Making a Will - Why? How? When?
January, 23, 2008
For most of us, life is busy; getting the kids to school, getting a plumber to fix the boiler or finding the time to sort out the new fixed-rate mortgage and perhaps investing in an ISA.
So it’s easy to put off making a Will. And naturally, death isn’t something that many of us really want to think about in the first place.
The statistics suggest that Brits put making a Will on the back burner, even in our later years. The Law Society reveals that a staggering 35% of over 65s in England and Wales don’t have a Will. So you will not be surprised to learn that only half of 45-65 year olds have one, and less than 13% of people under 45 have taken the time to have one drawn up.
Some people ask, “Why do I need to make a Will? My family will get it all anyway.”
It’s not that simple. A solicitor would point out that if you don’t make a will (and therefore die intestate) the law of the land takes over and decides what happens to your worldly goods when you die.
Investing in an ISA?
That might sound fine… but in reality it may lead to family feuds with the only winner being the taxman. Furthermore, your estate will also need to provide for any outstanding debts (which aren’t just written off in the event of death). This is one of the first things the executor will have to deal with before reckoning the final sum available.
A Will also allows you to make sure your property (if you have one), any savings and any other assets can go to the people you’d like to have them, whether that be relatives, friends or charities.
Crucially, experts point out that making a Will is seen as particularly important if you have children as it means you can choose who would be their legal guardian should the worst happen (Don’t forget you need to ask if they are prepared to take on the challenge). If you don’t have a Will your surviving relatives will potentially be left to fight over custody.
Another group that legal experts point out need a special warning is co-habiting couples. If you aren’t married and don’t have a Will you can’t technically automatically inherit from each other.
So, how do I make a will?
One way is to do it yourself – there is no reason why you can’t draft up a Will, as there is no need for a solicitor to be involved at any stage to make it legally valid. However, it has to be drafted correctly and has to be up to date.
Saving for retirement?
There are endless books and online sites which can guide you through the process and you can get a template to complete which just needs to be witnessed by friends. However, commentators point out that a DIY Will is easier to legally challenge and only really an option if your affairs are very straight-forward.
The moment you have a property, a business, children, step-children etc. then the advice is that it’s time to get a solicitor involved. They can guide you through everything and ensure you have a Will that’s legally water-tight.
With both options you Will still need to appoint an executor – this is someone who will handle dividing up your estate and possessions when you die. If you don’t do this the state will appoint a solicitor for a fee.
How much does it cost?
Most solicitors will charge around £100 to £200 to draw up a Will. This may seem a lot to pay out now, but it will save your family far more in the future. Compare this with the cost of, say, divorce proceedings or conveyancing!
When should I make a Will?
Most legal experts would agree it’s never too early and there’s no time like the present. Whatever your age, whatever your assets, making a Will and keeping it up to date every few years, will just make life so much easier for the people you leave behind. 
SaveBorrowSpend Philippa Adam
