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Your free estate planning review
What is a Will?
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.
Sometimes known as your last Will and testament, it includes information such as how you would like to distribute your assets, who you would like to bring up your children and what sort of funeral you would like. If you die without writing one, people you care about might lose out, as your estate will be distributed according to strict rules.
While many people know that having a Will is important, more than half of British adults haven’t made one. Whether you have a complicated estate or you’d simply like help with writing one, you can get a professionally written Will drawn up with Key Estate Planning – all from the comfort of your own home.
Request a free callback today to speak to one of our specialist Will writers.
Why do I need to write a Will?
If you pass away without making a valid Will, the government will decide who inherits your possessions, property and money – your estate – according to the Laws of Intestacy.
Only married or civil partners, plus some other close relatives, can inherit under these rules. Through application of these laws, if you and your partner are unmarried and not in a civil partnership, it will certainly mean that they will inherit nothing from your estate.
In the case of separation without divorce, your estranged spouse would still inherit from your estate if you do not have a valid Will.
If you make a Will but it is not legally valid, the Law of Intestacy will also decide how your estate will be shared out. This means that your wishes expressed in the Will might not be executed.
Ensure that your loved ones will receive everything you want them to by starting the process of writing a Will today.
Ready to start creating your Will?
One of our expert estate planners can provide a free, no-obligation consultation and offer advice on what type of Will that you need and how to ensure that all your wishes are taken care of. If you like, we can then draft your single or join Will and Trusts (if needed) and even arrange storage of your Will.
Getting started is quick and easy with Key, just give us a call to talk to an estate planner:
What can I leave in my Will?
Within your Will, you can leave the following to your beneficiaries:
- Valuable items
- Your property
- Your business
- Intellectual property
- Intangible assets such as bonds and shares
- Pension schemes and self-administered pension plans
Your Will must state who should inherit your assets after you die. If you would like somebody that you trust to administer the estate and carry out your last wishes, you can also name an executor.
You can also leave a list of instructions for your funeral, as well as set up different trusts to help provide financial stability for your family after you’re gone. In addition, if you have children, you can use your Will to name a guardian for them.
In order to be valid and enforceable by a court, your Will must meet certain criteria. If you would like some help on what to include for it to be valid, we can help.
Request a callback today to find out more about our Will writing services.
How to write a Will
If you are asking yourself the question ‘How do you make a Will?’, allow us to help.
Before you write it, you will have to decide who gets what. Setting down the basics of your plan for your estate before discussing it with your family or close friends is a good place to start.
Firstly, make a note of who you would like to benefit from your estate. If you would like to include charities and friends in addition to your children, spouse or other family members, that’s okay.
Next, note down your assets, along with what they are worth. Your valuable objects and savings will be easiest to evaluate, followed by your business, property and land, stock market investments and your pension. If you have any other sentimental items that you want specific people to have, write these down too.
You will then need to start thinking about how you want to split your property and money. If you want to leave a fixed sum to your daughter, for example, this is called a ‘pecuniary bequest’. If you’d like to leave specific items to her, such as expensive jewellery, this is known as a ‘specific bequest’. It simply means that you leave a particular item which belongs to you.
A ‘residuary bequest’ means that you leave a percentage of what your estate is worth after any taxes or debts have been paid.
You can also specify what happens if the person you plan to leave something to passes away before you do.
If you need any assistance on how to write a Will, our Will writers are always available to help. Simply request a callback and one of our estate planning specialists will be in touch.
Keeping your Will valid
Significant changes in your life, or those of your loved ones, should prompt you to update your Will so that it continues to reflect your wishes. If you have taken out an equity release plan, we recommend having your Will updated. Having a Will that is out of date is often worse than not having one at all.
When you make your Will with Key, you can update it at any stage should your circumstances or wishes change. Usually we will only charge an admin fee, starting from just £99 including VAT if you do not have storage facility with Key. If you opted for storage within the package any future amendment will cost £49.50 per Will to be amended.
What is the cost of a Will?
While using a Will writing service to help write your final wishes can be more expensive, it can save a lot of hassle for those you leave behind – especially when it is done properly by experienced estate planning specialists.
If you’re wondering what it costs to have a Will drawn up, the answer to that is that it varies. Depending on whether you’re in need of a simple, complex or specialist Will, the price will differ. The best thing to do is request a callback from our team. They will be able to provide you with information based on your individual situation.
If you're exploring the option of doing it yourself, then why not speak to an estate planner for free to learn about the pros and cons of setting up your will without professional guidance?
Quality Will services you can trust
Our estate planners are fully qualified and members of The Society of Will Writers, which means our service meets strict writing guidelines. It's the purpose of The Society to highlight the public's need for a valid Will as well as acting as a self-regulatory body.
As members of this society, Key adheres to its proficient standards of technical knowledge and clarity and is committed to undergoing regular training to maintain its quality of service.
Why choose Key for Will advice?
When you come to us, you can rest assured that your estate is in the right hands. Our Will writers will listen to your wishes and provide sound advice on what’s best for you and your loved ones in the future.
What you can expect at Key:
- Transparency: We won’t recommend anything that isn’t right for you or your family. We’ll be open and honest throughout the process, so that you understand each step.
- Support: We will give you all the facts to make an informed decision in your own time. When you have decided what you would like to do, we’ll support you throughout the process.
- Attention to detail: We'll ask the correct questions to ensure your wishes are fully documented and secured.
These pages give a general overview of the issues surrounding estate planning and are based on our understanding of the current law and tax regulation in England and Wales, which may be subject to change.
Page last updated: Friday 06 October 2023