You should write a will to help your family and friends to sort everything out when you die. If you don’t leave a will, the law decides how your estate is passed on and unfortunately, this might not be in line with your wishes.
What should be included in your will?
- Who you would like to benefit from your will
- Who should look after any children under 18 (if applicable)
- What happens if the people you want to benefit die before you
- Who is going to sort out and organise your estate and carry out your wishes after your death? This is also known as the executor.
We advise you to use a solicitor when writing your will. This is because even though it is the most expensive way, it is more efficient than writing your own will. However, you should strongly consider using a solicitor to write your will if:
- You run your own business. Also, if you expect it to be part of your estate
- Your family position is complicated. You have children with a previous partner or you may want to make special arrangements for your children
- You have assets overseas. This could include a holiday home
- You will have to pay inheritance tax. This is paid on estates which are valued over £325,000 for an individual or up to £650,000 for a married couple
Benefits of using a solicitor for will writing
There are many benefits that come with using a solicitor. These include:
- You are protected if something goes wrong
- You can be more confident there are no mistakes
- The more complicated parts such as inheritance tax are done for you
- You will is safely stored