Why do I need a Will?

There are a number of misconceptions and faulty beliefs when it comes to Wills and whether or not you should have one in place. Many people believe that because they don’t have many assets, or because they are young with their whole lives ahead of them, then they simply don’t need one.

But as we will briefly explore in this blog, not having one in place could mean that your wishes are ignored and  that your family receive less after you’ve gone. Likewise, ensuring you have a Will in place is the best way to bring peace of mind to you and your family.

What is a Will?

A Will is a legally binding document that lays out instructions for what should happen to your property after you die. This includes:

• Physical things you own like your car, your house or personal belongings.
• Digital property, such as websites, social media or bank accounts in your name
• Money left in your bank
• Cash savings and investments

A Will is the best way to ensure that your belongings are actually given to the person you would like to receive them.

What happens if I don’t have a Will?

Whilst it’s not a legal requirement, it is highly advised to all citizens to have a Will in place, in order to ensure the administration and distribution of their estate is handled according to their wishes.

If you don’t have a Will in place, your estate will be distributed according to a standardised set of rules known as ‘intestacy rules’, which are basically a set of procedures the government have put in place to deal with an estate that doesn’t have a Will attached to it.

Crucially, intestacy rules do not take into account your wishes and instructions, meaning your property may be distributed in ways that you do not intend, for example: some or all of your money being left to an estranged relative with whom you have no emotional relationship.

If you have children, intestacy rules also affect your decisions around guardianship, meaning your desired choice of guardian may not be the one who raises your children after you’re gone.

Intestacy rules also impact inheritance. Even with tax planning in place, inheritance tax can be applied at a rate as high as 40% within the scope of intestacy rules, meaning your family will receive less of your money.

What do you get when writing a Will?

The best thing you receive from writing a Will is the peace of mind and security in knowing that your estate will be handled according to your desire and wishes after you’ve gone.

What that also means is that there is less likely to be any disputes between your family, as there often can be in emotional matters such as these – because all of the difficult decisions have already been made.

By putting a Will in place, you are alleviating the pressure and making things easier on those left behind.

How to write a Will

There are a number of options when it comes to writing your will. Whilst DIY options are available and you can use an unregulated will writer, we would always recommend you seek the legal advice of an experienced will writing solicitor, as this is the best way to ensure your will is written in a manner that is clear and intentional to ensure it is understood exactly as you intend it.

A solicitor will also be able to help you ensure that the signing of your Will is compliant with Will writing regulations, such as requiring witnesses to oversee the signing. If you fall foul of these regulations, your Will is classed as void and your wishes will be ignored.

How much do solicitor Will writing services cost?

At Open Law, we believe Will writing services should be open and available to all which is why we offer a free initial consultation and keep our fees down to just £100.

Use the button below to find our contact details, and get in touch today to get the ball rolling.