Nov 13

Top Reasons why Wills Solicitors Place such Emphasis on Wills

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Top Reasons why Wills Solicitors Place such Emphasis on Wills

There are millions of people who own assets worth considerable sums, but have failed to make a will. The following literature elaborates on the importance of wills in the eyes of the law. The literature will also give a brief outline on the possible expenses resulting from making a will as opposed not making one.

  • When there is no will, the distribution of the estate is decided upon by the government. After which it is possible for a spouse or civil partner to not receive anything. This is especially the case when there is a long line of children, grandparents, parents, siblings and other relatives. Furthermore, without relatives, the estate might be passed to the Crown or the Duchies of Cornwall or Lancaster. This known as distribution as per the rules of intestacy. So if you wish that your estate is distributed as per your preferences, it is important that you get in touch with wills solicitors to draft a will as soon as possible.
  • Your Will also appoints a guardian who agrees to look after your children if you die. If such things are not taken care of, the assigning of guardianship for your children may be handed over to the social services. Then what they decide will be final.
  • The cost of instructing a solicitor to draw up a Will lies between £150 and £300 for a single will and between £200 and £400 for mirror wills. However without a will, complications may result due to which the cost may rise.
  • A Will saves your beneficiaries from thousands of pounds of tax in the future. For example, an estate valued over £325,000 will require over 40% of inheritance tax. However If you leave everything to your spouse, this will mean that they might not have to pay any tax at all. This is also known as spouse exemption.
  • Making a will can be done in three ways:-
    • You can hire a Wills Solicitors.
      • This is expensive, but it is worthwhile as some estate matters are very complex and the experience of the solicitor can come in handy.
    • You can pay for will writing services.
      • They are economical, however they are not always written by a legally qualified person, and as a result, the validity of the Will is scrutinised afterwards.

Experts always recommend going with qualified wills solicitors, as their credibility is rarely questioned and they can offer the best advice for complex estate matters.

Summary:-

There are millions of people who own assets worth considerable sums, but have failed to make a will.