Three in four families AREN’T covered by a will
So this is our definitive guide to how you can protect yours
WRITING a will is the only way to ensure your property, savings and possessions go to whom you want after you die. It is also an important way to ensure assets are passed on tax efficiently, writes ESTHER SHAW.
With three quarters of people having not written a will, The Mail on Sunday looks at the best way to draw up this vital document and explores ways of reducing future inheritance tax bills.
DYING without a legally valid will means your estate and assets will be carved up according to strict intestacy rules – and not your own wishes. This risks upsetting those left behind – and making things particularly difficult for complex modern families, such as those with stepchildren. There can also be issues for co-habiting couples as the rules do not recognise ‘common-law partners’.
James Beresford, partner at BLM Law, says: ‘Failing to prepare a will can leave your assets unprotected and your family’s financial future uncertain. Time and again we see cases where the families of loved ones are subject to additional strain at what is already a very difficult time.’
If your financial and personal affairs are relatively straightforward, a solicitor should be able to write a single will for around £100 or from £150 for couples.
Tomorrow, Free Wills Month (Freewillsmonth.org.uk) offers people aged 55 and over the chance to have a simple will written for free, using one of more than 500 participating solicitors.
The campaign is sponsored by charities such as Age UK, Great Ormond Street Hospital and the British Heart Foundation. Since Free Wills Month launched 13 years ago, it has raised more than £150 million for charities as a result of people agreeing to gift a sum to them in their newly drawn-up will. But there is no obligation to do so.
This is followed by Will Aid (Willaid.org.uk) in November with solicitors writing wills and waiving their usual fees. Instead, people will be invited to make a voluntary donation of £95 to Will Aid which is then split between nine charities.
Hollie Stride is planning to get her will drawn up during Will Aid as she wants to ensure her money and possessions will go to the people she wants them to go to.
The 29-year-old nurse has just bought her first home near Bolton with partner, Ashley, also 29.
They have a son, Arthur, who is two-and-a-half years old. Hollie says: ‘I have been talking about making a will since I was expecting Arthur, but have never got around to it.
‘I now feel it is important to get this document in place as you never quite know what is around the corner. Writing a will is especially important for us as we are not married.
‘It will give me the peace of mind of knowing my assets will go to the people I want them to go to.’ She plans on giving the recommended donation of £95 to charity Will Aid as it is a campaign she supports.
When it comes to will-writing, most people use a solicitor who can offer sound advice and prevent errors. You can find one at lawsociety.org.uk or unbiased.co.uk. Always check they are regulated by the Solicitors Regulation Authority.
Another option is to use a legal services firm such as Co-op Legal Services or Which? Legal.
Since will-writing is not regulated, it is vital to check a company is a member of a regulatory body, such as the Society of Will Writers. ‘Off the shelf’ will kits from stationery shops are available but only advisable for the simplest of situations. Cheap wills are also available from providers such as Rocket Lawyer, Affio and QuickWill.
Patrick Connolly, of financial adviser Chase de Vere, says: ‘The do-it-yourself approach may be OK if all assets will go to a spouse but beyond that it is risky. If you get the will wrong, your family would be the ones who suffer. Taking shortcuts can prove a false economy.’
In writing a will, ensure you consider your children’s interests. BLM law’s Beresford says: ‘In the will you should appoint a guardian to assume responsibility for children aged under 18 if you and your spouse were to die. Without a will, you have no influence on who takes this role on.’
It is also key to come up with executors who you can trust to carry out the terms of the will. An executor can still be named as a beneficiary in your will.
It is important to review your will regularly and to update it if your circumstances change.
James Antoniou, head of wills at Co-op Legal Services, says: ‘Review your will every few years – and after any significant life changes – such as divorce, marriage or death of a loved one. Make sure it accurately reflects your wishes.’
Also, tell your family where the will is stored, just in case.