What are the main types of Will you can make? And what are the benefits of making a Will?
Dominic Cronshaw, Wills & Probate specialist at Holden Smith
What are the main types of Will you can make? What are the main reasons you should make a Will? And what are the benefits of making a Will? Making a Will can seem like a daunting or complex process, so we spoke to Holden Smith Wills & Probate specialist, Dominic Cronshaw, for this quickfire Q&A all about how to make a Will.
Q - What are the main types of Will of you can make?
Single Will - a Single Will is perhaps the most familiar and suitable type of Will for any individual person to outline their wishes. While Single Wills are generally for people who are not in a relationship or are divorced, they’re also used in circumstances when your wishes differ from your spouse, or if your spouse already has a Will.
Mirror Wills – Mirror Wills are designed for couples who have the same wishes. There are in fact two documents produced, one for each person, but each Will reflects the other, hence the term ‘mirror Will’.
Trust Wills – there are different types of Trust Wills, which gives you flexibility over your property and assets and how they’re managed. These different types are a Property Trust Will, which protects property in your estate, and a Flexible Life Interest Trust Will, which is similar to a Property Trust Will but protects assets.
Living Will – another type of Will is a Living Will, legally referred to as Advance Decisions. This is a document that outlines any medical treatments you don’t want in the future and it will only be used if you are unable to make or communicate those decisions. Living Wills are commonly used to refuse life-sustaining treatment such as being given CPR or being put on a ventilator, or to outline what treatments are not to be used to treat a long-term disease such as cancer, for example, by refusing surgery.
Advance Decisions are legally binding in England and Wales, and if a healthcare professional knows you have one, they must follow it.
Q - What are the main reasons someone should make a Will and what are the main benefits of making a Will?
The main reasons and benefits for making a Will include:
if there’s a change in your circumstances, for example if you re-marry
to name guardians for your children
to ensure your children are provided for financially
to provide for your dependents, including step-children
to protect your partner if you're unmarried
to safeguard your family home
to avoid potential family disputes
to avoid paying more inheritance tax than you need to…
…plus many more!
Q: Are home-made wills legally binding? What are the potential problems if you choose to make a home-made will?
In short, yes, it's possible for a homemade/handwritten Will to be legal in England and Wales, if it has been properly drafted and meets the legal requirements. However, some of the most common mistakes with DIY Wills relate to the proper execution of the document itself, such as failing to get it witnessed correctly by two independent adults at the same time – neither of whom can be a beneficiary. Other common errors include misspelled names and failure to make clear the testator's wishes in gifts etc.
What should I prepare ahead of a meeting with my solicitor to make my Will?
You will need to prepare or think about:
- your personal information as you will need to provide your Will writer with details about yourself
- your estate value. What is your whole estate value? This includes, property, cash, investments to name a few
- details of your beneficiaries
- details of who you want to be the executors of your Will
- who you wish to name as legal guardians for your children (if you have them)
- if you wish to leave gifts in your Will
- if you wish to leave gifts to charity in your Will
- any specific wish for your funeral.
Q: If I want to donate to a charity in my will, how do I do that?
Charitable donations are a great way to give something back in your Will. As can be explored when you make your Will, there are also situations where you can claim tax relief on charitable donations. Whatever your motivations, donating to charity could be a rewarding endeavour as you plan your legacy.
When you leave a gift in your Will to a charity, you can state whether you’d like to donate a fixed amount, a specific item, or whatever sum of money remains once the other gifts have been distributed.
If you wish to leave something to charity, and before embarking on drafting your new Will, get details (such as Reg charity number, registered office address) of the charity(s) you wish to leave something to.
Q: There are lots of online will making portals now? Why is it better for me to make a will face to face with a specialist?
Wills are legal documents. They can be invalidated by mistakes, so it's important to have confidence that your Will has been properly and expertly drafted. Specialists know their stuff and should write you a watertight will that does exactly what you want it to.
Even though Wills drafted on portals may be legally binding and may not have any mistakes in them, going to a specialist will give you more peace of mind in the Will drafted, as well as benefitting from the personal touch of a real human.
Q: What would happen when I die if I don’t make a will?
A person who dies without a will is known as ‘dying intestate’. This can make sorting out their estate a bit more complicated because the law decides who inherits the estate according to certain criteria called ‘intestacy rules’.
Q: How much does it generally cost to make a will? What are the factors that could affect the price I pay?
Costs vary from firm to firm. A simple will can cost anything between £150 to £240 plus VAT. For more complex wills the costs can vary between £240 to £350 + plus VAT. It really does depend on your circumstances and how complex you want your Will to be.
Would you like more information about making a Will? Would you like to work with Holden Smith to create your Will? Contact us on hello@holdensmith.co.uk or call us on 01484 55 66 77.
