Wills FAQ
1. I don’t think I need a Will, do I?
2. What could go wrong if I don’t make a valid Will?
3. Ok, I have a Will. Why do I need to keep it Updated?
4. If HMS are solicitors won’t this be very expensive?
5. Can’t anyone draw up my will?
6. Can I make my will online?
7. What advantages are there in using a solicitor?
8. Why should I choose executors?
9. Should I create a trust?
10. How should I make particular gifts?
11. What is a “residuary legacy”?
1. I don’t think I need a Will, do I?
Your failure to write a will may have very serious consequences, and although nobody likes to think about their own mortality writing a Will should be seen as a real priority for around 9 out of 10 people.
Many assume their property and goods simply go to their spouse and children, but oftentimes the situation is much more complicated.
If you die without a valid Will the rules of Intestacy apply and can have unwanted and sometimes catastrophic results.
Even if you think you have a valid Will, it may well be out of date, and many changes in circumstances mean it may be in appropriate or even completely invalid.
To safeguard your loved ones, to avoid unnecessary taxes and to ensure complete peace of mind we urge you not to put it off. Making a Will with HMS today means you can relax. Our service is completely professional and courteous and we will store and review your Will annually to keep it up to date and valid and to save you and your family from any unnecessary stress.
What could go wrong if I don’t make a valid Will?
Death and taxes are life’s only certainties. And while we can’t help you avoid death, a valid Will can make bereavement as easy as possible for your family as well avoiding preventable tax bills.
Second marriages, children from different partners, complex businesses, complicated property and personal wealth issues, amongst other things, can deprive your family, friends and chosen charities.
New parents may not realise that if they both die unexpectedly without a valid Will that covers the issue, the courts are left to decide who brings up their children. In some cases a spouse may find themselves homeless after a bereavement.
However, these disasters can be prevented if you simply make a valid Will. We can’t stress enough how much it is in your interests and in the interests of your nearest and dearest that you do so.
2. What could go wrong if I don’t make a valid Will?
Death and taxes are life’s only certainties. And while we can’t help you avoid death, a valid Will can make bereavement as easy as possible for your family as well avoiding preventable tax bills.
Second marriages, children from different partners, complex businesses, complicated property and personal wealth issues, amongst other things, can deprive your family, friends and chosen charities.
New parents may not realise that if they both die unexpectedly without a valid Will that covers the issue, the courts are left to decide who brings up their children. In some cases a spouse may find themselves homeless after a bereavement.
However, these disasters can be prevented if you simply make a valid Will. We can’t stress enough how much it is in your interests and in the interests of your nearest and dearest that you do so.
3. Ok, I have a Will. Why do I need to keep it Updated?
Put simply, circumstances change.
Perhaps certain measures in the budget now mean your assets are subject to higher taxes than before which leave your family with a large tax burden on your death which could have been avoided.
You might want to make new provisions – perhaps for grandchildren or charities, but unless your will is reviewed regularly your wishes won’t be carried out.
Certain circumstances, such as marriage, completely invalidate your former Will. This can lead to a horror stories. For example, a woman whose late husband had made his will before they married became homeless on his death. Although he had left everything to her in his Will they hadn't updated the will and their marriage invalidated it. Due to this simple mistake the woman’s stepsons sold the family home from under her.
Again for certainty and peace of mind, regular review of your Will is a must.
4. If HMS are solicitors won’t this be very expensive?
With HMS writing a will is not difficult, time consuming or expensive.
We also donate 64% of our fee (if you use the Gift Aid scheme) to your chosen charity, so you and your family benefit along with your favourite cause. We think that is a superb win-win situation.
Initially it may seem like a morbid duty to make a Will, but actually, knowing that friends, relatives and charities will benefit enormously from your foresight is probably one of the most comforting things you can do for YOURSELF.
We can't avoid the inevitable, but we can certainly leave a legacy that lives on after we are gone.
5. Can’t anyone draw up my will?
Anyone can draw up a will, and you can even buy DIY packs, but it's worthless unless it is done properly.
It must use certain legal words and must also be signed correctly in front of two independent witnesses. Those mentioned in your Will as “beneficiaries” and their spouses can’t be valid witnesses.
We like to use this example.
When selling your house you could simply buy a book on conveyancing and follow the instructions. This would “save you” a lot of money compared to employing a solicitor.
However, are you completely sure you would be able to foresee every eventuality and make certain that there was not a costly mistake? If you do make a mistake there is no insurance to claim against!
HMS are qualifed and experienced solicitors with £2 million of indemnity insurance behind us to protect you.
As reputable lawyers, HMS guarantee to write a valid, tax-efficient Will, tailor-made for you from just £90 – with between 50 and 64% of that going to your favourite “good cause”. For just less than 7 pence per day we’ll review your Will every year and store it safely so when it is needed it can be found.
Isn’t your peace of mind and that of your family worth this small outlay?
6. Can I make my will online?
Yes, but with the same pitfalls as mentioned above. There are plenty of websites which offer will-writing services at various prices and with various results.
If you did use such a service you still need to ensure the result is valid – is it correctly signed and witnessed, for example? If not then you haven’t saved any money – the money spent is completely wasted.
You’ll also need to keep it in a safe or an officially recognised storage facility (eg with a solicitor, incurring a fee). Some banks also offer this (also for a fee).
Lastly, you’ll need to make sure you review it regularly – for the reasons above – and make sure you are au fait with the latest laws (on tax for example). Again you are uninsured against costly mistakes.
We think, all in all, that any small savings you might make on a DIY will are far outweighed by the pitfalls and potential disasters. Does it make any sense to save a few pounds now if your family lose thousands and go through hell after you’ve gone?
7. What advantages are there in using a solicitor?
A solicitor has been through many years of legal study and training. They will recognise any pitfalls for you and they are insured for your protection.
DIY wills are rarely effective if there are any complexities. Many situations are more complex than you might think – it is very easy to forget about rarely used savings accounts and those share certificates you've kept tucked away for a rainy day.
A good solicitor will not only take all your wishes and circumstances into account in drafting your Will but will regularly review it. As we’ve stated, this is also crucial and will keep you abreast of changes in the law.
The law regarding will writing is not the same throughout the UK. There are important legal differences in Scotland and Northern Ireland which HMS can advise you on.
The cost of using HMS is minimal compared to the benefits. Don’t you owe it first and foremost to yourself to put your affairs properly in order? And isn’t it even better that your favourite charity will be able to do good work because you’ve given yourself that peace of mind?
8. Why should I choose executors?
Executors are very important people when it comes to dealing with your Will. They’re responsible for dealing with everything in accordance with your instructions.
HMS can help you here too – many of our clients feel happier and safer by appointing us as executors. It saves a large amount of additional pressure and stress on the family after bereavement, and means the technicalities are handled with dignity, fairness and professionalism.
The role of the executor can involve handling large sums of money and other complex issues and can be very difficult and demanding on your grieving relatives at such a sad and testing time.
There can be other complications if relatives are executors. For example, if you have young children, it's best to appoint separate executors and guardians so your financial legacy is separated from the health and welfare of your dependents. You should also never appoint your spouse as sole executor in case you die together.
HMS gives advice on the appointment of executors as standard to make sure your arrangements are the best they can be to minimise problems and stress.
9. Should I create a trust?
Everything always depends on individual circumstances.
Trusts are a legal means used to protect assets or vulnerable beneficiaries and to reduce or remove completely any unnecessary tax burdens on your loved ones.
If you have a trust you’ll need to appoint Trustees, and again HMS will advise on this and can agree to act for you, should you wish, for complete peace of mind.
The trustees are responsible for managing and investing money or looking after property until it passes to your beneficiaries.
It is important to discuss the powers of your trustees so they are appropriate to carry out their duties properly. This is all standard with the HMS service, of course.
10. How should I make particular gifts?
If you want to leave something specific to someone – either goods like heirlooms, or fixed amounts of money this is called a “specific legacy”.
You can choose to leave these legacies either to loved ones or to a charity. If you want to leave money or a bequest to charity, HMS will check the details - name, address and registered number to make sure your money will get to them.
You could reduce your inheritance tax burden with gifts to charities. Some charity-minded individuals avoid inheritance tax completely by pledging to give everything over and above the inheritance tax threshold to charity.
It’s a really good idea to think about index-linking a specific cash gift so that it actually keeps its real value over time.
11. What is a “residuary legacy”?
The “residue” is everything – money and goods – that remains in your estate after you've made your specific gifts.
It is vital to deal with the residue in “residuary” legacies, because if you don’t specify who the residue goes to then it’s subject to the laws of intestacy.
As with all of the complex issues above HMS is on hand to give you proper advice so you can rest easy knowing your family and loved ones are taken care of and that your charity has benefited right away whether you have left it a legacy or not!
We're So Confident That You'll Love Our Services That We'll Offer You A 110% Satisfaction Guarantee.
So Let Us Cut Through All The Legal Red-Tape For You And Give You Back The Time And Peace Of Mind You Deserve.
Click Here To Try Us - Risk Free!
