If you die without having made a will, you could be leaving behind significant financial problems. No one wants to leave that legacy for the people you care about. Worryingly, research suggests that more than half of adults don’t have a will. Fortunately, there are low-cost and sometimes even totally free will-writing options out there. Marley are Preston solicitors wills are our business, so do get in touch for advice.
Do you really need a will?
Yes. Making a will is one of those things that is al too often put off. However, a will can be an important way to protect your family and loved ones. It can save on inheritance tax and prevent family disputes about how any possessions should be divided.
A will is a legally binding document which tells everyone what should happen to your money, possessions and property (collectively known as your ‘estate’) after you die.
Crucially, no will = no say over what happens to your money and property when you die
As well as naming your beneficiaries (so the people who benefit from your will). Your will appoints executors (the people who look after the financial process after your death).
Importantly, if you don’t leave a will, your estate is shared out in a standard way as defined by the law. And this might not be in line with what you would have otherwise wanted.
Be careful: Not all wills are regulated
This is why you need to get your will arranged by a solicitor. Unlike many areas of financial services, will-writing is NOT a regulated market. This means there are a number of different ways to get a will, but the protections you have if something goes wrong can vary hugely. It always depends on who writes it.
Confusingly, will-writing itself is unregulated. But because solicitors ARE regulated professionals, when you use them you ARE covered by a range of potentially valuable protections. With other (non-lawyer) will-writing services, you do NOT have the same safeguards, and with a DIY will, essentially you’re on your own. So we want to make it clear that…
Who writes your will really matters!
The protections can vary hugely and problems may not come to light until after your death, which could be many years later. Please, always use a solicitor. And don’t just take our word for it – here’s more on this from Money Saving Expert Martin Lewis warning about just the same. Get in touch today.