GOOD WILL HUNTING

Why we should all be making plans for when we’re no longer around

Ihave a confession: despite having worked as a consumer editor for the past eight years and written countless horror stories about what happens when someone dies without a will (known as dying intestate), I don’t actually have one. Writing a will has been on my to-do list for years. After I had my little boy three years ago, it became a top priority but, like that hole in the fence that needs fixing, it just never gets crossed off. I’m not alone: a recent study by Royal London found that 54% of us don’t have a will. More worryingly, nearly 60% of parents of school-age children do not have one or have not updated theirs to include a guardian for their children should they die, while 5.4m people said they didn’t have one in place because they didn’t know how to go about it. For me, it’s always seemed like one of those ‘grown-up’ jobs I could put off until I’m older.

WHY WE ALL NEED A WILL

‘There’s a common misconception that only the wealthy need to get a will, but everyone should have one, even if you feel you don’t have much to leave,’ says Erica Burt-moore from solicitors Clarke Willmott. ‘It’s the only way that you get to have a say in what happens after you die, rather than have it decided by the law. That includes who gets to inherit any property or savings you may have, known as your estate, and who will act as a guardian for your children, if you have any.’

THE MYTHS ABOUT WHO GETS WHAT If you’re married or in a civil partnership

‘Lots of people believe their assets automatically go to their spouse when they die,’ says Burt-moore. ‘But as far as assets in the sole name of the deceased are concerned, the surviving spouse actually gets what’s known as “statutory legacy”, which is currently up to £250,000 (if you have any children). The rest of the estate is divided equally between the spouse and children.’ There will be tax to pay on any estate over £325,000 left to the children, which there wouldn’t be if it was

left to the surviving spouse in a will. Sorting out an estate without a will can take many months and can incur higher fees. In blended families, stepchildren do not inherit anything if a step-parent dies intestate.

If you’re cohabiting

My partner and I are not married, which means if either of us dies, the other gets nothing. Lots of us have fallen for the myth of the ‘common law man and wife’, thinking we have the same rights as those who have tied the knot, but there’s no such thing. The surviving partner doesn’t automatically inherit the other person’s share of any property, pensions or life insurance, unless specifically named as a beneficiary or the asset is in joint names. Instead, without a will, everything goes to the deceased’s next of kin, which is likely to be their parents or siblings. This can be contested, but unless everyone involved is in agreement, it’s expensive and takes a long time.

If you’re single

As a single person, if you die intestate, your estate goes to your next of kin. As a single parent, it goes to your children. ‘But the person responsible for managing it until they turn 18 is likely to be the other parent unless you say otherwise,’ warns Burt-moore.

EXPERT GUIDANCE

A solicitor is the most obvious port of call if you want to write a will (find one at gov.uk/find-a-legal-adviser, lawscot.org.uk/find-a-solicitor or lawsoc-ni.org/solicitors) because they are regulated and offer a bespoke service. However, they are also the most expensive option: some charge by the hour (check quotes include

VAT), while others offer a fixed-fee service. Expect to pay around £200 for a simple will and £400-plus for a more complex version, such as if you’ve remarried and have children from previous relationships who you want to benefit, for example.

Will-writing services are cheaper (from around £80) and more convenient as they can be done online, by phone or in person. The main difference is that you won’t be given advice like you would with a solicitor. Anyone can set themselves up as a will writer, so check the service is provided by a member of The Society of Will Writers or The Institute of Professional Will Writers. This will mean they are insured and follow a code of practice. It’s worth checking whether your employer, bank or home insurer offers a free or discounted will-writing service.

You might be tempted to use a DIY will-writing kit if your assets are minimal and your estate is simple. These are available from as little as £20, but are not recommended by the experts. ‘The problem with DIY kits is that you can get it very wrong and any issues can cost a lot to sort out,’ says Burt-moore.

It’s a relief to discover that sorting out my will is a lot less hassle than I thought it would be: it just involves filling in a questionnaire, a few further questions and some careful thinking about my last wishes. As my partner and I have a fairly straightforward set-up, we opt for mirror wills, where the terms of one reflect that of the other.

Finally crossing this chore off my list feels great. It’s not something to forget about completely, though: you should review a will after any major changes in your life, such as separation, divorce, getting married, having children or moving house. Such big changes will require a new will. For small ones, you can add a supplement that’s known as a codicil.