Will Writing Solicitors

What is a will?

 A will is a legal document in which you specify what you would like to happen to your estate (everything you own) after you pass away. You can also appoint guardians for any young children in your will, ensuring they are looked after.

In your will, you can also share other things that are important to you, such as funeral plans or what you would like to happen to any pets.

Why use a solicitor to make a will?

It is advisable to use a solicitor when creating a will because any mistakes in a will can make it invalid or open to challenge after you pass away. Some benefits include:

• We will make sure you consider all possible eventualities that might affect what you include in your own will.
• We will provide you with a professionally drafted will, which expresses your wishes clearly. We can also advise you about inheritance tax to maximise the amount your beneficiaries receive from your estate.
• We have indemnity insurance, so in the unlikely event that mistakes are made, your loved ones (the beneficiaries of your will) are protected. We are also regulated for quality by the Solicitors Regulation Authority (SRA).

How much does a will cost with a solicitor?

The cost of our will-writing service depends on several factors, including the complexity of your estate and whether your will is likely to contain trusts. We are completely transparent with our fees and will advise you of the cost during an initial appointment.

What if I die without a will?

A person who passes away without making a will dies ‘intestate’. This means the court decides how their estate will be shared according to the rules of intestacy. The court may also appoint guardians for young children. The court’s decisions may not be what the person themselves would have wished.

Under the rules of intestacy, the first £270,000 of an estate plus half of the remainder goes to a spouse or civil partner. If there are children involved, they receive the other half. If there are no children, then the spouse or civil partner inherits everything.

Where a person is not married or in a civil partnership, there is no automatic right to inherit. Any children will inherit the estate instead, but if somebody passes away with no immediate family, their estate is divided amongst the extended family.

How much can a beneficiary receive in a will?

A beneficiary can receive anything in a will, ranging from specific items like jewellery to a percentage of the remaining estate after debts/taxes have been deducted. The exact amount will depend entirely on the will’s instructions, with no fixed limit, though Inheritance Tax (IHT) and estate debts can reduce the final amount.

There are ways to reduce inheritance tax so that your beneficiaries receive more of your estate. Some assets fall outside of an estate and are not subject to inheritance tax, including life insurance, pension plans and trusts.

At Davisons, we can advise you on how to reduce inheritance tax when drafting your will. If you pass away without a will, your beneficiaries are likely to pay more tax as the rule of intestacy is not tax-efficient.

What is the role of an executor?

A will executor is responsible for managing an estate. They close bank accounts, sell property, pay debts and taxes and share the estate amongst the beneficiaries. It is a responsible role, and the person should be chosen carefully.

An executor can be a friend or family member, and they can be somebody who will inherit from your will. You should always talk to your executor to make sure they understand what is involved and are happy to take on the role. An executor can be held personally liable for any loss that arises from a mistake they might make, even if they acted in good faith.

A professional, such as a solicitor, can also act as an executor. This is advisable if you think your will is likely to cause contention.