Writing a will

By JO THORNHILL
Updated:

 

THINKING about making a will? Anyone over 18 or who is or has been married can write a will - but how do you go about it and what are the costs?

If you want to make your own will, all you need to get started is buy the special printed forms from a stationery supplier such as WH Smiths. But in order to ensure your documents are watertight and fully legal it is best to use a solicitor or a high street bank.

Where do I start?
Firstly, it is important to choose a solicitor you feel comfortable with. It's a good idea to take time to look around at different firms in your area and get recommendations from friends and family.

Next, appoint executors for your will. You can appoint your solicitor, an accountant, your bank, or a family member as executor to the will. It is a simple procedure and many people prefer to have a family member they trust and respect. Executors and trustees can be beneficiaries.

How long does it take?
This depends on how complex your will is but it is usually a reasonably quick procedure. From initial discussion to a solicitor drawing up a draft of your will should only take an hour. Your solicitor will then send you the draft to look over and check and if necessary make any amendments. Once this has been done all you need to do is sign the documents along with your appointed witnesses.

How much will it cost?
Costs typically range from £40 to £125 depending on where you live and the complexity of the will. Most advisors say that for more complex wills it is probably best to agree on a fixed fee with your solicitor before commencement.

What is a living will?
Living wills give the power of attorney to someone of your choice in the event of you being put on a life-support machine This person can still be incorporated into your will. A good solicitor will point out to clients how living wills work and their implications. It's certainly something worth considering when writing a will.

Where can you get more information?
For more information or advice on writing a will call the Independent Financial Advisor Promotion (IFAP) on 0117 971 1177 or visit the website at www.unbiased.co.uk. They offer a free half-hour consultation voucher with no obligations to follow up. IFAP also has a guide to inheritance tax planning which is free to consumers.

TIP: Some people forget when making their will to review pension schemes and life insurance policies to make sure they are written in trust for any beneficiaries.

This is often a standard procedure with most of these policies but it is always worth checking and keeping things up to date - especially if you're situation has changed for example a divorce or the death of a spouse.

It is sensible to keep a record of this information together with your will and other relevant documents.

Planning for the inevitable

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