Debt Solutions

Making Your Will The Easy Way

No one likes to think about making a will. The process makes you think about dying and dying is something we want to postpone as much as possible. But the harsh truth is that our lives will come to an end one day or the other. We will leave behind much-loved family members and they will be grieving our loss. Leaving a will is a wonderful way of taking the pressure off your sorrowing relatives. You can detail everything you want for your funeral and about your finances. You can rest easy knowing that your family members are cared for financially during this difficult time.

So Making a Will is Common Sense?

Yes, it is and you should make one as soon as possible. Of course, now you have to actually make a will. Like most people, you don’t know anything about the actual process and you are wondering just how expensive it is going to be. Before you start worrying, here are a few simple tips that will teach you everything about will writing.

List Assets — Before you actually start writing your will, make sure you list your assets. For example, your will should contain instructions about property, cars, fixed deposits, shares, life insurance pay-outs, etc. Make sure you are as specific as possible in your will. This will help you plan your policy and it will help you make specific legacies for the right people.

Go Online and Get a Free Will — One of the simplest ways to make a will is by going online. There are several websites that offer legal formats for writing your own will. You download the format from the website, fill in the details and then register the will. This is one of the simplest and cheapest ways of preparing your will.  If you have a simple will, this is completely fine.

Complicated Wills — If you have substantial financial holdings, you will have to hire an attorney to help you frame your will and register it. You may also need an attorney if you share property with a person who isn’t your husband and if you want to leave money to a person who cannot care for themselves. You will require a lasting power of attorney to help you deal with the situation. Please note that hiring a solicitor is not cheap. On an average, solicitors may charge anywhere from £150 to about £450 in fees for legal guidance. You may also have to pay extra VAT and registration charges on your will.

Charities — Some charities also provide a free will writing service.  This service may also include legal guidance and advice. However, you have to fulfill specific requirements before you become applicable for this free service. We recommend you check with individual charities to find out whether you can get legal advice and a professionally written will for free.

Save on Taxes with a Trust – Inheritance tax can really cut into your legacy for your family. As a result, you may have to consult with an attorney to set up a wills trust that will protect your financial holdings. We do recommend you hire a solicitor to help you set up your trust. Please note that a legal trust has to be registered with the right authorities to be eligible for tax relief. However, if the process is done correctly, you can save more than £110,000 in inheritance tax.

Check Samples Online – Before you actually write a will, make sure you check a few sample will formats online. By checking samples, you will be able to add relevant clauses to your will and make sure that it is as comprehensive as possible. If you have any questions, do write in to us and we will be glad to help you with the will writing process.

Now that your will is ready, you have to store it carefully in a place where it will be found after your demise. You can keep the will in your bank safe deposit box or you can store it with your solicitor. Some companies also offer will storage services that will store the will until your demise. Make sure you tell the executor of your will where your will is stored.