What kind of Will do I need?
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What kind of Will do I need?
Sanjiv Sachdeva from Will Power discusses the different types of Will – and which one might be right for you.
What is the simplest type of Will?
The simplest type of Will is sometimes called a basic Will and typically it covers straightforward estate and asset distribution with minimal complexity.
You need to have executors, beneficiaries, something to give away, of course, and then you sign it and get it witnessed. That’s it.
What is the best type of Will to have?
The best type will always depend on your personal circumstances. It’s important to realise that one size does not fit all when it comes to Wills. A simple Will may be sufficient for uncomplicated estates, while more complex situations might require a testamentary Trust Will, which is a Will and a Trust deed in one document.
We follow a very careful and thorough process in our consultations to make sure we point you towards the right type of Will.
What types of Will are there?
The most common types of Wills include a simple or basic Will, which is a straightforward distribution of assets. A joint Will is typically created by two people, who may be spouses.
Mirror Wills are separate, but quite identical Wills. Again, these are typically for couples. I mentioned earlier the testamentary Trust Will. These create Trusts to preserve or protect assets.
How do I know which Will is right for me? What factors should I consider before deciding on a Will?
When advising you, we consider many factors, starting with your entire assets, their value and your family situation. Are you married or divorced, are there children, or any from previous relationships?
Next we look at whether you have specific distribution wishes and the tax implications relating to your estate. We will explore whether you need to establish guardianship for minors, in case something happens to you both.
We look at any business interests you own and any international assets or connections, to make sure that one Will does not cancel out a Will in another country. Based on this fact-find, we can tell you which Will is right for you.
What should I avoid in a Will?
Always avoid vague language or instructions, as these have to be interpreted when you have gone. Also, don’t put in unrealistic conditions for beneficiaries – this could result in your bequest never being paid out.
Avoid leaving out important assets, as that will involve applications to court to resolve matters. Forgetting to update your Will after major life changes often causes many problems, as does not having proper witnesses of the right age. Your witnesses must not be beneficiaries, for example.
Be aware that improper execution of the Will according to local laws will make the Will invalid. Don’t attempt to distribute jointly owned property solely through your Will, because on death, it may not be yours to give away.
Finally, you should name alternatives for executives and guardians who may not be around – or may not want to act, once you’re gone.
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What is the 28 day rule in Wills?
The 28 day rule in Wills, also known as the survivorship period, states that if a beneficiary dies within 28 days of the testator (the person making the Will), they’re treated as having died before the testator.
It means their inheritance passes according to alternative provisions in the Will or by intestacy rules. This rule is designed to help prevent unintended inheritance outcomes when beneficiaries die shortly after the testator.
What is the seven year Will rule?
The seven-year rule typically refers to inheritance tax implications associated with making gifts. Gifts made within seven years before death may be subject to inheritance tax.
There is a sliding scale of tax relief, the longer you survive after making the gift. This is really about forward planning with your assets and the distribution of your estate.
Does a Will have to be written by a solicitor?
A Will definitely does not have to be written by a solicitor. You can use a dedicated Will writer like Will Power, an online Will service or Will kit. The latter is not something we recommend as it rarely covers all the areas that need to be addressed.
You can, of course, write your own Will if you wish. But remember, having professional guidance helps ensure your Will is legally valid and properly addresses your specific situation.
Should I review my Will regularly?
I recommend to clients that they should review the Will after major life events such as marriage, divorce, births, deaths or when you acquire significant assets. You should also take a look at your Will when you move out of a different jurisdiction, as different countries have different rules. Otherwise, there’s a rule of thumb to review it at least every three to five years.
When should I use my Will?
A Will is all about death. A Will is used after your death and not during your lifetime. That’s why it’s important to keep it up to date as your situation changes.
How much does a Will cost? Does this depend on the type?
The cost of making a Will in the UK varies greatly depending on complexity, and whether you use a solicitor, a Will writer or do it yourself.
Simple Wills can cost from £150 to £250 plus VAT, while complex Trust Wills can range from £450 to nearly £2,000.
Mirror wills, for couples with similar wishes, might cost between £200 and £400 + VAT. Our fees are set out very clearly on our website – we do tend to be more cost effective than solicitors.
You can, of course, find free Will templates online or in stationers, but these may not be suitable for complex estates or specific legal requirements. So be careful and remember that if you need Lasting Powers of Attorney alongside your Will, that these will be extra.
How can a Will writer like Will Power help?
Having these conversations can be quite daunting initially, but I’m here to explain all the legal concepts related to Wills. We will discuss options based on your situation and highlight important considerations, based on my fact-find.
We will look at your family and finances and then, incorporating your intentions, select the most appropriate Will type for you.
We can also address any concerns you may have. Once the Will is drafted, it is sent to you for your approval before a final version is produced for signing and witnessing. We can then also securely store the signed Will so that it does not get lost, damaged or destroyed.
