Writing a Will in the UK: Your Options
Estate Planning
Writing a will is a fundamental aspect of planning for the future and ensuring your wishes are respected after you're gone. It allows you to decide how your assets will be distributed, minimising potential for disputes among loved ones and providing peace of mind. This post explores the various options available if you’re looking to write a will, outlining the pros and cons of each to help you make an informed decision.
Legal Requirements for Wills
Before delving into the different ways to create a will, it's important to understand the legal requirements that ensure its validity. A will must meet the following criteria under UK law:
Age: The person making the will (known as the testator) must be 18 years old or over.
Voluntary: The will must be created willingly, without any pressure or coercion from others.
Sound Mind: The testator must possess testamentary capacity, meaning they understand they are making a will and its implications for their assets and beneficiaries.
In Writing: The will must be in written form.
Signed and Witnessed: The testator must sign the will in the presence of two witnesses, who must also sign the will in the testator's presence. It's important to note that witnesses can be beneficiaries, but they will lose their right to inherit anything under that will.
Overall Comparison of Will Writing Options in the UK
DIY Wills
Perhaps the most budget-friendly option is to create a will yourself using a template or online guidance. While this approach might seem appealing, it's crucial to be aware of the potential pitfalls. DIY wills carry the highest risk of errors, which could render the will invalid. Inheritance law can be complex, and even seemingly minor mistakes in wording or execution can have significant consequences. If you have a very simple estate and are confident in your understanding of the legal requirements, a DIY will might suffice. However, for most people, seeking professional assistance is highly recommended.
Online Will Writing Services
Online will writing services offer a convenient and often cost-effective alternative to traditional methods. These services typically guide you through an online questionnaire or provide templates to capture your wishes. Some services offer access to legal professionals for review or support.
Pros
Cost-Effective: Online will writing services are generally more affordable than solicitors or will writers.
Convenience: You can create a will from anywhere with an internet connection, at your own pace.
User-Friendly: Many platforms offer intuitive interfaces and helpful guidance.
Speed and Efficiency: Creating a will online can be quick, often taking as little as 10 minutes for simple estates.
Cons
Limited Expertise: While some services offer legal review, the level of expertise may not match that of a solicitor specialising in wills and estates.
Risk of Legal Challenges: Errors in drafting or a lack of comprehensive legal advice could increase the risk of your will being contested.
Suitability: Online services may not be suitable for complex estates, those with international assets, or situations requiring trusts.
Popular Online Will Writing Services and Reviews
Here are some of the leading online will writing services in the UK, along with insights from user reviews:
Farewill: Known for its user-friendly interface and speed, Farewill has been recognised as the National Will Writing Firm of the Year multiple times. Users appreciate the clear explanations and helpful support.
Which? Wills: With a focus on consumer protection, Which? Wills offers a comprehensive service and has their wills checked by qualified solicitors.
MakeAWillOnline: This service is praised for its affordability and user-friendliness, with a high rating on Trustpilot.
Co-op Legal Services: Co-op Legal Services offers a range of options, including online will writing, with positive customer feedback on their clear explanations and efficient service. One user commented, "Everything was explained very clearly. It did not consume as much of our time as we thought it would."
ActiveWills: ActiveWills stands out for its affordability and offers free lifetime storage of legal documents.
It's important to research and compare different online services to find one that suits your needs and budget. Reading reviews and testimonials can provide valuable insights into user experiences.
Will Writers
Will writers are professionals who specialise in drafting wills. While they are not qualified solicitors, they may be members of professional organisations like the Institute of Professional Willwriters (IPW) or the Society of Will Writers (SWW).
Pros
Cost-Effective: Will writers generally charge lower fees than solicitors.
Convenience: They often offer home visits or online services, making the process more accessible.
Specialised Knowledge: Will writers possess specific expertise in will writing and estate planning.
Cons
Limited Legal Expertise: Will writers may not have the same breadth of legal knowledge as solicitors, potentially leading to oversights or errors in complex situations.
Varying Levels of Protection: The level of regulation and consumer protection offered by will writers can vary significantly. It's crucial to choose a reputable will writer who is a member of a recognised professional body and holds professional indemnity insurance. The Consumer Rights Act 2015 provides some protection for consumers using will writing services.
Potential for Errors: As with DIY wills, there's a risk of errors in drafting or a lack of understanding of complex legal issues, which could lead to challenges to the will's validity.
Solicitors
Solicitors are qualified legal professionals who can provide comprehensive advice on will writing and estate planning. They are regulated by the Solicitors Regulation Authority (SRA) and are required to have professional indemnity insurance.
Pros
Expertise and Legal Advice: Solicitors possess in-depth legal knowledge and can offer comprehensive advice on all aspects of will writing, estate planning, and related matters like inheritance tax and trusts.
Protection and Regulation: Solicitors are regulated by the SRA, ensuring they adhere to strict professional standards and have professional indemnity insurance. This provides greater protection for consumers if something goes wrong.
Reduced Risk of Errors: Solicitors are less likely to make errors in drafting or overlook important legal considerations, minimising the risk of the will being challenged.
Secure Storage: Solicitors can store your will securely, ensuring it is protected and readily accessible when needed. They can also advise on other storage options, such as banks, the Probate Service, or home storage.
Cons
Cost: Solicitors generally charge the highest fees for will writing services.
May Not Be Necessary for Simple Wills: If your estate is straightforward and your wishes are simple, using a solicitor might not be essential.
Other Options for Writing a Will in the UK
Free Will Schemes: Some charities and organisations offer free will writing services, often with the hope that you will include a donation or bequest to them in your will. While this can be a cost-effective option, it's important to be aware of potential limitations on the complexity of the will and possible pressure to leave a bequest.
Trade Union Will Services: Some trade unions provide free or discounted will writing services to their members.
Video Wills: The Wills Act 1837 was amended during the COVID-19 pandemic to allow for remote witnessing of wills via video conferencing. This offers greater flexibility, especially for those with mobility issues or who are geographically separated from their witnesses. However, it's essential to ensure the process adheres to the legal requirements for remote witnessing.
Consequences of Not Having a Valid Will
Dying without a valid will means your estate will be distributed according to the rules of intestacy. This can have significant consequences:
Unintended Distribution: Your assets may not go to the people you would have chosen. The intestacy rules prioritise spouses, civil partners, and close relatives (children, grandchildren, parents, siblings). Unmarried partners, close friends, or charities you might have wished to support could receive nothing.
Family Disputes: Intestacy can lead to disagreements and disputes among family members, causing stress and potentially costly legal battles.
Delays: The probate process (the legal process of administering an estate) can be more complex and time-consuming when there is no will, delaying the distribution of assets to your loved ones.
Emotional Impact: Not having a will can add to the emotional burden on your loved ones during an already difficult time.
Cost vs. Expertise: Finding the Right Balance
When choosing a will writing option, it's essential to weigh the cost against the level of expertise and protection offered. Online services and DIY wills are the most budget-friendly but come with a higher risk of errors or limitations in addressing complex situations. Will writers offer a middle ground, with lower costs than solicitors but potentially less legal expertise. Solicitors provide the highest level of expertise and protection but also charge the highest fees.
Whatever Option You Choose, Use Stronghold
Securing your legacy and providing peace of mind for your loved ones starts with a well-crafted estate plan. While many will-writing avenues are available, from DIY kits to solicitor consultations, the right choice hinges on your unique needs. Regardless of whether you opt for a simple or complex will, consider Stronghold, the smart digital vault, as your central hub. Stronghold seamlessly integrates with any estate planning method, providing a secure system to organise your essential documents and contacts, easy access for designated individuals, and a streamlined way to keep track of your assets. No matter which will-writing option you choose, Stronghold ensures your estate plan remains organised, accessible, and protected, giving you and your family lasting peace of mind. Start exploring your will-writing options and integrate Stronghold into your plan today.
Note: This blog post is for general informational and educational purposes only and should not be construed as legal, financial or tax advice. The content of this post is not a substitute for specific legal, financial or tax advice or any other professional services. We encourage you to consult with a qualified solicitor, tax professional, financial advisor or other relevant expert before taking any action.