Can you write your own will?
The decision to write your own will requires a lot of courage, knowledge, commitment, and being thoughtful. You have to research widely and consult wisely and make sure you are making the right decision. In fact, ‘can you write your own will? – is a topic that has been widely debated a lot.
Many people object the idea of writing a will because they feel that it is a costly undertaking and quite taxing. But to write a valid will you need to grasp every step and come up with a unique piece. Significantly, if stuck it is wise to seek help write a high-quality, detailed, and fruitful will. Writing your own will is important and possible regardless of your marital status, age or wealth.
Why write a will in the first place?
Rest Assured of Proper Distribution of Property
Death in most cases is usually unexpected and you should always be prepared with a will written to your consent. Your own will is an incredible way to ensure your wishes are executed as you would have desired in the event of your untimely demise. In case you die without a will, the law takes is part and decides how your estate will be distributed.
Some of your assets will be passed to your children and spouse. However, the exact distribution will depend on the value of your entire property as well as the terms included in your title deeds. Your will makes it easy to ensure your wishes are carried about as out as you anticipated and are known to your loved ones.
You Will Reduce Family Conflict
Distribution of assets between your children and spouse may be a challenge if your wishes are not properly executed. After the death of a loved one, things will get emotional and it is wise to have a will that will not hurt anyone’s feelings or lead to retaliation. A will that clearly lays out your wishes will reduce speculations and conflicts. Your family members will no longer fight over possession of the available property.
Means to Protect Your Children
A valid will provides the necessary arrangements for the distribution of the property amongst your children. Hence, they will have something to use and get the necessary education or push on with their lives without you.
Help Expedite the Legal Process
When you are looking forward to settling your estate, it can be a daunting process but a valid will makes it an easy process. It is less costly and faster to settle your estate if you have written your own will. You will also protect the value of your belongings and save more on what to be passed to your dependents with a valid will. It’s wise to also reduce inheritance tax and a carefully drafted will plays a great role.
Be Able to Decide Who to Execute Your Will
Writing your will makes it easy to decide who will oversee the distribution and management of your estate. Cautiously, choose a trustworthy, experienced and impartial trustee or executor who will ensure your wishes are known and met.
Can You Write Your Own Will Without A Solicitor?
Writing a will is a personal decision you should be considerate making. Bear in mind that your will might be challenged upon your demise. The contents of your will won’t stay private for a long period after you die. After the death of a parent, spouse or a family member, you will is likely to become a public document.
In essence, there is a lot to put into consideration before writing a will or have someone execute your will. You will have to answer a number of questions that will aid you to decide whether to write a will or not. In many cases, some estate owners wonder whether writing wills without a solicitor is a good idea.
It is not a must that you have a solicitor to witness the entire process. If you wish you write your will yourself, you can do stress-free. However, make sure there is no room for errors or unnecessary changes that might impact the execution of your will. Be straightforward with all the information you provide in the will.
It is a great idea to have a solicitor by your side as you write a valid will. This is an expert who will help you make sure the will has drawn the effect you want or you are looking for. Any mistakes or errors you make while writing your will are likely to cause problems when you die.
Any misunderstanding when executing your will can lead to extra-legal costs that can affect the value of your estate. If you are not thinking of using a solicitor, here are key mistakes to shun in your undertaking. They include:
- Failing to consider the possibility that a beneficiary may die before you make the will.
- Failing to take into account all the property or money you have at your disposal.
- Altering your will and there is no solicitor or witnesses to approve or back the changes you are making on the will. Hence, the will is invalid.
- Not putting the formal requirements of a will into consideration.
- Not aware of the impact of marriage, divorce, or registered partnership on your will.
- Not knowing the rules that exist and govern writing a will. You have to know the rules that will help your dependents make claims from your estate if they feel that the details are not clear or properly explained.
- You should be considerate when you decide to use a solicitor. There are circumstances that will make it wise to opt for the services of a solicitor of choice. For instance, you will need a solicitor if;
- You are in a joint property partnership with someone who is not a spouse or a civil partner.
- You want to make provision for loved ones who are not able to care for themselves.
- You have several people or family members who are likely to make a claim on your will.
- There is a property in another country included in the will.
- You also have a business outside your locality included in the will.
How Much Does It Cost To Write A Will?
If you decide agains writing a will then you should be aware of the costs of getting a will written for you. With the many benefits of a will, you have to plan and ensure you have enough money to come up with a valid document. It is a good idea to wonder how much it will cost you to write a will. In essence, you will clear any worries you may have when preparing to write a valid will. Remember a will is a legal document that will outline your wishes and should stand out. This is a document that will include details about your assets and legal care of your dependents in the event of your demise. Therefore, how much it will cost you to have this document completed and on time is of importance.
The cost of making a will varies depending on the writing options you put into consideration. You can decide to write a will by yourself or enlist the help of a professional solicitor will writer. It is also a great idea to rely on online will writing services.
It is a wise decision to write a will yourself. This is the least expensive option you can go for. You need to hold impeccable writing skills to come up with a great piece. Your will could be ruled invalid during the probate process if it does not meet the set rules and requirements.
You can use online samples to craft your own will or use another friend’s or relative’s will to craft your own valid piece. It will cost you less to write a will yourself. There are also do-it-yourself forms you can find pre-made online available at no cost.
Make use of the structured guidance to come up with a top-notch will. Will-making software is also available online and you can purchase a top-quality design. It’s wise to hire a solicitor and write quality and valid will. The cost of hiring a solicitor will vary from one firm to another, and you should go for an expert who promises quality services. Hiring a lawyer is the best option if you have a complicated situation at hand. It’s a wise decision if you have a lot of assets, a lot of dependents and beneficiaries. You might end up forking out thousands of pounds to hire the services of a will solicitor.
What You Should Never Put In Your Will?
Having a valid will is an essential decision to make in life. However, there are certain provisions that you shouldn’t include in your will. They include:
- Don’t include your funeral or burial preferences.
- You may wish to be buried as a king or have a decent send-off, but your will is not the best place to memorialise your funeral wishes. Your body is not a part of your property or estate. It’s wise to discuss your funeral wishes with your chosen executor.
- Jointly held property. The interest you gain from joint ownership disappears with your demise or that of your partner. The surviving person automatically owns the assets in a contest in full.
- Retirement funds and life insurance. You need to designate a beneficiary of your life insurance or retirement plan. Your funds will immediately be transferred to the beneficiary and cannot be distributed by your will.
- Contingency gifts or requests. Leaving illegal gifts to a designated beneficiary can come to haunt them later and it’s illegal.
- Provisions for loved ones with special needs. You need to use a special needs trust to reward loved ones with special needs.
- What you don’t own. You cannot promise or gift your beneficiaries with something you don’t own. So don’t include leased vehicles or even hire purchased properties.
Writing a will should not be a complex process if you put all these details into consideration. If stuck, it is wise to hire the services of the best solicitor near you.