When deciding to write a Will, there are quite a few things to consider to make sure you are covering everything required in the Will.
Here is our 7 point checklist we recommend you follow;
1 – When Was the Last Time You Calculated the Value of Money, Property and Possessions You Own?
- How much is your house worth?
- Have you paid off your mortgage?
- Do you have any investments?
- Do you have overseas property?
- Do you own your car?
- Do you own any land?
- Do you have any outstanding debts?
These are all things to price up to and get a value on. You might own all of the above, and more or you might have one or two.
Whatever the number you need to consider them all when calculating the value of your estate.
- – Writing a will and power of attorney average cost.
- – Writing a will and power of attorney difference between.
- – Cost of a Lasting Power of Attorney.
- – Is writing a wills online a good idea.
- – What is probate and how does it work?.
- – What is a will and how does it work?.
We update all our guides regularly. If you are looking for additional info on Wills and Lasting Power of Attorneys and we haven’t got an exact guide that helps you, keep coming back as we update daily.
2 – Decide Who You Want to Benefit From Your Will – Who Are the Family Members or Friends You Want to Leave Your Estate Too?
- Do you have any children?
- Do you have ant grandchildren?
- Would you like to leave your wife or partner?
- Would you like to leave to your friends
- Or maybe you would like to leave some to a charity.
Make a full list of everybody you want to leave your estate too. The list can be as long or as short as you like, this is a personal decision.
Over half (60%) of UK adults don’t have a will, according to research from Unbiased.co.uk. This is an all-time high, passing the previous peak in 2011. Over 31 million now run the risk of dying intestate and having their estate distributed solely according to intestacy law.
3 – Decide Who You Want the Beneficiary to Be?
So you have your list it’s now time to allocate your estate to them.
- You could allocate a value individually
- You could assign a percentage equally
- You could allocate all to one person or charity.
The decision is completely yours. Remember though, once it’s on the Will and unless you change it the executives of your Will, will allocate accordingly so make sure you are happy with the final version.
4 – Decide Who You Want to Sort Out Your Will.
These are known as the ‘executors’. These are the people who are responsible will read out your Will and inform the people who have been left something of value.
They could be a friend or a family member, a solicitor or an accountant.
5 – Draw Up Your Will
We have written extensively about the costs of a Will, and the different types of Wills.
You could choose a Will writing company or a solicitor, or you could write the Will yourself.
Depending on the complex nature of your estate and financial affairs, we would recommend using a Will writing company or a solicitor.
6 – Keep Your Will Safe
You can never have enough copies in safe places.
7 – Review Your Will
Your Will is an incredibly important document. But remember, life does change. Maybe your estate has increased in value, perhaps some investments have changed, or you have purchased or sold a property.
So, whatever your circumstances it is worth reviewing your Will every 4-5 years to make sure everything is covered.
Quick Wills FAQs
You have worked hard all your life, you have purchased a house, you have a few investments you might even have property overseas. By putting a Will in place you are in control of what happens to your estate.
The cost of a LPA can vary between £400 – £1000 depending on the type of LPA and what is involved based on personal circumstances.
A Lasting Power of Attorney (LPA) is a legal document that people sign granting another person the legal right to make decisions on their behalf.
Making a Will is a good idea so you can understand and be in control of what happens to your estate.
How Can Money Savings Advice Help You With a Will?
Here at Money Savings Advice, we have partnered with one of the UK’s leading Will-writing companies, and they are members of The Society of Will Writers, and they have already helped thousands of our readers get the right Will in place.
Choosing an independent adviser means they won’t recommend a scheme unless they are sure it is in your best interests. Their advice is also regulated by the FCA, which gives you an additional layer of protection.
If you would like to speak to them, click on the button below, answer the very straight forward questions.