Although everybody believes that at some point they will write a Will, statistics show that 70% of people in the UK die without one.
At Setfords, we understand that Wills are not just a tool for the elderly or for the wealthy, they are an important legal arrangement to ensure that whatever your circumstances, you have the peace of mind of knowing your affairs are in order following your death.
Finding the will: a recent report on will-writing behaviour in England and Wales found that when asked the most common reasons for not having a Will were that they either simply haven’t got around to making it, had never thought about it or didn’t want to think about dying.
WHY DO I NEED A WILL?
- If you die without a will it can result in your estate going to the Treasury rather than your desired beneficiaries
- Unmarried partners cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner and any children. Despite this 83% of unmarried couples do not have a Will.
- If you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die. 79% of couples with children do not have a Will.
- It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made
- You can set out your wishes for your remains, be this cremation, burial or medical research
- You can make sure that family businesses stay in the family and pass to those of your choosing. Not only is this peace of mind for you, but is also extremely tax efficient.
ALREADY HAVE ONE?
- Wills should be reviewed at least every 5 years to ensure that they still adequately provide for your wishes towards your estate.
- You should always update your Will after any significant change to your estate such as marriage, buying or selling a Property and the birth of children.
WHY SHOULD I USE A SOLICITOR?
Some people write their own Will or buy a pre-printed Will from one of the providers. However putting in place a valid Will that effects your intended wishes is a complex process and mistakes, which are easy to make, can render the Will invalid.
WHY SHOULD I USE SETFORDS?
All of our advice is presented in plain English however there are some terms that by necessity are in ‘legalese’. Please see our glossary for simple descriptions of the terms used by solicitors when preparing Wills
At Setfords we provide discrete and comprehensible Will advice at a realistic cost. By considering your personal circumstances we are able to assist you with deciding:
- Who you would like to manage your affairs following your death
- Who you would like to benefit from your estate and if children will be benefiting, when you wish them to receive their inheritance.
- Who should look after your children if you should die during their minority and how you can make your wishes for their upbringing known.
- If there may be any potential claims on your estate from family members that you have not included and how to minimise the risk of these claims succeeding.
- Whether or not your estate may be liable for inheritance tax and how this can be met and any liability minimised (For more information on IHT see our Estate Planning Page)
- What sort of Will best suits your needs
WHAT DOES IT COST?
Contrary to popular belief it is not an expensive or complicated process to create a Will but many people put it off until it is too late.
The cost will vary depending on the complexity of your Estate and the requirements to effect your wishes please see our charges table for an indication of the costs involved or contact us for a personalised estimate.
HOW DO I FIND OUT MORE?
If you would like to discuss your Will and Estate Planning options, please contact Delfin Posada on 01306 884432.