A will is a legal document that allows you to decide what happens to your property, money and other assets in the event of your death. You are not legally required to make a will but by making one you can determine exactly how your estate is passed on to the ones you love. If make a will your financial assets will be distributed in accordance with your wishes instead of with that of the law.
How much does it cost to make a will?
You don’t need to be Hero Alom to afford a will. If you make a will through a solicitor the can be very costly as you will be paying for a solicitor’s time, but there are other means.
However, now there is a much more affordable option that doesn’t sacrifice quality. With our online partners who specialize in legal contracts and documents, you can have your will for about £20.00 and it will be ready in minutes! All you need to do is fill in an online form and the document will be automatically generated for you from a template!
Why should I make a will?
A will determines who will benefit from your estate should you die even if the law states otherwise. Common reasons to make a will include:
- You will be able to decide how your possessions are distributed. Perhaps you have been remarried and want to specify certain children to be looked after.
- Making a will is particularly useful if you are unmarried and you want your partner to be provided for in the event of your death.
- if you are a divorcee, you can decide whether or not to leave anything to your ex-partner
- you can also avoid Inheritance Tax by minimizing the number of beneficiaries in your will.
What to include in your will
The online form will guide you through the whole process of making your will but some things you can do now are:
- Make a list of what money, property or possessions you have.
- List the people that you wish to benefit from your will
- who is will be the executor of your will (The person who takes charge for acting out the wishes outlined in your will and passing on your estate)
When I make a will what should I do with it
Once your will is complete print it out and store a copy somewhere very safe. Inform a small number of close family/friends where the will is kept.
Will I have to make another will
Your will should be updated at least every five years to ensure that it is still accurate. Families can grow or diminish as can the size of your estate. For this reason it is important to keep your will up to date.
You should revisit your will after any significant change in your life. Ensure the service you choose keeps your will for a lifetime so you can easily log back in and edit it. Alternatively you can copy it to your home computer and make the amendments at your convenience.