The Importance of Writing a Will

There is a stigma about writing a will – perhaps people think it is bad luck to do it or maybe if they are married or in a long-term relationship, they believe that all their worldly goods will automatically pass to their surviving partner or children. Think again, the law has some quite definite ideas on who inherits in the absence of a will. Some people also erroneously believe that they don’t have enough money and possessions to leave to make it worth writing a will. This is a scenario that risks causing maximum disruption and upset to your family.

For those people who die without leaving a will or a valid will, there is a process ordained by law called Intestacy which sets out how their possessions and money should be allocated and if you are living without the protection of a marriage certificate then you may be in for a few nasty surprises. The law of intestacy does not recognise cohabitation no matter how long or permanent the relationship, it only recognises legally valid situations so marriage and civil partnerships. And don’t think your wishes will count for anything – they will have no legal validity either.

Statistics reveal that around 31 million people in the UK risk dying intestate, that is without leaving a will. That’s just over half the population and this is despite the fact the Law Society de-regulated will writing to make it easier and supposedly cheaper for people to take professional advice and write a will. So, what is the best way to organise writing a will now you no longer have to consult a Solicitor – we take a look at some of the available options.

Using a Solicitor

For many people, this is the traditional and safest route and also probably the most expensive. But some people find this daunting or are put off by the cost. Most Solicitors will quote a set fee for a simple joint will with mutual Powers of Attorney and unless your estate is unduly large or complicated then this process should be all you need. Solicitors are probably the best option if you have complicated financial affairs and/or previous relationships or marriages or if you need tax planning to minimise Inheritance Tax.

The Solicitor will also store the will for you usually for free if they have written it.

Solicitors are qualified and regulated so if there is a problem then your relatives or dependents will have a line of challenge and recourse which may not be available if you choose to produce your will via other methods. Most Solicitors will charge around a couple of hundred pounds for a basic joint will up to around several hundred if there are complicated financial arrangements such as putting assets into trust.

Do it Yourself

There are lots of online templates and internet tools which you can use to write your own will. Just download and follow the instructions. Your choices are then to have it reviewed by a professional like a Solicitor or there are also credible online review services who can check the will for you. Writing the will is just part of doing the job. Making sure it is has been properly witnessed and signed is also essential to ensuring that the will is legally valid.

Use a will writing company

Since the de-regulation of some legal services, it has been perfectly legal to set up a will writing company and there are loads to choose from. These are ideal for people who have a small and straightforward estate and/or who don’t want to pay for a Solicitor.

Will writing companies are not regulated so literally anyone can set one up and open for business; some people are under the mistaken impression that they are under the auspices of the legal profession or some sort of legitimate offshoot and indeed some will writers do tie in with Solicitor’s firms but there is no formal government control of this industry

There are two professional will writing bodies in the UK, the Institute of Professional Will Writers (IPW) and the Society of Will Writers (SWW) who exert some control over their members and most reputable will writers are a member of one or other of these organisations. Beware free will writing companies, ask yourself what is their possible motivation for writing your will? And companies who try to hop on board as your Executors so they administer the estate after death; this is usually the trigger for very expensive fees which might have been disguised or glossed over when the will was executed. There are some good independent and impartial online tools to help you find a reputable and professional will writing company if this is the road you want to go down.