Will Aid: Make a will without the solicitor's fees
Writing a will is not a priority for most people, but right now you have the chance to get one written for a fraction of the normal cost.
Millions of us do not have a will. It may be because it’s something we don’t want to think or talk about, or simply isn’t seen as a priority.
Instead of putting it off, you can get a will written up without paying the solicitor's fees in November, thanks to the month-long Will Aid campaign.
Why do I need a will?
The main reason you need a will is that without one, you'll have no say in what happens to your assets when you die.
If you die intestate (without a will) surviving spouses, for example, will automatically inherit £250,000 of an existing estate and half of anything above this will go to any children at age 18. However, with a will in place you’re able to specify how much will go to a spouse, or children, and at what age they’ll be able to take control of this money.
Another major reason for getting a will is if you’re living with someone, but you're not married. Without one, there’s no guarantee you will inherit anything when a partner dies.
As well as writing a will, it needs to be up-to-date. Around 40% of people in the UK who do have a will haven't updated it in at least five years. On top of this a further 4.5 million haven't updated a will in more than ten years. Wills need to be updated whenever something significant happens in your life and if you don't do this, it may not be valid after you die.
Will Aid
Thousands of solicitors get involved with Will Aid every year and lend out their will writing services in return for an optional donation to charity. Since it was founded in 1988, solicitors and clients have raised £13.6 million for the charities involved.
For one month you have the chance to get a will written without using the excuse of ‘cost’ as a reason not to do it. Not only does it help charity, it also works as a way to encourage more people to start planning for their finances after they die.
Instead of paying out the normal solicitor fees, the suggested donation figures are £95 for a single will and £150 for mirror wills. As the cost of a single will tends to cost around £120 for a single person and £200 for a couple, this is quite a significant saving.
The money raised is split across nine different charities including Age UK, British Red Cross, and ActionAid. In 2013 £2 million was raised.
It’s running through the whole of November but you should act now if you want to book an appointment.
Can I do it on my own?
It’s completely legal to write up your own Will and our guide gives you all the details you need.
But this can be a bit of a hazardous process, especially if your situation isn't straightforward. As a result do-it-yourself wills, available from high street shops such as WHSmith, can lead to problems later down the line if important things are missed out.
Generally, it needs to include details of all assets you own and all family members, including those from previous marriages. If you’ve got any complications at all in this regard, it’s much better to go down the professional route.
More on Wills:
What happens to your money after you die?
Assets worth £175 million 'lost' from wills
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