WRITE A WILL

It’s simple: having a will is the best way to have peace of mind and a say about what will happen when you die. ‘You can detail how your property, cash and belongings are divided and you can leave money to causes you care about,’ says Dan Garrett, co-founder of Farewill, a will-writing firm.

If you are a UK resident and die without a will, your assets will be distributed according to the laws of intestacy and your family won’t thank you for leaving things uncertain. ‘This is unlikely to reflect your individual personal wishes and may not be efficient from an inheritance tax planning perspective,’ warns Jamie Banks, head of wealth planning advisory UK at Julius Baer International.

Will writing as a profession is not regulated, so it’s best to either use a solicitor (who is regulated by the Solicitors Regulation Authority) or a will writer who is a member of a professional body, such as The Institute of Professional Willwriters or The Society of Will Writers.

THE GOOD NEWS

Writing a will is free in October if you are aged 55 or over. For more information, visit freewillsmonth.org.uk. In November, some solicitors also waive their fees for writing a basic will, instead inviting clients to make a voluntary donation of around £100 to Will Aid. This charity supports the work of nine other charities, including Age UK, the British Red Cross, Save the Children and the NSPCC. Participating solicitors can be found via willaid.org.uk. Otherwise, fees vary throughout the country, but expect to pay a professional will writer between £150 and £250 for a single will, and between £200 and £500 for mirror wills (two wills that mirror each other, which couples often choose). Solicitors will typically charge more.