It is estimated that at least one in three people in the UK do not have a Will and, of those that do, one in four Wills are either invalid or do not properly reflect what the person signing the Will intended.
A Will is a written statement of your wishes which records important decisions such as:
Many people believe that their Estate will automatically go to the right people when they die. But if you do not have a Will or your Will is not valid, then the statutory rules (known as the intestacy rules) will apply and your wishes might not be carried out. As the intestacy rules only allow assets to pass to a spouse or to blood relatives, this may result in partners, step-children or friends not receiving any of your Estate. For more on this, please see the link below for further information on the benefits of having a Will.
Making a Will need not be complicated. We can assist you in considering all the relevant issues, including your financial position and family circumstances, to ensure that your Will meets your needs and helps safeguard the interests of your family, friends and dependants. We can meet with you in person or by video call to discuss your requirements. Once we have taken your instructions, one of our Solicitors will prepare a Will that is customised for you and discuss its terms with you in order to provide you with peace of mind that your wishes will be carried out. We will oversee the execution of your Will to ensure that it is signed and witnessed correctly, and after the Will has been executed, we can register the Will with the National Will Register to enable your Executors and family to locate your original Will easily after your death.
Our charges for Wills start at £800 plus VAT. Once you have discussed your Will requirements with us, we can give you a more accurate estimate of costs based on the complexity of the Will and the extent of the advice needed. Until that stage there is no fee obligation on your part.
a) Your assets: it is helpful to gather together a list of your assets (both in the UK and overseas), including any that are held jointly with another person or as part of a business, and then assess their likely value.
b) Your wishes: Who do you want to leave your Estate to? This will largely determine how your Will is drafted. Things to consider are:
c) Dependents and Family: Whilst making a decision about how to divide up your Estate, it is important to consider if there are any family members or dependents who rely on you and who would suffer hardship if they were not included in your Will. In certain cases, dependents can apply to the Court for a share of your Estate if insufficient provision has been made for them in your Will. Where necessary, we can discuss with you how best to deal with any such potential claims against your Estate.
d) Executors: Your Executors will be responsible for distributing your Estate in accordance with your wishes and dealing with all the administrative requirements (such as reporting to HMRC and settling your debts). You should consider carefully who would be able to take on this responsibility. Where there are no suitable candidates, or where the Will is particularly complex, it is advisable to consider appointing professional Executors and the firm can assist in this capacity.
e) Guardians: if you have children under the age of 18, you also need to appoint guardians, in case both parents should die whilst they are still minors. You should discuss this with family and friends, but we can advise you on the legal and practical points to consider as well.
We can provide a Questionnaire to assist you with gathering together your thoughts and the necessary information.
In general, Wills should be reviewed at least every 5 years or if family or financial circumstances change significantly. In particular, you should review (and execute a new Will, if necessary) if:
Where the proposed changes to an existing Will are minor (and non-controversial) they can often be made by a short document called a Codicil, rather than a completely new Will. We can provide guidance on when a Codicil would be possible and when a new Will would be advisable.
Preparing a new Will can be daunting, but our team of experienced professionals will be able to guide you through the process and help give you peace of mind that your wishes will be carried out after your death.
Once you have discussed your Will requirements with us, we can give you an accurate estimate of costs – and until that stage there is no fee obligation on your part. We’re confident our expert team will deliver a value for money service through their professionalism, friendliness and ease.
Step 1: Gather a rough outline of the assets you own, whether they are solely or jointly owned, the approximate value and the registered location of each.
Step 2: Your wishes are your decision – there are no rights or wrongs. Think of the future, not the here and now.
Make the big decisions first. Whom do you want to leave your estate to? If it’s to your children, at what age should they receive the capital? By law, capital goes to a beneficiary at 18, though this might be a bit young, so we often suggest 21. There are also some sound tax reasons for doing this. However, you can set it up so that funds pay for education, maintenance and general standards of living until whatever age they receive the capital.
Outline your final wishes, for example, your Will and any associated documents can set out how you want your final send-off to happen.
Don’t get too worried about executors – we can advise on the pros and cons of the choices available.
Step 3: If you have children under the age of 18, you also need to appoint guardians, in case both parents should die. Discuss this with family and friends, but we can advise you in detail on the legal and practical points to consider, as well.
Step 4: Follow it through. Many people get as far as drafting Wills – and even pay for them – but delay getting around to signing them until it’s too late.
You should make a new Will if you have married or entered a civil partnership, or divorced, since these events revoke the original Will, which will become invalid. If you do not make a new Will, your estate will be subject to the intestacy rules and your wishes may not be carried out.
In summary, you should review your Will if:
You can make minor alterations to a Will without having to make a new one by using a document called a codicil, which confirms the previous Will but allows you to make a few changes.
An “Advance Statement” enables you to make general statements outlining your wishes and preferences about future treatment and care, for example relating to your religious beliefs.
An “Advance Decision” (formerly called a “Living Will”) is legally binding and explains to medical professionals what treatments you will accept or decline, in the unfortunate event that you become ill and are unable to communicate your exact wishes at the end of your life. It is useful if someone suffers from dementia, Alzheimers or other mental health issue.
You should consider appointing a legal guardian to look after your children if they are under the age of 18. When a parent dies, the surviving parent normally becomes the legal guardian. The exception to this is an unmarried father. Unless the mother appoints him, an unmarried father will not automatically become the guardian of his natural child on the death of the child’s mother.
Both of you may die at the same time, in which case, it would be wise to appoint another family member or close friend as a legal guardian.
Your trustees have the power to transfer money from your estate to the guardians for the maintenance, education and general welfare of your children.
This can be a difficult and costly process but there are three grounds that can be used to dispute a Will:
