sometimes at reduced fees and often at no charge to the member. Some insurance policies also offer legal advice and this can include assistance in making a Will so check with your provider and see if they can help.
Finally, some charities offer free Will making facilities through local solicitors. Many of these are age restricted to people over 50 to 55 years of age, and often the participating solicitors are some distance away. While free Wills for charities was very popular several years ago, it is declining now, but if you have a favourite charity and especially if you plan to leave them a donation in your Will, it may be worth checking with their legacy department to see if they still run the scheme. Just Google search on your charity's name to get their website and look for the tab or section about making a Will. Even if they don't offer help financially, many charities rely on legacy support and most of them now offer excellent advice sections on how to do your own Will or how to prepare things for a solicitor to take the job on.
While many sections of this site give you web addresses to get more information, we do so as that's what those sites offer, free information. Many companies offer web based Will making services but charge for their services. BEST Advice can't endorse any service provider who charges, but you will find literally hundreds on the web, so your choice is wide if you choose to use one.
For free information on Wills then try the following sites:
Once your Will has been made, keep it somewhere safe, and remember to consider updating it as your life and circumstances change.
Finally, let's all hope that your Will is one document no one has to refer to for many, many years.