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Posted by: Smart Will Category: Featured, News Comments: 0

Average Cost Of Making A Will

What Is The Average Cost Of

Making A Will?

British coins over blurred background. One and two pound coins.

What Is A Will?

A will is a very important part of elderly life. If you die without a will, your family assets have no protection. There will be not directive to decide who gets what assets which can cause distress in an already unpleasant time. While thinking about death is often difficult or unpleasant, it’s very important that you have a will when you die. Even if you consider yourself to be in good health you could die spontaneously; without a will in place your assets will not be distributed in the way you could have chosen.

Why Should You Have A Will?

Over 70% of people in the UK below the age of 64 have not drawn up a will and even 40% of people that are over that age have still not had a will drawn up. Many people feel like they don’t have enough assets for a will to be worth while or they don’t want to think about the thought of dying. There are many things that should encourage you to get your will sorted out. Neglecting your need to have a will written can be devastating for your family. Many people think that their assets will be easily sorted out after they die, however more often than not the family will have to appear before a court to gain access to your assets. This means that thing you would have paid for such as mortgages, funeral costs and other important expenses won’t be able to get paid off using your funds.

How Do I Make a Will?

A will is most commonly made online as it is the cheapest and the fastest way to get a will written. It will typically cost from £20 to £50 to have a will written, and can cost more if you want it to be stored safely. Making a will yourself can definitely be done, however most people don’t want the hassle of listing all of their assets and having to write a new will every time they want to change something written in their will. If you choose to write your will yourself and it is ineffective, the consequences for your family could be much worse than the little amount you would pay for a professionally written will.

What Do I Include In My Will And When Should I Update It?

The first thing you have to decide when writing a will is who you want your representative to be. This is the person who will be taking care of the death certificate and informing the people that are named in the will. The representative will also have to pay any funeral bills and outstanding debts. Generally speaking, the next thing of importance is naming beneficiaries to get property. Make sure that you have a backup beneficiary in case the one you have written in your will doesn’t survive to claim anything. Directions should be indicated for how any assets should be split. You may want you assets to be divided if you have multiple children you want to divide between or another cause. Any business assets are separate from personal assets so you will need to declare their directions separately. You should specify how debts are going to be paid of and from what account the money should come from. Other than this there isn’t much more that is required. If you have real estate or pets you can leave instructions for their maintenance in your will.

Benefits Of Having A Will

Having an executor allows you to choose who is going to administer your affairs.
Protect your children by naming someone as their guardian without needing the governments approval.
Choose your burial preference, decide between a burial or cremation and choose where the ashes are spread.
Protect your family by choosing what is given to who.
Protecting your family business and assets is easy when included in your will. Otherwise assets or businesses you wanted to keep in the family may be lost.
Beneficiaries can only be decided in a will, you are unable to include or exclude and beneficiaries without one.

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