Writing your will
By making a will you can ensure that your assets go to the people you want them to after you die. If you die without having made a will your property and other assets are distributed under the intestacy rules, which pass them to spouses and civil partners or family members in a predetermined order of priority. But relying on the intestacy rules could mean your loved ones are cut out of your inheritance after you are gone.
For example, if you a married with children and die without making a will, the first £125,000 of your assets will go to your spouse, if you live in England and Wales. If your spouse remarries and subsequently dies without making a will, those assets will pass to his or her new spouse, who may have no intention of including your children in their will. Scotland has different rules. For example, a surviving spouse is entitled to an interest of up to £300,000 in the family home and up to £75,000 of the deceased’s assets.
There are many common situations where you will need professional legal help in making a will
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Where you have bought a home with somebody who is not your spouse or civil partner.
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Where there are children, to make arrangements for how they will be cared for if one or both parents die. Larger estates may set up family trusts.
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For estates above the current inheritance threshold of £325,000 or £650,000 if you are married or in a civil partnership (2009/2010), to minimise the amount of inheritance tax you have to pay. Transfers to spouses and civil partners are exempt.
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Where there is a family business, to make plans for how it will be handled after your death.
Solicitors’ fees
Solicitors’ charges for making a will can start from around £100, but will depend on the complexity of the case involved and the type of firm that you instruct. Ask whether you are being charged a fixed fee or an hourly rate before making an appointment. If you are on benefits or a low income you may be able to get some help with the cost of making a will from a solicitor that does legal aid.
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