Creating a will is a task in life no-one wishes to undertake; however, it is one of the most sensible ways to ensure your loved ones are taken care of. With no will in place, the law will decide on how your estate will be distributed. Therefore, by using a will you know your assets will go to the people you wish.
How Much Does A Will Cost?
In the UK, will writing services are available for individual or joint wills. The cost will vary depending on how complicated your will ends up. This is related to how many assets you have, the number of distributions to make and any bank accounts you have with different companies. A simple, individual will can cost anything from £50-200. A more complicated, joint will could cost around £250-350.
What Needs To Be Planned?
Planning a will is a hard job as it requires you to think about who in your life you wish to leave anything to. To plan a will, keep these few points in mind:
Know how much the will can cost
Use local expert will writers
Be aware of all your assets
Make a list of people you want to make beneficiaries
Make a plan of what each person will receive. This could be money, art, jewellery, cars etc.
Details Needed In A Will
There are many details that need to be covered in a will as it is a legally binding document. Planning all the details first, then using an executor to finalise your wishes is the best way forward to ensure your decisions are followed.
- Correct names, addresses, date of births.
- Names of executors of the will. These people will ensure the terms of the will are met.
- If you have children, name a guardian for them.
- Name the people who will inherit off you and what they will receive.
Everything in the will needs to be correct as any wrong information will make that part of the will null and void.
Other Important Information
Making a will can also allow your family to not pay more inheritance tax than is needed. It can make you find more knowledgeable by visiting https://en.wikipedia.org/wiki/Will_and_testament
You can write a will yourself, there are offers available on websites for ‘Write Your Will’ packs. These can be much cheaper than hiring any legal help but, of course, you ate left on your own. If you’re will is slightly complicated, you may need legal help anyway.
Even if you write your will yourself, you still need to get it formally witnessed and signed to make it legally valid.
Overall, it’s a very simple decision to make. Making a will is considered to be one of the most useful tasks you can undertake to help your loved ones. Use local expert will writers to make the job even easier for you but feel free to write one yourself.