A Will is a legal document that determines what happens to your estate when you die.
Estate is also known as assets which are things like your property, your savings, and investments. There may be other things you have that you want include in your Will. On writing up your Will you determine what you want to include and who will receive what.
Another importance of writing up a Will especially for families, is that parents can make provisions for their children not only financial provisions. If something were to happen to both parents having a Will in place will determine who is going to look after your children, where are they going to live and how are they going to be provided for.
What happens to my children if I die and there's no Will in place?
If you haven’t made a will, then you run the risk of the decision being in the hands of the courts.
That means the courts will decide where a child is going to be living. If there’s multiple people that want to take on that role, then a dispute arises and it goes to submitting petitions. That is really something you want to avoid and the best way to make sure the right people can take on that role is to make a Will where there is no room for dispute.
How much does it cost?
It varies depending on your individual situation. If you are looking at a basic Will from a professional, it could be anything between £150 to £300.
What are the different types of Wills? - There are lots of marketing terms, but the two most common types of Wills are:
Mirror Wills - A term used for couples, they are separate legal documents, but, quite often, the couples wishes are very similar so the contents are essentially the same.
Bloodline Wills is protecting assets for longer term future generations.
How long does it take to get a Will?
The process can be as quick or as slow as you want it to be. An initial consultation will take between 30 to 90 minutes where we talk you through your finances, your situation and what your wishes are.
The Financial Conduct Authority does not regulate Will Writing & Estate Planning.