There are many reasons why someone should make a will and very few reasons not to. We have included below the most common reasons:
There are a variety of ways you can create a will, ranging from pre-printed forms you could purchase from retailers to high street solicitors. However, each has its pros and cons and only you can decide which is right for your circumstances. The charges may be fixed or flexible with some higher quality than others. Clearly, solicitors will generally be the most expensive but with Everyday Legal you get the best of both worlds – a solicitor written template at online prices.
The person dealing with the estate of the person who has died is called an executor or an administrator. An executor is someone who is named in the will as responsible for dealing with the probate of the estate. You may appoint someone you trust e.g. a close friend, relative or colleague. You could also appoint a professional person e.g. the solicitor who drafted the will but beware of expected fees that will then be charged against the estate on death.
When preparing to write your will you should ensure you have in mind an approximate value of your estate. This will help you to gauge any range and value of legacies, gifts or tax. This includes everything from your bank accounts, jewellery and shares to any property that you own.
You should also consider:
Yes. a beneficiary can also be an executor of your will and often this is the case. It is quite common to appoint family members to perform this role.
Whilst beneficiaries can be executors (or trustees) they cannot witness the will, as if they do, they stand to lose any entitlement.
Yes – a minimum of 2. The person making the will must sign or acknowledge his or her signature in front of the witnesses who should be independent and adult. They should sign and date where indicated in the will.
Covid-19 saw provisions made which permit the use of “video witnessing”. For more information on this, please read our article: How to witness your Will by video link.
If the formalities have been complied with a DIY will is valid. This means that your will must comply with the following requirements.
It is not uncommon for solicitors to charge £500 or more for a will. However, Everyday Legal offers extremely good value at just £35* (plus VAT).
The will should be stored safely and should be readily available when required. Solicitors will offer free storage for you with the anticipation of being instructed on the probate.
Our template is easy to complete and is very flexible as to your requirements. It is written by a solicitor and quick to download with no appointment needed and at a super low cost.
24th March 2021
We hope you enjoy our short informative blogs. We are all about empowering the individual to take better ownership and control of the legal aspects of their personal and business life. We have a plethora of legal document templates that are quick and easy to explore and create. What's more, creation and editing is free. Explore our templates here
*Self service template cost was correct at time of blog publication. This may change in the future.