It is important to consider making a Will as this lets you decide what happens to your money, property and assets after your death.
Making a Will ensures that your valued possessions are distributed however you wish, and can protect your family from paying more inheritance tax than is necessary.
If you do not make a Will, your assets will be distributed according to the Intestacy rules. This means that the law will decide how your possessions are distributed.
You have to be 18 or over in order to make a valid Will, and it must be made voluntarily. Your Will must be in writing and formally signed and witnessed by yourself and two witnesses (over 18) to make it legal. You are able to write a Will yourself, however, not all Wills are straightforward so it is best to get advice if you feel that you are unsure.
When writing a Will, you should decide who you want to benefit from your Will, who will be responsible for implementing your wishes after your death (otherwise known as an executor), any child arrangements for children in your care under the age of 18 and also, what should happen if those named in your will pass away before you.
A Will can become complicated for many reasons, examples include when dealing with properties outside of the UK or dealing with any businesses you own. In these situations, it is best to seek legal advice. At Dylan Nair Solicitors our team of experienced professionals are here to help when situations like this arise.
Once you have made a Will, it can be altered or updated through an official alteration known as a ‘codicil’ or you have the ability to create a new Will entirely. An instance where you will need a new Will includes if you get married, or divorced. Any changes must be signed and witnessed the same as if creating your original Will. Any old Wills should be destroyed to prevent confusion.
The UK government recommend reviewing your Will every 5 years, or after any major change in your life for example, having a child or moving house.
You can keep your Will yourself, and store it in a safe place. You should tell your executors where it is kept so that they can find it on your passing. You may also keep your Will at a solicitors or bank, some companies offer the storage of Wills but this can be costly.
At Dylan Nair Solicitors we charge the following for creating a Will:
£100 plus VAT for a single Will
£160 plus VAT for joint Wills
This fee is for a standard Will, fees can increase depending on the level of complexity but we aim to keep costs down for you.
If you need a Will, or have any questions about the process, get in touch with us today.