What happens if you die without a Will?
If you should die intestate (without a will), the law dictates who receives what from any property, savings, life insurance and valuable possessions you own.
Making a will can reduce the amount of Inheritance Tax you pay; which will therefore affect how much of your estate goes to those you leave behind.
At Slater Heelis, our team of wills, trust and probate solicitors will help you protect your assets for the future and for your loved ones. Whether your needs are simple or complex, we can help with tax planning, the distribution of your estate and making provisions for your family.
How much does it cost to have a Will written?
To write a will that is legally binding and considers all aspects of your estate, you can expect to pay a few hundred pounds. In simple circumstances with mirror wills for a couple, it may start from around £450 – this would be in total, not per person.
There are many factors that need to be considered as part of the will writing process, and it pays to ensure everything is covered. Plus, if your circumstances change you should update your will accordingly.
Do you need a solicitor to write a Will?
To ensure you have a will that is correctly made, witnessed and legally bound, it is strongly advised that you use the services of a solicitor.
While it is not a legal requirement to have a solicitor write your will, we urge you to do so as we deal with many instances of disputes around wills from those who have, for one reason or another, not been to the expectations of the inheriting family members.
Many ‘DIY’ style wills may seem cheap and easy from the outset but when there are complex matters within families these can often be overlooked and lead to disagreements between remaining family members and friends. Often these cases involve spending a lot of money to resolve such disputes by trying to determine what was intended in the will.
What are the three conditions to make a will valid?
To make a will valid, the following rules must apply:
- The individual is over 18 years of age, of sound mind and capable of making decisions for themselves
- The document must be made voluntarily and in writing
- It must and signed by the individual with two present witnesses who must also sign in the individual’s presence