Once you have decided to put your Will in place, and have chosen your Executors and beneficiaries, the next step is drafting your wishes into a legally binding document.
Choosing how to prepare your Will is an important decision and one that you can’t afford to get wrong – after all you won’t be around to correct any mistakes! Below, we look at the three main options available.
Writing Your Own Will
Everyone is entitled to write his or her own Will – there is no obligation to use a professional service. The benefit is that it is a no-cost option and you can update your Will whenever you want. However, without relevant training the risk of making mistakes is high and this could lead to your Will being invalid. This is known as dying intestate and could result in emotional distress and financial loss for your family as well as your wishes being completely ignored.
There are many websites, banks and stationers that offer low-cost DIY Will writing templates, allowing you to make your own Will. The templates ensure all basic legal requirements are covered and there are many online resources that you can refer to for guidance. However these pre-prepared forms do not always allow the flexibility needed to reflect your true wishes and they offer no guidance in terms of Inheritance Tax or adding trusts. Incorrect terminology or wording can alter your intentions and result in anything from undesired distribution of assets to complete invalidity of the Will. If you have a complicated situation such as children from a previous relationship, a business or multiple properties then it is almost certainly better to seek the help of a professional. There is also a risk that the information on the form could be outdated and, since the supplier takes no responsibility, this could result in intestacy.
Using Qualified Professional Services
The final option is to use a professional service such as a solicitor or a Will writing company.
You will be guided through all aspects of making a Will and will benefit from their expertise and training. All of the form filling will usually be taken care of for you and you will receive the most up-to-date advice on how best to protect your assets and loved ones. Although the initial cost is higher, you will have the peace of mind of knowing that it is unlikely there will be any complications for your family through probate. Many services will actually offer fixed fees instead of an hourly rate. If using a solicitor ensure they are accredited by STEP www.step.org and if using a professional Will writing service then always use a member of either The Society of Willwriters www.willwriters.com or The Institute of Professional Willwriters www.ipw.org.uk
You must choose the option best suited to your circumstances. Willwriting Services Ltd is a professional Will writing service with over 21 years’ experience. Their specialist legal consultants are available for home-visits days and evenings, seven days a week and will guide you through the entire process. WSL are offering Silverhairs.com customers a discount on their home-visit Will writing service. Please call WSL direct on 020 8380 1082 or click here to view the offer.