All too often, people don’t get round to writing a will before they die. A lot of people put it off because they think putting the document together will be too time-consuming or too expensive. As a result, thousands of people die every year in the UK without leaving a legally binding will.
However, writing a will is probably easier and more affordable than you think, especially if you use a professional service to help put the document together. Although creating a will does involve paying a small fee, the investment you put in now could well save your family time and money in the future.
If you’re a single person, or if your partner already has a will, you’ll be looking to spend around £150 to create your legally binding document. This money will go towards creating the document, having it witnessed and ensuring all the wording and content is in order.
A lot of the time, couples opt to create so-called mirror wills. This term derives from the fact that the wills mirror each other, with each party leaving their belongings to the other in the event of their death. Mirror wills also give the couple the chance to state what will happen to their wealth when the surviving partner dies and how their estate should be divided if they die together in an accident.
If you and your partner agree that mirror wills are the best option, you’ll probably spend around £250 to create the documents and make them legal. This makes mirror wills an affordable option for long-term couples in the UK.
The cost of not making a will
Although you will need to spend some money to create your will and make it legally binding, investing in a will now could save your loved ones a lot of time, money and heartache in the future. If you don’t leave a will, your estate will be divided according to UK law. If you have step-children, or if you and your partner aren’t married, this could mean your loved ones miss out on inheritance altogether.
In fact, writing a will is the only way to ensure that you get a say in what your friends and family receive from your estate after you die. If you don’t leave a will, your loved ones may have to fight for their inheritance rights in court or employ expensive solicitors to resolve the situation for them.
To find out more, or to start creating a will of your own, explore our site or get in touch with a member of our team.