Will solicitors are a must if your financial situation and estate are anything except very simple. Even then, other issues such as a complex family structure or arguing siblings mean that a solicitor being involved in writing your Will is a good idea. For a small fee, your solicitor will guide you through the process and deal with other issues such as whether you need a lasting power of attorney. Having the right support now at a reasonable fee could save you a great deal of money and stress in the long term.
No one likes to think about getting old, or dying, but they are fated to happen to everyone eventually. Being prepared and knowing that plans are in place for your later years and your family after you pass can take a great weight off your mind.
Solicitors can help with both aspects, and it is worth taking the time to plan with them what legal paperwork needs to be in place for you to ensure your well being and financial needs are covered should you lose the capacity to do this yourself.
Making a Will with a solicitor does involve costs, and the cost of writing a Will with a solicitor depends on several aspects. If you are writing a Will for just you, the fee will be different from that of a Will for a couple. Fees will also differ depending on the complexity of your estate and your tax situation. The need for trusts, dealing with overseas properties and tax advice, all add to the overall cost of your Will. As well as dealing with the complexities of your Will, working with a solicitor gives you the confidence to know that no mistakes have been made, as probate law can be complex.
The simplest of mistakes could mean that your Will is invalid on your death. This can lead to your intended recipients missing out on inheritance, and can even lead to family members falling out. In the same vein, using a solicitor means that your Will is stored safely. The solicitor will keep the original, usually in a fireproof safe, while you can take a copy away to show those that need to see it.
Although a solicitor is essential to ensuring your Will is correct and cannot be challenged, it is important that you do your part. You are the one that must decide who is going to get what after your death. This covers everything from your property and money to any specific items from your possessions. A good place to start this process is by listing all the people that you want to benefit from your estate. Your beneficiaries could include, your partner, children, siblings, and other family members. It may also include friends and charities.
Next, you need to be able to provide your local solicitors for making a Will with a list of your assets and their worth. Your assets include any savings and valuable objects including jewelry, heirlooms, and antiques. Then you need to consider the more complex items such as property, stock market investments, your pension, and if you have one your business.
Lastly, there are items that have little or no financial value, but that have sentimental value to individuals. The wording of your Will is one aspect that your Will writing solicitors can ensure is correct. This is particularly important where you need to consider the needs of a partner that may outlive you, and then the needs of any children or grandchildren.