Why do I need to make a will?
Making a will is vital if you want to be certain that your wishes are met after you die.
A will is the only way to make sure your money, property, possessions and investments (known as your estate) go to the people and causes that you care about.
If you and your partner aren’t married or in a civil partnership, your partner won’t have a right to inherit if you don’t have a will.
Let’s be brutal – we’re all going to die. And if it happens when you’re will-less, on top of the grief, it can cause a financial nightmare for the people you care about. According to a recent survey by Canada Life, one in two (50%) UK adults don’t have a Will. Die will-less and your affairs can be in limbo for years. Yet many either don’t want to think about making a will or are worried about the cost. You must be aware it could leave behind big problems, possibly as severe as being unable to pay the bills as the bank’s locked off the money.
Writing a will has four main functions:
- To name your executors
- To distribute your estate
- To provide for any surviving children aged under 18
- To reduce inheritance tax
Free wills
Will service as part of insurance
If you opted to get legal cover as part of your home or car insurance policy, check whether it includes a will service.
For example, More Than’s home insurance legal service add-on gives access to wills and other legal template documents.
Find out more and compare 2024 offers here
Free online solicitor-checked wills
There’s one completely free, online option where every will is checked by a solicitor. It’s called Free Wills, and it’s even free if you need to make changes to your will at a later date.
Charity-based schemes.
Many charities offer solicitor will-writing schemes, and these are usually completely free. In return, while you’re not obliged to, they hope you’ll make a donation or bequest (a donation in your will) as part of it. Here’s a list of the main schemes. Do remember it is a charity paying for your will, and it may be shelling out £100s, so please seriously consider leaving a bequest.
Find out more here.
Links
https://freewillsmonth.org.uk/ (Free wills available to people aged 55 and over – next campaign March 2024)
https://www.freewills.co.uk/ (Create a free will in 15 minutes. All wills checked and approved by a solicitor. )
https://www.willaid.org.uk (Every November, participating solicitors volunteer their time and waive their fee for writing a basic Will. Suggested voluntary donation £100.)
https://www.ageuk.org.uk/information-advice/money-legal/legal-issues/making-a-will/