Will Writing
Expert guidance to ensure your affairs are in order
Solicitors for writing your Will
According to Which?, 54% of adults don’t have a Will. This means they have no control over what happens to their home, money or assets after they die.
Many people believe they do not need a Will. That they are too young, too old, or don’t have enough money.
By not having a Will in place, you could risk:
- Having no control over who gets what
- Your children being disinherited
- You surviving spouse losing their home, or
- Your estate being subject to more inheritance tax
- If the worst should happen and you die suddenly, would your loved ones know what your final wishes are or who should inherit what?
Why you need a Will
It is important to make a Will, regardless of how much money or assets you own.
There are several reasons for this:
- If you die without a Will, there are rules called the Rules of Intestacy that dictate how your money, assets and property is distributed. This might not be the way you want you want your possessions distributed.
- If you’re not married or in a registered civil partnership, you cannot inherit from each other unless you have a Will. If one of you dies, it could cause serious financial problems for the other.
- If you have children, you need a Will to make arrangements for them if one or both of you die. If you don’t, the courts will take responsibility over them until they can find a guardian.
- If you have assets that are subject to inheritance tax, a Will could be a good way to reduce the amount of inheritance tax you pay
- If your life or circumstances change, so might your wishes. For example, if you and your partner split up, you might want to write them out of an existing Will.
What to consider when making a Will
When making a Will, there are a few important things to consider. This will not only save time and money, it will also help to prevent costly and upsetting disputes if you die.
Assets
Make a list of all your assets. This includes:
- Your home and other properties
- Cash
- Bank accounts
- Businesses
- Stocks and shares
- Pensions
- Insurance policies and
- Personal possessions
Beneficiaries
Make a list of all the people you want to leave assets, money, or possessions to.
You might also consider if you want leave any donations to charity.
Executors
Executors are the people responsible for executing your Will. In other words, carrying out your wishes.
They will collect all your assets, deal with the paperwork, pay any debts and/or taxes, funeral, and administration costs. They will then divide your estate between your beneficiaries as you’ve indicated.
While you only need one executor, it can be good idea to choose more, in case any of them die. Many people choose two executors but you can choose up to four.
Being an executor is a lot of work and carries a lot of responsibility. As such, you should choose some you know and trust implicitly. You should also ask them if they are willing to do it before appointing them. If you die and your chosen executor isn’t willing, they have the right to refuse. In which case, legal advice will be needed.
Trustees
In most cases, your executors will also act as trustees. So if you have you have children under the age of 18, the trustees will manage their inheritance until the age they inherit.
Depending on the age of your children, this could be a long-term commitment.
Guardians
If you have young children, consider who will look after them if you die.
This is a huge, sometimes long-term responsibility. So choose any guardian very carefully. Again, make sure they are willing to do this for you before appointing them.
If you choose different guardians and trustees, it’s best they know and can contact each other. It’s the trustees job to make sure guardians don’t bear the cost of looking after your children.
Financial dependents
If anyone is financially dependent on you, make sure you provide for them in your Will.
An example might be setting aside money for a surviving spouse.
Claims against your estate
Think about whether there is anyone who might make a claim against your estate after your death.
The Inheritance (Provision for Family and Dependents) Act 1975, makes it possible for certain people, including:
- Spouses and former spouses
- Civil partners who haven’t re-married
- Co-habitees
- Children
- People treated as children
- People you have maintained
to make a claim against your estate.
There are things you can do to minimise the risk of this happening. We can help with that.
Inheritance tax
If the value of your savings, home and assets are over the inheritance tax threshold, a will could reduce your reduce your tax liability.
Also, if you’re not married or in a civil partnership, there is a risk that that inheritance tax will be payable on the death of each partner. This means you’ll pay two lots of inheritance tax.
Making a Will can help to reduce this risk.
Do I need a solicitor to make a Will?
If you want to write your Will without a solicitor, you can. You do not need to have your Will drawn up or witnessed by a solicitor.
However, you should only do this is your Will is very straightforward.
It is very easy to make mistakes when creating your own Will which can cause problems after you die.
Even small errors can cause disputes which often cost a lot of time and money to sort out. Not only can this result in less money in the estate, it can cause a lot of stress and upset for those your leave behind.
If you want to make sure your estate is executed the way you want, it is best to use hire a specialist Will solicitor.
How often should I update my Will?
If you haven’t experienced any significant life changes, it’s good to review your Will every five years. This gives you the opportunity to make sure it still reflects your wishes.
There have been major changes to inheritance tax laws in recent years. These changes have prompted many people to change their Wills.
Also, you should change or update your will after significant life events, including;
- Moving or buying a new home
- Having children or grandchildren
- Getting married
- Getting divorced
- If a beneficiary dies before you
- If an executor dies or is no longer suitable
- Significant changes in your finances
- If you come into any inheritance
How much does it cost to write a Will?
At Rothera Bray, we charge £395 + VAT at 20%, giving a total cost of £474 for a single, straightforward Will.
Mirrored Wills – for a married couple, for example – cost £695 + VAT at 20% giving a total cost of £834.
This includes:
- Confirming (based on the information you have supplied) if you have an Inheritance Tax liability. We can provide specific Inheritance Tax advice at a separate charge.
- Making any amendments before signing
- Supervising the signing witness signatures
- Storing the completed will in our strong-room for safekeeping and sending you a copy for your records
Unlike many Will writing services, this also includes free registration with the National Will Register. This saves you the £30 registration fee per Will.
Complex wills
For more complex Wills, the cost can vary depending on if you:
- Need to create trusts within your Will
- Have property or assets overseas
- Want advice about tax planning and pensions
- Are making provisions for children from previous relationships
- Are making provisions for disabled children or adults
Find out more below.
Why choose Rothera Bray to help with your Will?
We understand that creating a Will may seem daunting. However, it’s an essential step in securing your family’s future and it’s never as scary as you might think.
We have helped countless clients protect their loved ones and their assets. Our team of expert Will solicitors work hard to understand your unique circumstances and create a will that reflects your wishes.
Many of our team are members of Association of Lifetime Lawyers and the Society of Trust and Estate Practitioners (STEP).
We also;
- Offer free wills through Cancer Research UK’s free wills scheme
- Work in conjunction with Age UK Nottingham & Nottinghamshire to provide a free weekly wills and probate clinic
While you’re making your will, you might also consider making a Lasting Power of Attorney (LPA). Especially if you’re worried about losing the mental or physical ability to manage your affairs in the future.
A Will provides the means to preserve your estate and pass it on the next generations. Everyone should have a Will - and we make it easy.
