If you were to pass away without a Will, your estate would be intestate. In this instance, there is no guarantee that any of your wishes would be adhered to, and that your family could be left to pick up the pieces legally speaking. By having a Will, you put in place a legally binding document to protect everyone and everything you care about.
Not only is it essential for you to have a Will, but it is also vital you have the right Will for you. There are three distinct types of Will, all offering different benefits. It is essential you take the time to understand what is available and how they can deliver the transition you desire.
For instance, having the right Will helps avoid unnecessary legal costs, delays caused by intestacy, allows you to appoint Guardians, Executors and Trustees of your choice, and protect inheritance/gifts. If you were to die without a Will or an out-of-date/wrong type of Will, your legacy could be squandered and the people you care about left with substantially less than you intended.
You need a Will in order to ensure that your possessions, property and asset wealth go exactly where you intend; to your children, to a partner, or simply to someone you trust. The last thing that you want is to have your family arguing over your estate at an already difficult and upsetting time. If you pass away without making a Will, your estate may go to an unintended recipient as decided by the law.
Preparing a Will is extremely important, as it is the only way to guarantee that your money and your possessions go to the beneficiaries of your choice, whether this be your children, close friends, or perhaps a charity. Everyone should have a Will, regardless of the size of their inheritance.
Writing a Will ensures that your wishes are carried out after you have passed away.
If you already have a Will in place you should review it at least every three years or immediately if there is a major change of circumstances.
We know that in life, things are changing all the time. If, for example, you wrote a Will prior to getting married then the marriage may invalidate this Will. Changes in your beneficiaries’ financial or personal situations could also affect the way in which you wish to manage your inheritance making it vital that your Will is kept up to date.
When your circumstances or those of your loved ones change, you may want to amend or rewrite your Will to reflect your intentions.
Single Will: £110
Mirror Wills: £130
Trusts: Price on application
The Will fees are inclusive of all costs including VAT and registration fees.
A Single Will is a document created by one person, regardless of marital or relationship status, which lays out their wishes after death and how they would like their estate to be distributed. Commonly this type of Will is appropriate if you intend to leave everything you own to one individual.
You can use a single Will to establish executors, who will manage the distribution of your estate after your death. You can also appoint guardians for your children and set out who should inherit sums of money or specific possessions. Furthermore, you can state if you wish to leave any money to charities and express your wishes concerning funeral arrangements.
Mirrored Wills serve the same purpose as a Single Will but are designed for couples who have identical or very similar wishes. They are appropriate for anyone with a significant other/family, regardless of your martial, civil partnership or relationship status.
They can prevent any conflicts of interest that may arise from having two separate Single Wills and ensure you are both protected legally when the time comes. It is also important to add substitute executors and beneficiaries to each Will, this ensures that each Will is still effective if both of you were to pass away at the same time.
The purpose of Complex Wills, or Trusts, is to ensure your intentions are met when you are leaving behind significant assets such as large sums of money, a percentage of a property, or perhaps a business. In this instance, it may be more appropriate to set up a Complex Will to deliver your wishes.
These are an apt solution to make sure you do not expose your beneficiaries to unnecessary taxes, or if you want to leave behind something for a former spouse, or put in place security for a disabled child, to name a few examples. What may seem simple to you, may need to be carefully worded legally to guarantee your wishes are adhered to, mainly when you have multiple beneficiaries.