Why Every Adult Needs a Will: A Comprehensive Guide

Introduction

Creating a will is a crucial part of planning for the future. Despite its importance, many people in the UK do not have a will in place. This blog post will explain what a will is, why it's needed, how to create one, and the associated costs. We’ll also provide practical examples of when a will is necessary and why it’s a critical document for ensuring your wishes are carried out after you pass away.

What is a Will?

A will is a legal document that outlines how you want your assets to be distributed after your death. It allows you to specify who will inherit your property, money, and personal belongings. Additionally, a will can include instructions for guardianship of minor children, funeral arrangements, and other personal wishes.

Why do I Need a Will?

Having a will is essential for several reasons:

- Control Over Assets: A will ensures that your assets are distributed according to your wishes, rather than following the rules of intestacy, which apply when someone dies without a will.

- Protecting Loved Ones: A will can provide for the financial security of your loved ones, including designating guardians for minor children.

- Reducing Stress: A clear, legally binding will can reduce the burden on your family during an already difficult time by providing clear instructions.

- Avoiding Disputes: A well-drafted will can minimize the risk of disputes among family members over your estate.

- Tax Planning: A will can help in planning your estate to minimize inheritance tax liabilities.

How to Get a Will in the UK

Creating a will involves several key steps:

1. Take Stock of Your Assets:

- List your assets, including property, savings, investments, and personal belongings.

- Consider any debts or liabilities.

2. Decide Who Will Benefit:

- Determine who you want to inherit your assets (beneficiaries).

- You can also leave specific gifts to individuals or charities.

3. Choose Executors:

- Appoint one or more executors who will be responsible for administering your estate.

- Executors can be family members, friends, or professionals such as solicitors.

4. Consider Guardianship:

- If you have minor children, designate guardians who will take care of them.

5. Draft the Will:

- You can draft the will yourself, use a will-writing service, or hire a solicitor (more on this below).

- It’s recommended to seek legal advice to ensure the will is valid and meets all legal requirements.

6. Sign and Witness the Will:

- The will must be signed in the presence of two independent witnesses who are not beneficiaries.

- The witnesses must also sign the will.

7. Store the Will Safely:

- Keep the original will in a safe place and let your executors know where it is stored.

- You can also register the will with the National Will Register for added security.

When You Might Need a Will

1. Young Families: If you have young children, a will can ensure they are cared for by appointing guardians.

2. Blended Families: For those with children from previous relationships, a will can ensure all children are provided for according to your wishes.

3. Homeowners: If you own property, a will can specify who should inherit your home.

4. Business Owners: A will can outline what should happen to your business after your death.

5. Charitable Giving: If you wish to leave a portion of your estate to charity, a will is essential.

Breakdown of Popular Will Writing Services in the UK

There are several companies and websites in the UK that offer will-writing services, each with its pros, cons, and pricing. Below is a detailed breakdown of five popular will-writing services in the UK:

1. Farewill

Pros:

- User-friendly online platform.

- Rated highly for customer service.

- Quick turnaround with wills typically ready within a week.

- Offers additional services such as probate and lasting power of attorney.

Cons:

- Online-based services may not suit those preferring face-to-face interactions.

- Limited support for very complex estates.

Cost:

- Single will: £90

- Mirror will (for couples): £135

- Optional subscription for updates: £10 per year

Website: https://www.farewill.com

2. Co-op Legal Services

Pros:

- Reputable company with a long history.

- Offers both online and face-to-face services.

- Provides a comprehensive range of legal services including probate, estate administration, and power of attorney.

- Free initial consultation.

Cons:

- Higher cost compared to purely online services.

- Some users report slower response times due to high demand.

Cost:

- Single will: From £150

- Mirror will: From £245

- In-home consultation is available for an additional fee.

Website: https://www.co-oplegalservices.co.uk

3. Slater and Gordon

Pros:

- Large law firm with extensive legal expertise.

- Offers personalized service and face-to-face consultations.

- Ideal for complex estates and detailed legal advice.

- Free will review every five years.

Cons:

- More expensive than many online will-writing services.

- Primarily suited for those with more complex needs or who prefer traditional legal advice.

Cost:

- Single will: From £200

- Mirror will: From £300

Website: https://www.slatergordon.co.uk

4. Beyond

Pros:

- Simple and straightforward online process.

- Affordable pricing with clear, transparent costs.

- Customer support is available via phone and live chat.

- Includes free storage of the will.

Cons:

- Online service may not be suitable for those with very complex estates.

- Limited additional legal services compared to larger firms.

Cost:

- Single will: £90

- Mirror will: £135

Website: https://www.beyond.life

5. Post Office

Pros:

- Convenient as it’s available in many local branches.

- Trusted and established brand.

- Offers both DIY kits and professional will-writing services.

- In-person assistance available.

Cons:

- DIY kits may not be suitable for complex estates.

- Professional service can be more expensive than other online options.

Cost:

- DIY will kit: £19.99

- Professional will-writing service: From £125 for a single will, £195 for a mirror will.

Website: https://www.postoffice.co.uk

Final Point

A will is a vital document that ensures your wishes are followed and your loved ones are taken care of after your death. By understanding the importance of a will, how to create one, and the associated costs, you can take the necessary steps to protect your estate or assets and more importantly provide peace of mind for yourself and your family. Don’t delay—consider making a will today to secure your future wishes.

Stay happy and keep getting money wiser