Do I Really Need a Will?

What is a Will?

The primary purpose of your last Will and testament is to tell everyone about and distribute your money, any possessions and property after you die. These elements together are otherwise known as your ‘estate’.

• A Will reduces stress and helps your family or friends sort out everything when you die. This can help prevent a time-consuming process or any confusion.
• Without a Will, everything you own will be shared out by definition of the law.
• A Will can help reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind.
• If you have children or someone who is a financially dependent on you specifically, it is important you have a Will; or if you wish to leave assets outside of your immediately family.

You must be at least 18 years old to make a Will, unless you are a solider on active duty or a sailor at sea, in which case you can be any age.

What to think about when making your Will?

This will depend on an individual, or a couples circumstances. Wills are about preparation, not panic; they are designed to empower you.

Do you have a family? Is your family a small or an extended one, where you want lots of people to inherit something? Do you have a secondary family to consider, such as step-children? Are you divorced? Do you want to leave money to charity?

If you are thinking about making a Will, we recommend following these considerations to ensure your Will is prepared properly.

• Who will you appoint as an executor to administer your estate?

• If you have young children, who will you appoint as their guardian? And, what provisions will you make for them and what is the age at which you want them to receive their inheritance?

• If you are a cohabiting couple, what provisions will you be making for one another?

• Are any of the beneficiaries disabled or do they lack capacity? If so, should you consider creating a Trust in your Will?

This information will allow you to create a basic Will that can help you get your affairs in order, without the process becoming too chaotic at a time already full of adversity.

I’ve written a note about what I want when I die, is that enough?

This is something we often hear. 

For a Will to be legally binding, it doesn’t have to be on legal paper or use legal jargon. However, it does need to meet the following criteria:

• Details clearly how you wish your estate to be shared out;
• The Will was made when you were able to make your own decisions (there was no one putting you under pressure about who to leave things to);
• The Will was signed and dated by you in the presence of two adult, independent witnesses, and then signed by the two witnesses in your presence.

Note: witnesses can’t be people who are going to inherit anything from you or their husband/wife or civil partner.

What if I choose not to have a Will?

If you don’t leave a Will, the law decides how your estate is passed on – and this might not be in line with your wishes.

What are the costs associated with making a Will?

There are a number of ways to get a Will. You can buy a template from a stationary shop, for example; but that can be risky. 

With extended families and the increasing number of divorces (for example), people are favouring speaking with an expert and seeking professional legal advice before they compile a Will. Rightly so. 

• Simple Will – cost start from £140 for a single person and £250 for a joint will
• Complex Will – cost between £150 and £300 (It may be more complex as you have been divorced and have children)
• Specialist Will – this may involve trusts or oversea properties, or if you require tax planning advice

*It’s important to remember that these figures are approximate and would naturally depend on what you require. 

Mark Tucker, the founder of MT Legal Services has nearly 40 years of experience in matters regarding Wills and Probate. As a member of the Institute of Professional Will Writers, you can be sure that you’re in good hands when you employ MT Legal Services. 

I’d like a FREE CONSULTATION