Do I need a Will if I have no assets? Yes. A Will does so much more.

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….

Do I need a Will?

British wealth

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

An Executor for your Will – how to make the best appointment

How to Choose an Executor for Your Will

One of the most important estate planning decisions that you must think about is how to choose an executor for your Will. Surprisingly, many people do not give much thought to just how important an executor is. Often the task I given to a family member without much thought about whether that person is the best for the job.

An executor has a very important role. They will be in charge of administering your estate as efficiently and promptly as possible. It is a big responsibility to undertake. You really should give some serious thought about how you choose an executor for your Will.

What Does an Executor Do?

When choosing an executor for your Will it is important to realize what role means. The executor of a will has a number of important tasks: Continue reading

How to write a Will – 5 simple steps at LegalWills.co.uk

How to write a Will

How to write a Will at LegalWills.co.uk

Most people know that they need a Will, but according to recent statistics, as many as 30 million UK adults have not made a Will. According to this report; more than half of UK adults don’t have a Will, but only ten percent of those have not even considered it.

This report breaks down the numbers of people who do not have Will. Continue reading

Writing your Will: 10 key steps to getting it done right.

We’ve been offering a service to help you prepare your own Will for 14 years now. To us, the task couldn’t be simpler. But as with anything that you only do a few times in your life, the process can seem intimidating. So we’d like to breakdown the steps involved in writing your Will. Hopefully after reading these pointers, you will feel less anxious and ready to finally cross this very important item off your To Do list.

Preparation

There are some important decisions to make before you start the process of writing your Will. Some of these require consultation with friends and family members. At LegalWills.co.uk we do not expect you to complete your Will in one sitting, but if you can discuss some of these decisions Continue reading

10 terms you will learn when you write your Will

When you prepare a Will using our service, the final document will include many legal terms and unfamiliar language that we do not tend to use in our daily lives. There will be expressions like “testamentary dispositions” and you won’t find a layman’s word like “everything” instead the Will is going to refer to “all my estate, both real and personal whatsoever and wheresoever” which for most people would amount to the same thing.

Last Will and Testament

There are however 10 terms that there is no avoiding when preparing a well-drafted Will, and it is important to fully understand what they mean. They usually appear in this order in the Will;

Testator

This is simply the person Continue reading