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How Much Does It Cost To Make A Will?

Around 30% of the people who die in the UK every year do so before they’ve written a will. The first thing that prevents people from making a will is the unpleasant idea of ourselves no longer being here. The second is price. So, how much does it cost to make a will?

Because writing a will is one of the best ways we all have to protect our loved ones after we are gone. And, though most of us have a general notion that the ones we love will automatically inherit our things after we’re gone, the legal situation is often quite different.

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Here is everything you need to know about the cost of will writing and why it’s worth seeing it as a necessary protection for our families:

What Is A Will?

A will is a legal document that lays out your wishes for your assets such as any property or money you have), how your young children should be cared for, and any personal wishes such as the way you would like to be buried after you die.

A well-written will can also ensure that your nearest and dearest do not have to pay an unnecessary amount of inheritance tax.

Why Write A Will?

1) Protect your family

Writing a will ensures that your assets will go to who you want them to after you pass away.

Most people assume that this happens automatically after they die. Unfortunately, this isn’t the case. Without a will, your grieving family may also be left to tackle a stressful legal process to get the fruits of your hard work.

2) Name a guardian for your children

Most people also assume that appointing godparents means these carefully-chosen individuals will care for your young children after you pass away. Sadly, this is another commonly-held belief that has no legal basis.

If you want to make the godparents of your children their legal guardians, you need to name them as such in a will.

3) Safeguard your assets or family business

Make sure your assets go to whom you want them to and heirlooms like a family business stay in the family.

How Much Is The Average Cost Of A Will In The UK?

Writing a will is very important. And, while writing one isn’t free, it’s very cost-effective as far as legal protections for your own future and that of your family go.

There are several ways you can draw up this kind of protection. But the average cost of a will in the UK differs most depending on how complex the will you want to create will be:

A simple will (£150-£250) – if you have no children and some fairly simple assets, such as bank accounts, and relatively few debts, a simple will should have a low cost. It’s the most common type of will made in the UK.
A complex will (£150-£300) – if you have been divorced and have children, for example, the complexities of writing a will increase. So does the cost.
A specialist will (£500 or more) – tax planning advice, trusts, properties overseas? The most complex wills start getting more expensive because of the value and nature of the assets they are designed to protect.

Why Use A Solicitor To Write A Will?

Technically speaking, you don’t have to use a solicitor to write a will. It’s also the most expensive way to write one, as you’ll have to pay solicitor’s fees. However, using a solicitor is always a smart idea. This is because of:

1) Peace of mind

Your will is an important legal document no matter how many assets you have. A will that can’t be enforced not only risks your wishes being overturned, it also creates a stressful situation for your loved ones – on top of dealing with your passing.

Using a solicitor gives you the peace of mind of knowing your will is valid and enforceable. If you use the wrong witnesses, don’t sign the will, or make any number of other common mistakes, your family will be in serious trouble when it comes to enacting your wishes.

2) Complexity

A simple will is something you might risk writing yourself under some circumstances. If you have overseas assets, a more complex family situation with multiple children from different relationships, or control a business though, writing a will that will stand the test of time becomes much more complex.

3) Inheritance tax and law

Inheritance law isn’t as straightforward as most of us would wish. A will-writing solicitor will be fully informed as to the complexities and be able to guide you in how best to protect your family from mistakes while ensuring you pay the necessary tax.

What If I Don’t Want To Use A Solicitor?

Not using a solicitor to write a will is risky but possible. You can:

1. Write a will yourself – you can do this online for relatively little cost, perhaps as little as £30.

2. Use a will-writing scheme – there are schemes such as Will Aid and Will Writing Month in England and Wales that offer free or very low-cost options for getting a will written.

3. Find a charity – there are several charities that provide free will writing services. Most will suggest a donation of some kind, not unreasonable given the free service.

Whichever method you choose though, writing a will is important. Worries about how much it costs to make a will pale by comparison with the costs of not making one.

Want To Talk To An Expert About The Way To Safeguard Your Family Should The Worst Happen?

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Wills Solicitors Near Me

To be connected to a specialist Wills solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

Trust Registration Service

Trust Registration Service – everything you need to know

The Trust Registration Service is an online system to help trustees (the people who are responsible for taking care of a trust) register a trust.

This is an important thing to do. Most trusts in the UK need to be registered in order to avoid fines and make sure the correct tax is being paid. There are also rules in place to prevent money laundering and terrorism.

To be connected to a specialist solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

But what is a trust? Why would you want to register one? Let’s take a deeper look:

What is a trust?

A trust is an arrangement used to hold assets (such as money, property, or investments) on behalf of someone.

A “settlor” puts these assets in a trust. The trust is managed by a “trustee” (they are supposed to follow the settlor’s wishes, much like the executor of a will). Eventually, a “beneficiary” – or several beneficiaries – will benefit from it.

There is a huge variety of different types of trust. These are treated differently for tax purposes and most have different rules, benefits, or purposes attached.

Why register a trust?

There are a number of reasons why you might want to register a trust. The most common are:

1) Protection and control of your assets

The way a trust works can be controlled via the documents (a Deed of Trust) used to set it up in the first place.

You might be able to set things like whether the trust is revocable (whether you can access it during your lifetime) or who the assets you’ve placed in trust pass on to.

2) Protection of young people or the incapacitated

If a young person has inherited a great deal of wealth or other assets – such as investments – that they don’t know how to deal with, it’s common for a trust to be set up to protect them.
The same is true of people who have become incapacitated for one reason or another.

3) Protection of your legacy

Some types of trust (often called a “will trust”) can be used to pass on assets to someone after you die. A trust can protect the assets you want to pass on to that person from creditors.
It’s also sometimes used to protect beneficiaries from themselves. If you’ve ever seen (perhaps in a movie) someone who isn’t allowed to access their trust until they reach a certain age or accomplish a certain life goal, this is the kind of stipulation to picture.

Do I have to register a trust?

There is a high likelihood you will have to register a trust with HMRC. However, some types of trusts and circumstances may make you exempt from this. In general, you will need to register a trust for reasons of:

Legal compliance – most trusts need to be registered because there are legal requirements designed to protect against money laundering and the financing of terrorism.
Tax return accuracy – income from trusts usually needs to be declared. To get a UTR (Unique Taxpayer Reference number), you need to register a trust.
Tax liability – if your trust becomes liable for any of a wide range of taxes (income tax, capital gains, stamp duty, and many others) you will need to register.
Specific trust types – even if you have no tax liability, you still need to register any UK express trust and non-express trusts that acquire UK land or property, have at least one trustee in the UK, or enter into a business relationship in the UK.

If in doubt, it’s always worth consulting a specialist trust solicitor. Otherwise, you risk falling afoul of laws largely created to prevent money laundering and terrorism financing. Being set against these laws is rarely a good thing.

How to register a trust

1) You can Do It Yourself (but it might not be a good idea)

It is possible to register a trust yourself. You can do so using the Trust Registration Service (TRS) for free.

It is worth knowing before you start though, that the system is not exactly simple to use. If you don’t have any understanding of how trusts work from a legal standpoint, it can be more than a little intimidating.

That’s why most people work with a trust solicitor or another expert representative.

2) Collect information

To register a trust with HMRC, you need to collect a great deal of information about:

Settlors
Trustees
Beneficiaries
Anyone else who has control over the trust

3) Verify information

It’s very important to provide the correct information when registering a trust. Unfortunately, the legal descriptions of some details are not always clear to someone without training.

Even something as simple as the “trust date” can vary dramatically depending on the type of trust that is being registered.

Getting help with the Trust Registration Service

Making mistakes with this information can leave you open to all kinds of fines and penalties. Again, this is why it’s usually smart practice to work with a solicitor you trust (pun not intended) so that the Trust Registration Service gets the correct information and your assets stay protected.

Want to find just the right kind of specialist trust solicitor to talk through your situation with?

Solicitors Near Me will match you with a friendly, helpful expert. Tell us what you need today.

Trust Solicitors Near Me

To be connected to a specialist trust solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

Next Of Kin Meaning

Next of kin meaning, legality, and your rights in the UK

Most people assume that their next of kin have legal rights. If something were to happen to you, your kin would be able to make decisions for you. In fact though, next of kin has almost no meaning in legal terms in the UK.

This can make already difficult times all the more challenging. Because if you want to make important decisions about the care of a loved one, such as making a lasting power of attorney, you need to have the legal right to do so.

Being their next of kin isn’t enough. Let’s take a look at how to make sure you and your nearest and dearest are protected if the worst should happen:

Who Is My Next Of Kin?

The term “next of kin” is used mainly in situations where you need to choose an emergency contact. If something bad happens, this is who will be contacted.

When most people are asked to nominate their next of kin, they’ll likely choose their nearest blood relative. Others might choose their spouse.

But you aren’t limited to these choices. You could opt to make your closest friend or a long-term partner with no legal link your next of kin. You can even have multiple next of kin.

However, the most important takeaway is that the phrase “next of kin” doesn’t confer any sort of legal rights or standing. The only time someone’s next of kin actually matters in legal terms is when that person is under 18 years of age.

What Are Your Next Of Kin’s Legal Rights?

Being someone’s next of kin (or making someone your next of kin) gives you no legal rights or standing.

If you don’t put actual legal protections in place, such as a lasting power of attorney, this can, and regularly does, create all kinds of problems.

Picture a loved one who is seriously ill. They can’t make decisions about their own care. But you can’t either because just being their next of kin gives you no rights to do so.

That’s why it’s important to give actual legal rights to someone you want to make your next of kin.

How To Give Legal Rights To Your Next Of Kin

To give your next of kin the kind of legal rights that most people assume they have automatically you need to appoint them as your attorney.

This is normally done by setting up what is known as a Lasting Power of Attorney (LPA). There are two different types of these legal rights. They cover slightly different decisions you might need to make for someone (or have them make for you) when you no longer have the mental capacity to do so:

LPA for property and financial decisions – things like paying bills or rent, collecting rent, maintaining property they own, or managing their bank accounts or investments.
LPA for health and welfare – things like deciding where or how they are cared for, right down to the things they eat or who they can see in some cases.

It’s important to understand that a Lasting Power of Attorney needs to be set up in advance of the situation that requires it to come into effect.

A common example would be when a person knows they are likely to lose the ability to make decisions in future because they are suffering from dementia. In this case, they would set up LPAs that would appoint attorneys they trust to make vital decisions for them.

Again, this can’t be done after the fact. The LPAs need to be prepared in advance – when the person (the donor who is handing over their decision-making rights) has the mental capacity to do so.

Being Next Of Kin But Not An Appointed Attorney

If you are a person’s next of kin but haven’t been appointed as their attorney, you can apply to the Court of Protection (the court responsible for these matters) to gain the right to act for them.

The process is by no means guaranteed. That’s why it’s safest and easiest for everyone concerned to set up the right LPAs before a person who is expected to lose mental capacity does so.

Dealing With An Estate Without A Will

If a person you love has passed away without a will, known as dying intestate, you do have some legal right to deal with their estate (their assets, property, and so on) as their next of kin.

Once more though, the legal standing and meaning of next of kin here aren’t automatic. You’ll need to apply for a legal right called a Grant of Letters of Administration. Again, this is why it’s so important to write a will and prepare in advance. Simply being someone’s next of kin is no safety net at all.

Need to speak with an expert about your particular situation?

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Mirror Wills – What Are Mirror Wills?

Mirror Wills – What Are Mirror Wills?

When you’re creating a will, there’s a million and one questions you’re probably wondering about, and if you come across Mirror Wills, then one of those is no doubt, ‘What are Mirror Wills?!’

It’s worth noting that this information is only applicable in England and Wales, but first, let’s give you a bit of background.

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Why Do I Need A Will?

Creating a will is something that many simply don’t consider until later in life.

In fact, data from Remember a Charity recently revealed that 68% of adults in the UK don’t have a valid will – which is why it’s vital to make sure you do it correctly.

There’s A LOT to consider when you’re writing a will, but the reason you’re doing it is to ensure your wishes are followed and your belongings are passed on to your loved ones when you die.

The easiest place to start is by mapping out your estate and assets – if you’ve got anything specific you want to leave to family members, friends, and loved ones, then you should ABSOLUTELY be writing a will.

But before you do so, make a list of EVERYTHING you own. And I mean everything.

Cars, property, savings, any businesses you own, shares, personal possessions – everything.

And make sure you include the value of each item too. Doing so will make it much easier for assets to be distributed among your beneficiaries, which is particularly helpful should any financial or tax issues arise.

How Do I Decide Who To Leave My Estate To?

Deciding who will get what is not an easy thing to do. Beneficiaries are anyone who benefits from your will, whether that’s financially or your Gregg Wallace decorative china plates.

Once you’ve got a good idea of your list of assets, it’s time to start figuring out where everything will go. The smart way to do this is by creating a list of beneficiaries first, then deciding how each of them will benefit – it’ll help you keep track of things A LOT easier.

There’d be nothing worse than finishing your list and realising you’ve left your favourite cousin off the list…

And you might want to include charities and organisations in there too – so have a good thing about your list of beneficiaries first!

This is a great chance to think about things before you commit to them in your will.

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What Is A Mirror Will?

A mirror will is a will that’s almost identical to another, where one person in a couple will leave their estate to the other in the event that they pass away.

The most common iteration of a mirror will involves one partner leaving everything to the other partner, and then to their children. The partner’s will is similarly set out with the same terms.

The idea is that should one partner in a relationship die, the other one will be protected, and then upon the second partner’s passing, the children will inherit their assets.

As with any will, a mirror will should be written as soon as possible, especially if you have loved ones you wish to pass your assets on to.

If you’re engaged, in a civil partnership, or married, then you should consider making mirror wills if you have the same wishes with regards to your estate being passed on.

However, if you have differing wishes with your assets, or if you have assets from an inheritance that are passed down with different requirements, then it might be worth making individual wills.

Why Should I Create A Mirror Will?

First things first, you should seek expert legal advice before making any decision on your wills.

If you outline your wishes to a solicitor, they’ll be able to talk you through your options when it comes to creating a will, and whether a mirror will is the right option for you.

But the benefits of a mirror will include:

You can provide for your children
You can name additional executors
You and your partner’s financial futures are secured

It’s worth knowing that both you and your partner are able to change your mind at any time.

Your will is a personal document and a personal decision, so if you wish to have an individual will, it’s worth having that discussion with your partner.

It’s also worth considering that once you pass away, your partner is free to change their will if they wish, so if there’s a significant amount of trust placed in them.

Finding A Solicitor To Help With My Mirror Will

Creating your will is a significant task to undertake, and it’s important to get it right – especially if you’re creating a mirror will.

So, before you take the final step of writing your will, you need to carefully select the right solicitor to help you…

To be connected to specialist Wills Solicitors Near Me, please either call us now on 0845 1391399 or complete a Free Online Enquiry.