There’s a lot of useful information available online about Wills and inheritance, but equally there’s a lot of misleading information out there, and some that’s just plain wrong. In this article we try to address what you should be aware of, and to point you in the right direction.
Do I need a solicitor to make a Will? Looking at Google shows what people are searching for when it comes to the subject of Wills. The above query is a popular search. The answer is no, you don’t. There’s nothing to stop you drawing up a Will yourself, and as long as it’s signed and witnessed properly it will be legally valid. It’s not that simple though (it never is) because you’ve got to know what you’re doing to make a Will yourself. There are things that have to be included, and formalities that must be followed. If you get it wrong your Will won’t be valid and you will have wasted your time. More importantly, your wishes will not be carried out and those people you wanted to benefit may lose out. Your estate will then be distributed under the law of intestacy, and may be given to relatives you don’t want to benefit. The worst case, if you don’t have any relatives who survive you, is that your entire estate goes to the Crown (100% tax!).
Are home written Wills legal?
This is another popular search, and you’ll know the answer from reading the last paragraph. Now, there’s nothing wrong with writing a Will yourself as long as you do it properly. Most people don’t have the knowledge or skills to do that. You can buy do-it-yourself Will kits online and these usually contain instructions and guidance to follow. The problem is that you won’t know you’ve done it right unless you pay to have your Will checked by a professional. That sort of defeats the object, because the reason for doing it yourself is to save money.
How much does a Will cost?
You might as well ask how long is a piece of string. It depends what you want in it. If you’re leaving everything to one person your Will is obviously going to cost less than if you’re leaving a large estate to multiple beneficiaries. Looking online, a simple Will prepared by a professional starts around £100. This isn’t a lot to pay for a legal document as important as a Will. Put things into perspective and ask yourself how much you’re paying per month for your insurance policies (car, life insurance, house insurance, pet insurance etc.) then consider that the price of your Will is a one-off payment, not a monthly cost. Think of it this way – you might never need to make an insurance claim, but you’re definitely going to need a Will. If you get your Will prepared by a solicitor, expect to pay £150 upwards. Will-writing companies may be a little cheaper (but not necessarily).
Can you make a Will for free?
Technically, yes. Just have a look online. There’s at least one website offering to provide free Wills. Check this out by all means, but as we all know there’s no such thing as a free lunch. Satisfy yourself that your free Will doesn’t involve you signing up for other services.
Many solicitors participate in Free Wills Month where they offer free Wills in partnership with well-known charities. What’s the catch? Well, there are two – firstly you’re expected to leave a gift to charity in your Will, and secondly the demand for free Wills is likely to be large, so you might not get a convenient appointment. Now there’s nothing wrong with leaving money to charity, but we’re answering the question can you make a Will for free? The minimum donation you’re encouraged to leave can be up to £300, so it’s clearly not a free Will, is it? Ok, the money gets paid later rather than now, but it’s still your money, and may be more than you’d normally pay for a professionally prepared Will. Think about it.
Make your Will for £19.99
Ok, if not for free, what about these online services offering legally valid Wills for £19.99? There are several such websites offering Wills for around that price. Ask yourself who prepares your Will, is it a legally qualified professional, or is it a computer programme? Can you speak to someone and discuss your requirements, or is everything done online with you filling in your details in boxes? What about getting the Will signed and witnessed? Do these companies offer to supervise the process, or do they simply provide the Will and the rest is up to you? (In our previous article Signing & Witnessing Your Will Correctly (the Importance of Getting It Right) – Aber Wills Limited we explain how essential it is to get your Will signed and witnessed properly.) As with all things in life, you get what you pay for. You might think that something as important as your Will deserves a little more investment than £19.99…..
Can you make a Will through your bank?
Yes, most banks offer a Will-writing service. Just be aware that the fees are usually higher than those charged by solicitors. The bank may also suggest that, in return for a reduced fee, or even no fee, you appoint them as executor. Great, you might think, but hold on. You might get a good deal on your Will, but appointing a bank executor is an expensive business. You’ll get a professional, if somewhat impersonal service, but expect to pay high fees calculated as a percentage of the value of your estate. Appointing a bank executor may be sensible if there’s a large estate and potential disagreement and ill-feeling among the beneficiaries. But be aware, this is not a cheap option, and for individuals with modest estates is best avoided.
Conclusion
We hope you have found this article informative and useful. There’s a lot of choice out there when it comes to getting your Will prepared, so be aware of your options, do your research and always remember that this is one area where the cheapest is certainly not the best. Come to that, the most expensive is not necessarily the best either. We would suggest you use someone legally qualified to prepare your Will, whether that be a solicitor or a Will-writer. Why not use us? We won’t charge the earth, and with over 25 years’ experience in this area would be happy to answer your queries without obligation. Just click on our contact details and we’ll do the rest.
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