How To Make A Will: Where to Start?

Making a Will is one of the most important decisions you’ll ever make but you may be unsure how to make a Will. You know that you want your loved ones to be cared for and you want to minimise unnecessary heartache for them after you’ve died, so it really is very important to understand how to make a Will.

One of the main reasons why two-thirds of Britons don’t currently have a Will is because they don’t know where to start. After all, if you happen to have a free afternoon to browse the Internet, who wouldn’t rather search for nice items such as clothes for yourselves or toys for your children, than look for advice on how to make a Will?

However which way you look at it, a Will is a necessity (unlike that Zara blouse), so read on…

1. How To Make A Will

As you’d expect, there is no one-size-fits-all when it comes to making a Will. Below are the most common options:

1.1 Do It Yourself

I am sure we have all heard that we can buy a Will from the shop / online and complete it ourselves.

However, it is essential that the Will is properly drafted to ensure that the assets owned at death are circulated among beneficiaries in a tax-efficient manner. You wouldn’t want your Estate to be subject to unnecessary tax, would you?

We know that Will writing is intricate (or there wouldn’t be as many as two thirds of us that haven’t got a Will) and even slight mistakes in the wording can render it invalid. However, as you’d expect, this is by far the cheapest option.

1.2 Use Your Bank

It seems like banks deal with everything nowadays and yep, they know how to make a Will. However, they charge high fees to make a Will for you: often a percentage of the value of the Estate and they’ll act as sole or joint executor (the person / company that organises your property when you die and carries out instructions according to your will).

1.3 Use A Local Solicitor

You’re able to discuss face-to-face how you’d like your Will to be apportioned and they’ll usually store it for you without charge. However, Solicitors’ fees can be expensive – especially if you have more complex circumstances than what’s considered the norm.

1.4 Use An Online Will Writing Service

What can’t you get online these days?! It’ll be relatively quick and convenient to purchase your Will. But – can you be sure of the authenticity of the legal guidance you’d be receiving? It could be an expensive gamble to take… However, this service is often much cheaper than involving a professional.

1.5 Use A Will Writing Specialist

As the name says it, they’re specialists in writing Wills. They’ll do it quickly for you. Just make sure you check if they’re registered with a professional body and do investigate their qualifications.

You’re able to appoint the firm to be a sole or joint executor, however, this could mean that a significant sum is paid to them, even when the Estate is relatively easy to deal with. As with solicitors, it’s best to appoint lay executors (friends or acquaintances), not professionals at this stage.

2. Cost Of Writing A Will

The cost of writing a Will varies. Do it yourself, and it’s a few quid. Using a professional will push up the cost a fair bit, but that’s because you’ll get a service where you can be sure your wishes are correctly documented and tax reduction is considered.

Of course, the more complex your personal situation, the greater the need to consult a professional, but even “usual” situations deserve the time and money spent to get it right – for your loved ones at least.

This gives you a brief overview of how to make a will and I hope will help you decide on the best option to suit your needs. Keep posted for more of my blogs posts about wills and protecting your wealth.