Do I need to have a will?
Legally no, there is no legal requirement for you to have a will. What is the effect therefore of having or not having a Will?
Making a Will – it is common sense that you should ensure that when you die you have provisions in place that you want.
- Specific gifts to specific relatives and friends will be set out.
- The larger part of your estate needs to go to the beneficiaries you want to benefit.
- Make specific provisions about what happens to your body on death i.e. cremation or burial.
- Consider, particularly if you have a substantial estate, the possibility of mitigating taxation where possible on your estate.
Not making a Will – your estate will be divided and dealt with in accordance with the Intestacy Rules. I bet you do not know the details of the Intestacy Rules. Despite this, failing to make a Will means that you are choosing to have your estate dealt with in this way.
Cost
Basic single Will £150.00 plus vat
Basic Mirror Wills for you and your partner £250.00 plus vat
For more complicated Wills which might involve detailed trusts we will be able to give you an indication of price if it is in excess of the basic cost.
For all these reasons MAKE A WILL NOW!
It is inexpensive and once you have made it you can simply file it away knowing that you have made proper provision for your nearest and dearest
Contact us at TM LAW for advice and assistance on wills.