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Did you know that in 2017 the Government introduced a residence nil rate band tax allowance, which has the potential to help exempt up to £1 million worth of assets from inheritance tax for EACH average UK family
*Based on research undertaken by Royal London.
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If everything you own (called your "estate") is worth over £25,000 and you have not made a Will then your estate will be distributed under the rights of Succession. This is what happens if you are a single person and die intestate i.e. without a Will. (This includes anyone who is not married, regardless of whether they cohabit with their partner or not).
The main issue with the very strict rules of succession is that often times, your estate is not distributed to those who you would have wanted your estate to be distributed to and/or your estate is not distributed in the most tax-efficient way, meaning potentially a smaller pot of money left over for those who really deserve it. For instance, If you have a partner (i.e. unmarried/not in a civil partnership), they receive NOTHING! - everything goes to:
- the deceased's parents- if none then to...
- any brothers and sisters - if none then...
- to grandparents - if none then to...
- uncles and aunts - if none then to...
- the Government
This is regardless of the relationship with your parents or siblings (estranged or not) and so it's no wonder that the amount of contentious/disputed probate claims keeps rising every year!
If you're married and die without a will, everything will go to your wife/husband and any children, which for most, could result in paying more tax on your belongings after death, than is actually necessary!
A will or testament is a legal document that expresses a person's wishes as to how their property is to be distributed after their death and who is to manage the property until its final distribution. If you have dependants, you can also set out who you would like to appoint as guardians for your dependants (note however, that this does not overrule existing paternal or maternal rights).
Importantly a will IS NOT a document that can be relied upon while you are still living, it only takes effect on death. So if you lose mental capacity or physical capacity to deal with your own affairs, you cannot rely on your will. You will have to ensure that you have a Power of Attorney in place. We will soon be offering Power of Attorney drafting services soon - keep up to date with us to find out when we launch this service!
In short - yes, you can. However, it is not recommended unless you have extensive prior knowledge and understanding of the legal and tax implications, you are able to clearly set out how you wish to distribute your estate and you feel absolutely confident in your drafting ability.
A Will is almost always automatically voided if you get married after you have made it. If you get divorced after you have made it, any provisions in favour of your ex-spouse will be cancelled unless the Will states otherwise.
It is therefore essential that you consider writing a new Will if there are major changes to your marital circumstances and/or if you are planning to get married.
Will drafting and will advice provided by law firms can often be overcomplicated by archaic language and terms. Here we set out the definitions of main terms in our form as you go along, to make it easier to understand and see how we can structure your will into what you desire and you can always contact us if there is something you still don't understand.
Some main terms, to bear in mind:
Beneficiary: A beneficiary is someone who receives an inheritance through a will. Anyone you leave property to in your will is one of your beneficiaries.
Bequest: A bequest is a provision in a will that leaves property to someone.Bequeath: This word is used as a verb in your will when you say you are leaving something to a beneficiary. Such as: “I bequeath my home to my son Richard.
Executor/Executrix: The executor is the person you select who will be in charge of distributing your estate according to your will after you pass. A female executor is sometimes called an executrix.
Guardian: If you have minor children you can name a guardian who will be legally responsible for their care after your death
Intestate: A person who dies without a will is intestate. England and Wales intestacy laws then decide who your heirs are.
Probate: The legal process through which a court examines, approves, and enacts the terms of a will is known as probate. The process generally takes several months and includes court fees.
Residue/Residuary Estate: After all your specific bequests are handled, whatever assets are left that you did not specifically leave to someone become part of your residuary estate. You can then decide who you wish to gift your residuary estate to under the Will.
There are no mandatory requirements for the storage of your will, but as it is easy to void a will (a simple pen cross mark on the will could potentially void the whole will) and because your beneficiaries and executors can only rely on your original will to carry out the probate, it is really important that the will is kept in a safe place.
The safest option would be to file your signed will with the Probate Service. We offer a service where we can do this on your behalf for a small fee of £35. This includes the Probate Service fee to actually store your will. It is free for you to withdraw your will at anytime.
Alternatively, if you have a fire proof safe or safety deposit box at home or at another site, which you can make your executors aware of, this could be the next best thing.
We're sorry to hear that you no longer wish to have your will drafted, if there is anything that we can do to help or if there is something you need to change/confirm before proceeding, please do not hesitate to contact us.
However, if you still do not wish to proceed, we offer a "No Questions Asked" 48 hour cancellation policy from the date of your order. If you wish to cancel your order within this period, please send an email to: hello.outwill@gmail.com. We aim to respond within 48 hours of any request and any refunds normally take 3-5 business days to appear in your account, depending on your banking provider.
If you wish to cancel anytime after the 48 hour window, the following charges will apply:
Following the 48 hour window but before your consultation - £20 per a will
Following your consultation but before the final draft of your will - £50 per a will plus the cost of any additional services which have been carried out
Following the final draft of your will - 100% of the fee quoted plus any additional services which have been carried out
Further details of our cancellations and refunds terms can be found in our Terms & Conditions
We're sorry to hear that you're not happy with the will/service provided to you. In the first instance, we would ask that you get in touch with us to discuss how we can resolve your matter, if there is anything that we can do to help you now and to enable us to investigate your complaint further. Please send an email to hello.outwill@gmail.com. We aim to respond within 2 business days of receipt.
You will have an opportunity to review your Will, before it is finalised for your signature. If you spot a mistake or error after your Will is finalised and the mistake or error is on our part, then we will amend the Will and send out a revised version to you free of charge. If the mistake or error is not on our part and you wish for your Will to be amended, then the applicable fee will be incurred. See Additional Services for more details
If you have any further questions or feel that your question hasn't already been answered on this page, please do not hesitate to contact us by sending an email to hello.outwill@gmail.com