Creating a will is an important step in ensuring that your assets are distributed according to your wishes after your passing. It can be a daunting task, but it is a crucial aspect of estate planning. There are two options for creating a will: writing one yourself or seeking the assistance of a solicitor. While writing a will yourself may seem like a more cost-effective option, it is generally advisable to use a solicitor to avoid making mistakes and to ensure effective choices are made. Solicitors are regulated by the Solicitors Regulation Authority, providing added protection for clients in case anything goes wrong.
When creating a will, it is important to consider who you want to benefit from your estate and personal possessions, as well as how you want them to benefit. You can also give directions for your funeral arrangements and include provisions for funeral expenses to be paid from your estate. To begin the process of creating a will, Caroline Foulger, partner and head of private client at TWN Solicitors, recommends providing a brief overview of your family and assets before setting up a meeting to discuss further details. A fee is then fixed and a draft will is written up for approval. Once all parties agree, the witnessing process is carried out.
While the legal minimum age to write a will is 18, age is not the only factor to consider. Sam Grice, founder of the end of life planning company Octopus Legacy, emphasizes that it is more important to consider your personal circumstances and whether you have assets. He cautions against procrastination, stating that there can be consequences for inaction. Grice created his company after his mother passed away in a car accident, and he emphasizes the importance of planning ahead for the unexpected.
Joanna Grewer, partner at Roythornes Solicitors, also stresses the importance of planning ahead. She notes that while many people only think about creating a will when facing death, it is important to plan early on to make the process easier. Grewer advises clients to consider all of their assets, including death in service benefits and life policies, when valuing their estate. She also recommends updating a will as life circumstances change.
Penny Wright, partner in the wills, probate and estate planning team at Gardner Leader, agrees that creating a will is often put off but emphasizes the importance of doing so after a change in circumstances. She notes that there is no specific age or time to create a will, but it is crucial to have one in place before it is needed.
If someone passes away without a will, the UK government’s intestacy rules will determine how their estate is distributed. According to these rules, if the deceased was married or in a civil partnership with no children, their entire estate will go to their partner. If they have a partner and children, the first £322,000 of their estate will go to their partner, with any remaining assets divided equally between the partner and children. If the deceased has no will, no dependents, and no known next of kin, their estate will pass to the Crown. In this case, the Treasury solicitor will handle the estate on behalf of the Crown.
In addition to understanding the importance of creating a will, it is also crucial to understand the roles of executors and beneficiaries. Executors are responsible for ensuring that assets are distributed according to the wishes outlined in the will, while beneficiaries are those who will receive something from the estate. It is common for a beneficiary to also serve as an executor.
The cost of creating a will can vary depending on the solicitor used, with prices ranging from around £150 to £2,500. However, the peace of mind and protection that comes with having a properly executed will in place is invaluable.
