At LegalWills.co.uk, one of the most frequent questions we hear is “Do I need a Will?”.
When the answer is “yes”, we then hear the familiar response “But, I don’t own anything?”
If only things were that simple….
In 2014, the average net worth of a British adult was £147,134. Now, depending on the equity built up in the home, if you remove that value from the net worth it still comes in at around £20,000. Therefore, even if you don’t own your own house, there could still be well over £20,000 that makes up a part of your estate after death.
According to the pension giant Aviva, most British middle aged people have typically built up private retirement savings and investments worth £53,793. Now, you might think that these figures don’t apply to you but equity can be found in unexpected sources from ISA’s to insurance plans and even the personal items you own within your house. Continue reading
Will writing options
Before the advent of online Will writing services there were two general approaches to writing a Will. Going to a solicitor, or writing your own Will on a piece of paper. These two approaches were diametrically opposite. A solicitor would be able to provide you with legal advice, and potentially write custom clauses in your Will, but the service would cost you several hundreds of pounds.
The option of going to a solicitor was not available to everybody either because of a lack of time, or an unwillingness to pay high fees to what was perceived to be a simple instruction. So many people attempted to write their own Will starting with a blank sheet of paper, and in general terms explain how they would want their estate to be distributed. The common belief was that writing at least something on a piece of paper, was better than dying without a Will.
In the mid to late 1990’s a number of blank form kits started entering the market. Available from shops like WHSmith the kits provided some structure to writing a Will, and at least guided the user through making some key appointments, and included the formalities of revoking previous Wills, and signing the new document.
How to Choose an Executor for Your Will
Are you struggling with the question of how to choose an Executor for your Will? The role of an Executor is a very important one. You need to make sure that you are making a wise decision. Your Executor will be trusted to take care of the administration of your estate after you die.It is a very important role. You really want to make the right decision when you choose an Executor for your Will.
Here are some questions that you should ask yourself when you are considering who to appoint as your Executor when you write your own Will.
What Does An Executor Actually Do?
It is important to understand what an Executor will actually have to do. This will help you to see if the people you have in mind for the job will be able to take on these tasks. Put simply, the role of an Executor is to carry out the wishes of the deceased person and administer their estate. However, what exactly does this entail? It is very important to know what someone will have to do before you choose an Executor for your Will. Is your choice up to the task? Will they have time to carry out all the duties of an Executor? 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.