Dying without a Will can cause a financial mess for those you leave behind
Dying without a Will can cause a financial mess for those you leave behind
Why make a Will?
Without a Will you’ll have absolutely no say in how your estate is dealt with after you’re gone. In fact, having a legal Will in place is the only way to guarantee the family you leave behind are properly provided for. Of course, you don’t have to make a Will, but it could cause major financial problems in the future if you don’t.
Your family
Most people think their spouse will automatically inherit everything after their death, but this isn’t true. Meanwhile, unmarried partners - or those without a civil partnership - can’t inherit from each other unless there’s a Will in place. This means the death of one partner could trigger serious financial difficulties for the surviving partner.
And, if you have children, your Will can make arrangements for their care should one or both parents die.
How should you make a will?
You can write a Will yourself, but you should only consider a DIY approach if your financial affairs are very simple.
For most of you, it’s advisable to appoint a good solicitor. This is particularly true when you own a property with someone who isn’t your husband, wife or civil partner. Or where there are several family members who may make a claim on your will such as a second spouse or children from a first marriage.
Likewise, if you own a property overseas but live in the UK, or there’s a business involved then seeking help from a solicitor is crucial.
Once you’ve written a Will remember to review it regularly say, once every five years to ensure it’s still an accurate reflection of your wishes. You should always update it whenever there’s a change in your circumstances such as getting married or divorced.
Do wills cost a small fortune?
As with everything it pays to shop around before you choose a solicitor. Identical husband and wife mirror Wills can be drawn up which should be a bit cheaper than writing two separate wills. But you should expect the cost to increase if your financial affairs are complex.
For a relatively straightforward Will, you could try the online service TotallyFreeWills where you can create your own Will and have it confirmed as legal by a solicitor without charge. But bear in mind it may be worth paying for a will now as it could save your family thousands later.