Will Writing

A will is a legal document that outlines how you want your assets distributed after your death. It provides clear instructions on the distribution of your property, names guardians for minor children, and can even specify your wishes for funeral arrangements. Having a will is crucial because it ensures your wishes are honoured, minimises conflicts among survivors, and can expedite the probate process, saving your loved ones time and money. By setting forth your intentions, a will offers peace of mind, knowing your legacy is protected and your loved ones are cared for according to your wishes.

Writing a will involves several key steps to ensure it is legally valid and reflects your wishes accurately. Here’s a simplified guide:

1. List Your Assets: Identify all your assets, including real estate, bank accounts, investments, and personal property.
2. Choose Your Beneficiaries: Decide who will inherit your assets. This can include family members, friends, and charitable organisations.
3. Appoint an Executor: Select a trustworthy individual who will be responsible for carrying out your will’s instructions.
4. Name Guardians for Minor Children: If you have minor children, appoint guardians to care for them.
5. Draft the Will: Clearly outline your instructions regarding asset distribution, guardianship, and any specific bequests.
6. Sign the Will: Ensure your will is signed in the presence of witnesses as required by law.
7. Store the Will Safely: Keep your will in a safe place and inform your executor of its location.

Our team of experienced solicitors can help you ensure your will is valid and covers all necessary aspects.

If you die without a will (intestate), the rules of intestacy will determine how your assets are distributed, which may not align with your wishes. Typically, your estate will be divided among your closest relatives, such as your spouse and children. However, this can lead to unintended consequences, such as unmarried partners receiving nothing or disputes among family members. Additionally, the administration process can become more complex and time-consuming, increasing legal costs and causing delays. By having a will, you can control who inherits your assets, reduce potential conflicts, and ensure a smoother transition for your loved ones.

It’s advisable to review and update your will every three to five years or after significant life events, such as marriage, divorce, the birth of a child, or acquiring new assets. Remember that in England and Wales marriage automatically revokes an existing will unless it was made in contemplation of that marriage, so it is important to review your will whenever your circumstances change.

A will takes effect after your death and outlines your wishes for asset distribution and guardianship. A living trust (in the UK usually called a lifetime trust), on the other hand, takes effect as soon as it is created and can manage your assets during your lifetime and after your death, often avoiding the probate process. We can advise which combination is right for your circumstances.

To ensure your will is legally binding, it must be in writing, signed by you and witnessed by at least two independent people who are not beneficiaries (nor married to a beneficiary). Our solicitors will help you ensure it complies with the specific legal requirements in England and Wales, so your wishes are carried out exactly as you intend.

For many families a straightforward will is enough, but a trust can give you extra control and protection over how your estate is passed on. Depending on your circumstances we can advise on:

• Discretionary trusts, give your chosen trustees flexibility over how and when beneficiaries receive assets, which is useful for young, vulnerable or financially inexperienced beneficiaries.
• Life interest (interest in possession) trusts, allow someone, such as a surviving spouse, to benefit from an asset during their lifetime while ultimately protecting it for others, for example children from a previous relationship.
• Asset protection trusts, can help ring-fence assets against future risks. Trusts are complex and must be set up correctly, so we will only recommend one where it genuinely benefits you and your family.

Inheritance tax (IHT) is charged on the part of your estate above the tax-free ‘nil-rate band’, currently £325,000, with an additional ‘residence nil-rate band’ of up to £175,000 available when you leave your home to direct descendants. Anything above the available thresholds is generally taxed at 40%. A well-drafted will can help reduce the bill, for example through the spouse exemption, charitable gifts and the careful use of trusts. Thresholds and reliefs change over time, so we will review your estate and advise on the options that apply to your circumstances.

Many people worry about their home having to be sold to pay for care. While there is no guaranteed way to avoid care fees, careful planning, such as owning your home as tenants in common combined with life interest trusts in your wills, can help protect a share of its value for your family. We will explain honestly what is and isn’t possible, and help you plan appropriately for your situation.

A will deals with your wishes after death; a Lasting Power of Attorney (LPA) protects you during your lifetime if you lose the capacity to make decisions for yourself. There are two types: a property and financial affairs LPA and a health and welfare LPA. Putting these in place alongside your will means someone you trust can manage your affairs if you are ever unable to. We can prepare and register both for you.

A will can only be used if it can be found. We offer secure storage of your original signed will so it is protected from loss, damage or tampering, and we will make sure your executors know how to obtain it when the time comes. You are free to store your will yourself, but keeping it with us gives you peace of mind that the original is safe.

Costs vary with the complexity of your estate and wishes. As a guide, our fixed fees start from £195 + VAT for a single will and £295 + VAT for mirror wills for straightforward estates. More complex arrangements, for example those involving trusts, business assets or inheritance tax planning, are quoted individually so you always know the cost before we begin. Be cautious of very cheap, unregulated will-writing services, as mistakes in a will can be expensive for your family to put right later.

The most common mistakes are using an unclear DIY or template will, failing to sign and witness it correctly (which can make it invalid), forgetting to update it after major life events such as marriage, divorce or new children, and overlooking assets or the risk of inheritance tax and care fees. Marriage also automatically revokes an earlier will in England and Wales, something many people don’t realise. Using an experienced solicitor helps you avoid these pitfalls.

The ‘golden rule’ is long-standing guidance for solicitors preparing a will for an elderly client or someone who is seriously ill: wherever possible, the will should be witnessed or approved by a medical practitioner who is satisfied the person has the mental capacity to make it. Following this rule helps ensure the will is valid and reduces the risk of it being challenged after death. It is one of the safeguards a professionally drafted will provides that a DIY will does not.

Martin Lewis’s MoneySavingExpert has long encouraged everyone, particularly those with children, property or savings, to make a valid will rather than rely on the intestacy rules. It highlights schemes such as Free Wills Month and Will Aid that can reduce the cost, while also cautioning that for anything beyond the very simplest estate it is worth using a qualified, regulated professional to avoid costly mistakes. Our fixed-fee wills give you that professional reassurance at a clear price.