Every single adult should have a Will in place, but most do not. If you are reading this, you may have given some thought to writing a Will, but not sure how to get started. You have seen different approaches to writing a Will, but you are not sure which services offer a quality, affordable Will writing service, without questionable extras. Hopefully this overview will help you take the next step.
Why you need a Will.
A Will allows you to describe the distribution of your estate. It puts somebody in charge of the process, and it allows you to do things like name a guardian for your children, make charitable bequests and set up trusts.
If you die without a Will, the courts take over. Your family and loved ones will have to work their way through a court process that will eventually do the work of your Will, but probably not the way you would have wanted.
The courts will put somebody in charge of the process. Hopefully this is somebody with the administrative skills needed, and a person who has a good rapport with your family and your beneficiaries. They are going to have to work with the people you have left behind to distribute everything you own according to a legal formula. In the meantime your assets will be frozen.
Then your assets will likely be liquidated and divided according to the laws of “intestate succession”. If you are married without children, then it is possible that your intended distribution plan would match the intestate succession plan. But in almost every other case, your assets will be divided in a very strange way.
What does a Mirror Will mean?
A Mirror Will is actually two Wills, usually created by spouses or partners, that names each other as the main beneficiary, with each Will having a backup plan in case both partners are involved in a common accident. It is one of the most common approaches for couples when preparing their Last Will and Testament.
A Mirror Will is very different to a joint Will which is one document that serves the needs of two people. Joint Wills used to be popular many years ago, primarily as a time saving tool. It saved the Will writer having to type out two very similar Wills, when only the main beneficiary was different.
Joint Wills were also popular in a time when the patriarch of the family was considered to own the assets, and a wife was thought to not have an equal claim over the estate.
However, in modern times joint Wills are rarely used. Attitudes towards asset ownership, and the efficiency of Will writing software means that there is absolutely no advantage in preparing a joint Will. But there are many disadvantages.
The main disadvantage of a joint Will is that it creates confusion when one partner writes a new document revoking previous Wills, and it becomes unclear whether both parties are bound by the terms in the old joint document. In general, joint Wills should be avoided.
What are the different types of Wills?
There are a few other variations on the joint Will or Mirror Will. A Mutual Will is a pair of Wills that a made after a legal agreement is put in place to dispose of combined assets in a certain way. What makes a Mutual Will unique is that neither can be revoked (or cancelled) without agreement from both partners. There are many resources online that describe a Mutual Will as the same as a Joint Will. This is incorrect. Mutual Wills are extremely unusual, and are rarely the best option. Typically one person makes a standard Will, and then contractually ties the second person into an irrevocable Will. It’s a legal challenge waiting to happen!
The term “Reciprocal Will” can also be used in place of either a mutual Will or a Mirror Will. A Reciprocal Will simply means that the two documents have been written to benefit each other. Continue reading
“Why should I pay £24.95 for your service when there are free Will kits available everywhere?” . A reasonable enough question, so please allow us to explain.
In every high street in the UK we have seen a growth of the pound shop; Poundland, PoundWorld, Poundstretcher and just to shake it up; 99pLand.
But we all know that there are some things that you can buy with confidence from a pound store; notepads, desk organisers, colouring books, egg cups. And there are some things that you would probably think twice; smoke alarms, electricals, first aid supplies. I once saw a discount lifejacket in a pound shop. It didn’t feel right.
So how can we establish the value of a Last Will and Testament, when what appears to be the same product is available for £1,000 from a top solicitor. But also a free download from a website. Continue reading
Maybe a solicitor has quoted you a few hundred pounds to prepare your Will. Perhaps you are now considering whether you can write your own Will. You may be wondering “how hard can it be?”.
It’s entirely possible to write your own Will, but let us give you a few pointers.
Estate planning (the process of writing a Will) can be daunting. Many of us are prone to common, easily-avoided mistakes, if we get around to our Will at all. In fact, according to a report by the Legal services board, even solicitors who don’t specialise in estate planning frequently make mistakes with Wills.
The Law Society express concern that do-it-yourself Will services were eroding the Will writing business. They asked the government to protect Will writing. To make it a service that only solicitors can provide.
If you step through the service at LegalWills.co.uk, you can create a legal Will for £24.95. However, if you use the following discount code, you’ll get twenty percent off. You can have a legal Will in your hands in about twenty minutes for less than twenty quid. Everybody needs a Last Will and Testament, so what on earth would stop anybody from doing this?
In reality though, we know that the price of the service at LegalWills.co.uk is not your barrier to preparing a Will.
Here’s some things that may be going through your mind that could stop you from writing your legal Will right now. Continue reading