It is important to make a Will, no matter how old you are. By making a Will you are ensuring that the people you want to benefit from your estate will inherit it.
What is a Will?
A Will is a legal document setting out what you want to happen to your estate when you die. Every estate will be different, but a basic Will sets out:
- Who your beneficiaries are – the people you want to leave your assets to
- How you want your assets divided up
- Who your executors are – the people who will administer your estate according to the terms of the Will.
How do you make a Will?
You can contact us via phone or email to arrange an appointment to discuss your options in drafting your Will. Once it’s drafted and you’re happy with it, you and two witnesses will need to sign it, in order to make it legal.
When do I need to review my Will?
If there’s any change in your circumstances, it’s important to review your Will. This is especially the case for major life changes, such as: marriage or divorce, the birth of children or grandchildren, significant changes to your financial circumstances.
How much does a Will cost?
We offer a fixed price Will service. A single straightforward Will is £300 plus VAT and two “mirror” basic Wills are priced at a discounted fee of £500 plus VAT.
Can I write a Will myself?
At the outset, DIY Wills can be seen as an inexpensive option. However, the legal costs involved to remedy their potential errors, may well exceed the cost of a professionally prepared Will and it might not be possible to rectify mistakes that are discovered when it’s too late.
People are not always aware of the complexities of making a Will and can assume probate work is simple. This is not always the case. A poorly drafted Will can also result in full or partial intestacy. Off-the-shelf DIY Will kits are often poorly completed, leading to confusion over what assets have been left and to whom. Common errors that can occur in the process of making a DIY Will, include incorrectly signing or witnessing the Will, leaving the document invalid. There is also the risk that your words will create ambiguity or be misconstrued or won’t be able to be put into effect. Poor drafting may cause a result quite different from what you intended.
Why should I involve a solicitor in the process?
There are many benefits to involving a solicitor in the process. They can correct any misunderstandings (such as what assets can or can’t be dealt with via a Will) or discuss different options with you, such as who to appoint as executor or the most tax effective method of distribution. They can also remind you to read over your Will every few years and determine if your changed circumstances require a new Will. Or they can draft your Will to contemplate future life changes, such as marriage or additional children, so you don’t need to update your Will when this happens. A well-drafted Will gives you peace of mind that you have done all you can to enable your wishes to be fulfilled and your loved ones provided for.
What are the main steps in Making a Will?
The contents of your Will
The first step in creating a Will is to work out the value of your estate and to determine what assets you have to distribute among family and friends. This will involve looking at both your assets and debts to ensure that you have a comprehensive understanding of what you have to leave to your beneficiaries.
The distribution of those contents
Having established what assets, including personal belongings, you have to pass on to beneficiaries, you next need to determine how these assets will be distributed. Most people writing their Will have a relatively clear idea of how they want to divide their estate and to whom certain assets will go.
Choosing an executor
The executor of a Will is the individual who ensures that the terms of the Will are carried out precisely and in accordance with your written wishes. The executor should be someone who is willing to assume the role upon your death and that will carry out the role in an impartial manner. They can be family members, a close friend, or a legal representative.
Your children and your Will
If you have children who are still relatively young, there are a number of considerations you may want to make when writing your Will. First, it may be necessary to appoint a guardian for your children. The guardian would be responsible for their care should something happen to both parents. This includes provisions for step- and adopted children and how best to make provision for disabled children, immediately and in the long-term. Secondly, children cannot inherit unless it is a relatively small amount, until they are 18. However, you can specify a later age such as 18 or 21. Your trustees will have to look after the money for the children in the meantime.
Executing the Will
The final step in making a Will is executing it correctly. To be valid, all Wills must be signed and this process must be witnessed by two individuals who are all together at the same time. The person making the Will (the testator), must have the capacity to do so. A Will can be challenged if there is doubt as to the capacity, or if there is concern that the testator was coerced by another person.
For further guidance, please contact our specialist team on 01792 468684 or email enquiries@pgmsolicitors.co.uk.
