We know how difficult it is to cope-up with the death of a loved one. In fact, it changes your own future plans, especially if they were a part of your Will. Hence, it becomes necessary for you to take some time out for revising your legal Will.
Making changes to a Will is going to cost the same as that of drafting a new Will. There are many legal companies that offer Will writing services to their clients at a reasonable rate. To know how much does a will cost, we suggest you research online and/or seek advice from a solicitor.
But yes, revising your legal Will after someone (especially a person included in your Will) dies is necessary. If you are thinking otherwise, here are three crucial pointers that will help you understand its importance.
Changing Your Will
There are many reasons why your Will needs a revision. For instance, let us assume that you inherited some estate upon the death of your relative. This leaves you with no choice but specifying who gets that estate after your death in your legal Will.
You might be thinking to make sure that it is easy for your loved ones to access some money for your funeral. Moreover, you might want a specific arrangement for your own funeral. Another reason could be that someone who recently died is listed as one of the beneficiaries, executors or guardians in your legal Will.
Situations like these will obviously force you to make changes to your existing Will. We suggest you to take some time and look through your Will carefully to see whether it needs any changing. If it does, then depending on the type of changes you plan on making, use a document known as a ‘codicil’ or simply draft a new Will.
If You Don’t Have a Will
It is never too late to draft a legal Will. Dying without a Will is known as ‘intestacy’. There are many issues that your loved ones will have to encounter in case you die without a legal draft.
So, if you happen to die without a Will in place, your money, estate and possessions will be shared among your loved ones in accordance to the UK law instead of your wishes.
This means that your estate may pass on to someone against your wish and will leave the people you wanted to receive your estate with nothing. Under the intestacy rules, your unmarried or divorced partners will be entitled for nothing and everything you own will be passed on to your children (if any).
In case you don’t have any living close relative, your estate will be passed on to the Crown or the UK government.
Making a Will for the First Time
Before you start drafting your legal Will, you need to decide who gets what and how much of your estate. For that you need to calculate your net worth and make a list of people who you wish should receive a part of your estate. A Will can also be used to specify who should act as guardians for your children in case you and your partner both die.
Executors are the people who help in distribution of your wealth after your death. You should name at least one to at the most four executors in your Will. They can even inherit from you even though they don’t have to. Executors are usually chosen among close family members and friends.
You can also use your will for appointing a professional executor such as your solicitor or a trusted accountant. However, this is an expensive choice. If you are choosing this option, make sure you are paying their fees in advance.
The people you appoint as your executors should be trustworthy, should be able to deal with the process and most importantly should have the time and expertise to do so.
● Will Writing Options
If you drafting a new Will or even if you are making changes to your existing one, you need to decide who is going to deal with it. There are multiple ways of drafting a new Will. You can either
- Do it yourself – with the help of free Will templates
- Use a will writing service
- Get a solicitor to draft/make changes to your Will
No matter what you choose to do, you need to have two witnesses while signing your Will and have both these witnesses sign the Will as well.