WILLS - FAQ
You will find a list of frequently asked questions below. Just click on the question and the answer will be displayed.
Frequently Asked Questions
- Why should I make a Will?
- How do I go about making a Will?
- Would it be helpful if I brought a list of what I want to our meeting?
- Who should I have as my Executors?
- Can I make a Will without using a Solicitor?
- How Much will it cost?
- Can I change my Will?
- Where should I keep my Will?
Why should I make a Will?
Peace of mind. Everyone over 18 should make a Will. It is said that only one in four people make a Will. A Will is an extremely important document, as it ensures that your money and property (your estate) will go to the people (the beneficiaries) you want it to. If you neglect to make a Will, you have no control over the manner in which your estate will be distributed following your death. This may mean that the people you wished to provide for would not actually receive a share of your assets. Even if you are married, and wish to leave your property to your spouse, it is still essential to make a Will, as dying intestate (with no Will) may mean that your spouse would not receive everything that you own. Furthermore, if you and your partner are unmarried, should you not make a Will, they may receive nothing at all from your estate.
In addition, if you have young children, it is a good idea for you to consider an appointment of guardianship, to ensure that you have control over who would be their primary carer should both you and your partner die before they reach the age of eighteen. Making a Will can also protect vulnerable and disabled beneficiaries.
How do I go about making a Will?
Give us a call and make an appointment to see one of our solicitors who has years of experience in drawing up Wills. We will take full details from you at our first meeting, which will include discussing what property you own, and who you wish to benefit from your estate, either by way of a specific legacy, or a share in the majority of your assets. On this basis, we will advise you generally regarding your Will and also give you specific as vice about minimising the impact of inheritance tax. In addition, we will advise you how to make the most of your tax allowances. Once we have taken your detailed instructions, we will draft your new Will, and send you a copy for your perusal and approval. Once you have approved the draft, and we have made any changes you require, we will ask you to make another appointment for the purposes of signing your Will. We will ensure that your Will is signed correctly by you, and two independent witnesses from the firm.
Would it be helpful if I brought a list of what I want to our meeting?
This is very useful indeed as it means that we can spend more time talking to you and less time writing things down! If you can bring a sheet of paper with the names and addresses of your Executors and Beneficiaries, and what you want to give each person, then this will be most helpful. You may also wish to consider leaving charitable legacies.
Who should I have as my Executors?
The directors of Frisby & Co are quite happy to act as your Executors. However, our philosophy is to say to clients, appoint two of your friends or relatives, but if there is no-one appropriate to appoint in these groups, then please feel free to appoint the Directors of Frisby & Co, and two of them will apply to be appointed at the appropriate time.
Can I make a Will without using a Solicitor?
You can indeed make your own DIY Will, as forms are available from stationers. However, we feel that this is a false economy. Making a “home made” Will can actually cause more problems than it solves. We would wish to offer a word of warning/caution. We have encountered many problems with DIY wills over the years, which in some cases have been expensive to unravel. There are strict formalities involved for making a valid Will, and it can be easy to overlook these requirements, when making a Will at home. If this occurs, then you would be in the same position, as if you had not made a Will at all.
In addition to all of this, the act of administering an estate where there is no Will inevitably incurs additional time and expense, and causes uncertainty for your family, who may never be sure of your actual wishes. Quite simply, making a Will relieves the pressure on your loved ones at the most stressful and emotional of times. Please have your Will prepared promptly and professionally by us.
Probably less than you think. Please ask us for an estimate at the outset. We say to clients that making a Will for husband and wife will in all likelihood cost no more than having your car serviced. You have your car serviced every year, but you certainly will not need to change your Will this often. We would advise you not to put off planning and committing to writing, what you want to happen to your assets on death. The majority of Wills are quiet straightforward and thus our costs are not high. However, if your affairs are complex, then in all probability you’re Will will need to be more complex. In such cases our fees will be higher to reflect the additional time spent taking instructions, advising and preparing the Will.
Can I change my Will?
You can change your Will at any time. We would recommend that you check your Will once a year, especially if you have had a change of circumstances. If the changes are minor, then we will attend to them by way of a codicil (or addition) to your Will. Anything more complicated will normally be dealt with by way of a new Will.
Where should I keep my Will?
If you make your Will with us, our general policy is to hold your original Will in storage at our office, for which we make no charge, and provide you with a copy of your Will. You may wish to inform family and friends where your original Will is held.
