The Value Of Having A Will

Money-saving expert Martin Lewis’ latest program highlighted the importance of putting in place Wills and Lasting Powers of Attorney.

In a poll he ran, it was found that 52% of those who voted in his last Wills poll either don’t have one or do but it’s out of date. Although it was great to see him highlighting the importance of creating and having a Will in place, he also offered cheap solutions to put Wills in place, including ‘DIY Wills’.

It goes without saying that Wills are probably the most valuable document you will ever complete during your lifetime. They are the way to properly plan for your finances and property after your death.

Creating a Will

Your estate

Anyone who has possessions of any kind has an estate. Wills apply to everyone, wealthy or not, and it is up to the individual how they manage their Will – and how they go about calculating the value they wish to attribute to it. Trying to calculate the appropriate cost for creating a Will is not always straightforward, however.

On the one hand, an individual may feel that a Will really doesn’t take that long and, depending on their circumstances, that it may not be that complicated.

Preparing your Will

Wills can now be prepared online with many law firms – but it may be that your Will is not quite as straightforward as you thought.

Solicitors who prepare Wills may argue that they have to have years of training to get to the stage where they can make the process seem uncomplicated. Secondly, the document is immensely valuable, not least because having the incorrect document can cause the loss of many thousands of pounds, but it can be a piece of mind to ensure that there aren’t complicated family breakdowns after your death. A carefully prepared Will can help mitigate against inheritance tax, be tailored for complicated family relationships such as children from previous marriages, and also protect vulnerable beneficiaries.

Thirdly, they may say that part of the service they provide is not only the production of the document itself, but the guiding of the individual through the process with the minimum of stress including the safe storage of the Will once it has been finalised.

Individual needs and circumstances

Part of this approach, of course, involves treating the client as an individual with individual circumstances preferences, and needs. This is somewhat contrary to the prevailing ethos of the day where people are treated as subservient to the system that ‘serves’ them.

A Wills service is about choice – and making sure you select the right option for your own circumstances. You may want to complete your Will by email and online and you will receive a document that, at the end of the process, is accurate and has been prepared in response to the wishes you express when answering a series of questions. You will make a cost saving – but this could be far outweighed by the thousands of pounds in lawyers’ costs resulting from your Will reflecting what you thought you wanted – rather than what was actually the most appropriate decision for you to make.

Some people only realise what is required in their Wills once they have discussed this with a solicitor. A substantial part of a lawyer’s job in these meetings is to listen to the client and then tease out the reasoning for statements that they have made and also point out the unintended consequences of their choices.

You can of course combine the best of both worlds by using modern technology for interviews to create face-to-face service standards.

Remember, cost is a relative feature. For the millionaire, the difference between a document that costs £100 and £200 is relatively trivial, but for others, it represents a difference between being able to afford a document and not.

Creating a Will is vital and is something that you should carefully consider – making sure that your Will is right for you and carries out your personal wishes. While a cheap online or DIY option may fit the bill, don’t rule out taking advice from an expert solicitor who has years of experience designed to assist you in making the right choices. There may be something you haven’t thought of – and a solicitor can guide you through the process to ensure you have the sort of individual Will to match your own individual needs.