Information on why everyone needs to have a will. Includes will writing tips, advice on inheritance tax planning and how you can write your own will online.

Like setting up that direct debit to your favourite charity or sending out thank you cards at Christmas, writing a will is something all of us intend doing, but never quite get round to. And, as Dale Lovell argues, if you thought wills were only for the super-rich or pensioners, think again.

Sadly, as all of us are aware, it is easy to die at any time of life, and even if you only have a modest estate - with your savings, home and car - it pays to write a will. The well publicised death and subsequent legal wrangling following the death of singer Barry White in 2003, who died without having a will, only goes to show the importance of having a will. But as many as two-thirds of all Britons still delay writing a will.

Estate Planning: Why You Need a Will

While it is not a pleasant thought having to think about your own death and who gets what from your estate, a little planning ahead now, could save the ones you love considerable heartache in the future.

Malcolm Preece, Senior Tax Manager at Wolverhampton based accountants Aston, Gilbert & Squire, explains the importance of making a will, and the implications that can be caused by not having one at all.

“Writing a will is not as complicated as some may think, you can even buy papers from the Internet. It really is a case of simply stating to whom you wish to leave your estate, monies, and personal possessions and so on.”

In order to be legally binding the will must be signed in front of an independent witness and Mr Preece points out that once a will has been written it should be kept in a safe place, and, importantly, you should tell those close to you where it can be found – there are numerous cases where wills have been written and then lost.

Of course, real problems occur if no will is written at all, as the Government can end up with all your assets if you have no close relatives, and even if you do your wishes may not be accounted for. It all depends on your personal circumstances.

Estate Planning: If you Die without a Written Will

As a quick rule of thumb, if you are married with children, when you die your spouse gets everything up to £125,000, along with your personal possessions. The remainder is split in half, with 50% going to your children and the balance going into a trust for the rest of your spouse’s life. When your spouse dies this half reverts back to your children.

If you have no children, but are married, your spouse will receive everything up to £200,000 along with personal possessions, and the rest is split between your parents, however if they have already passed away, your estate will be passed onto your siblings.

While this is the case for those who are married, it is a different scenario for the ever-increasing numbers who are shunning marriage in favour of co-habiting. If you are in this position it really is best to ensure a will is written, because the consequences can be devastating for the partner left behind.

“If you are unmarried, a shared home may have to be sold if it is not in joint names, and the proceeds, along with the rest of the estate, will go to the next of kin,” continues Mr. Preece, “To stop this happening your partner will have to resort to the courts to recover their fair share.”

While speaking to specialists like Mr. Preece can undoubtedly be beneficial for those who are unsure about how to plan a will, there are increasingly a number of websites offering will writing services at a fraction of the cost of independent advice.

One such service is provided by the optimistically entitled TenMinuteWill.co.uk, which promises to give users a full will in next to no-time. The website offers numerous types of wills, starting with a single will from just £29.95, and all wills are checked by a solicitor to ensure their legality. Also, which is something you should look out for when choosing a will writing service online, the website offer unlimited changes free-of-charge, should they be required.

The majority of will writing websites, of which there are many, offer step-by-step assistance to users, outlining what type of will is best for you, depending on your individual circumstances. Once you have completed your will online you can save and print it out immediately so that all that is left to do is have it signed by an independent witness.

If all you are looking for is a standard, uncomplicated legal document, which outlines exactly who gets what when you die, then an online service such as that offered by TenMinuteWill.co.uk will be the right choice for you. If, however, you are looking for something more complicated, such as a will which utilises ways to avoid paying unnecessary tax on your estate, then it would be advisable to speak with an expert about the options available to you.

Write Your Own Will Online - Links:

www.tenminutewill.co.uk

www.agswolverhampton.co.uk