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

Six common estate planning mistakes – getting your Will right.

Six Common Estate Planning Mistakes

Estate planning is a critical part of financial planning, but a task that often never quite makes it to the top of your To Do list. Having your final wishes clearly set out can relieve your loved ones of unnecessary stress and financial burdens. To help you along your estate planning journey we have listed 6 common mistakes that anyone can make when writing a Will.

Estate planning mistakes

Mistake #1: Assuming that Wills are only for the wealthy

According to a recent YouGov survey, nearly two thirds of the British adult population do not have a Will. 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 do you choose an Executor for your Will?

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

Want to write your own Will? 10 things to look out for.

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.

Continue reading