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A Will is a legal document which allows you to express your wishes about the people you want to inherit your money, property and possessions (otherwise known as your estate) after you have passed away.
You’ll have likely heard of a Will, even if you’re not entirely sure of what it is and how it works. The main purpose of making a Will is to state who you would like to inherit your money, property and any other possessions after you pass away. It’s incredibly important for every adult to make and have a Will.
If you pass away without a valid will in place, you will have no control over what happens to your money, assets or property. In this instance the government will decide how your estate is distributed under the Rules of Intestacy. This will lay out which of your living relatives will be able to inherit from your estate.
The rules are incredibly strict and don’t make allowances for some of the more modern family arrangements. For example, if you and your partner lived together, but were never married, your partner would not be recognised under these rules. It’s important to understand the Rules of Intestacy fully. Writing a will is the best way to ensure your estate is taken care of as you wish.
For more on how to make a new will, call us on 0808 208 4012 or request a callback.
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A lasting power of attorney (LPA) is a legal document which gives the person(s) of your choice power to deal with your affairs. It grants them the authority to make decisions on your behalf if you’re no longer able to make them yourself.
There are two types of LPA:
You decide when you would want your LPA to come into effect.
For example, if you develop mobility issues or a health condition that means your daily activities are affected, it might be easier for someone else to take care of your money or other assets on your behalf. However, you might want to keep full control until you’re no longer able. The choice is yours.
It’s important to think about what you want to do carefully and ensure the person(s) you trust to take control of your affairs on your behalf are fully aware of your wishes.
Setting up an LPA means your family will avoid potentially lengthy and costly court proceedings to access funds to pay for your care if you do lose mental capacity.
Don’t assume that someone can automatically step in and help if you’re no longer able to look after your own affairs.
If you’re unable to access your bank account, family members will need to become a ‘deputy’ to use your finances. The application is made through the courts, and it can be an expensive process.
Whether you’ve got utility bills to pay, a mortgage or other outstanding contracts, your family members may find themselves in a situation where they’re unable to help you.
Having a lasting power of attorney can prevent these very stressful situations and secure the support you need.
There are so many options for making a will and LPA. Choosing the right one for you will depend on a number of factors.
You could do it yourself
If you are wondering how much it costs to make a will, you could make a will and LPA yourself for a low fee, either online or using form templates.
However, if you’re considering how to make a Will at home, there are some things you’ll need to be aware of before you do:
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Any misleading or ambiguous wording could cause confusion and may even make your documents invalid
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There are standard rules for writing a will which need to be adhered to
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You may overlook certain points and leave out vital instructions about your estate
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Any mistakes could be hard for your loved ones to fix after you've passed away
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There is no legal protection against any errors you make
You may want to consider hiring an expert to ensure that your wishes are accurately documented.
You could get it done professionally
A qualified estate planner provides more than a document preparation service, they’re a trusted expert. They can advise you on the best way to protect your family and preserve and distribute your assets in the manner you choose.
At Key, our estate planners are all certified members of The Society of Will Writers, which means they are specially qualified to record your requirements.
For more on how we make a will legal, call us on 0808 208 4012 or request a callback.
At Key, our personal service and bespoke estate planning solutions give you the help and expertise you need to make sure you’re fully prepared, no matter what the future holds. Here's an idea of what you can expect with Key's estate planning service.
Key's estate planning service offers:
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No hassle: Your estate planner will handle everything over the phone, so you can stay in the comfort of your own home
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No pressure to proceed: If you do decide to go ahead, you’ll be guided through the process at your own pace
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Dedicated and experienced specialist help: You will deal with your own, fully trained estate planner
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In safe hands: We’ve already helped over 75,000 people to arrange their Wills and LPAs
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Highest level of service: Our customers across all of our services have rated us as ‘Excellent’ on Trustpilot
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Prompt service: We’ll aim to issue your documents as soon as possible, this can typically take around 30 days to complete
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No nasty surprises: All of our prices are fixed, so you’ll know exactly what you are going to pay
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Everything explained in plain English: We understand the jargon so you don’t have to
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Unlimited aftercare: If you need any further help, we are only a phone call away
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Security: We offer a document security service
Contact us today to start securing your future, or call 0808 208 4012 if you have any questions.
Page last updated: Tuesday 17 December 2024