A Will is a legal document expressing one’s intention regarding the distribution of their wealth, assets and or property on their demise.
It also clearly mentions who will manage and run the deceased’s assets before the actual distribution.
Making a Will can be costly depending on how it’s made and how complex the provisions are.
If you wish to write your Will soon but dread the expenses involved, here are some of the tips to save money while making a Will.
Fee-Free Will Drafting Voluntary-Based Schemes
Many aid groups and organisations, such as Cancer Research UK, offer Will writing aid without any obligation.
Charity-based schemes choose specific months for events where they offer free drafted Wills and aid or at least a lower rate for the services. You can take advantage of such events, especially if you’re a member of any such organisation.
For someone above the age of 55 years, joining an appropriate charity scheme can help save money while making one Last Will & Testament. Although in most cases there’s no obligation to pay, leaving a donation for the charity in your Will is a nice gesture.
However, some charities may offer the services in anticipation of receiving a gift under the Will as an appreciation of their free services and may make their intentions clear upfront. Some organisations may even check prior similar donations you’ve made before accepting your request for giving free services.
Before you approach such Will drafting services, research your options well.
Local Litigators or Solicitors
You can find a local paralegal recommended by friends, colleagues or family.
If you’re hesitant in approaching your acquaintances, you can even search on the Law Society’s database for solicitors who may offer Will drafting on pro bono.
Clients with a low income can take advantage of pro bono services offered by the legal personnel, for free or at a discounted rate.
Older and vulnerable persons can save a fortune by hiring such legal firms.
Low-Priced Will Writing Agency
Specialised Will writing agencies can offer services below the standard solicitor charges with costs going as low as half or even less than the regular solicitor’s fee.
Some of these services are regulated by the Solicitors Regulatory Authority, so you can trust their expertise.
Employers and Trade Union
Some employers may offer Will drafting services as legal assistance to their staff. Check your company’s employee benefits program to see if such services are extended by your employer.
Some workers’ unions (trade unions such as UNISON, Fire Brigades Union) and Public and Commercial Services Union also offer free Will writing services to their members. If you’re a member of any of these unions, you’ll be able to save handsomely on making a Will.
Home Insurance Legal Covers
Some home insurance covers accommodate Will writing services as part of the package, which comes in handy for the respective insurance holders.
This is a good saving scheme; however, it is only suitable for low-complexity Wills. One should be alert as insurance schemes including such benefits can sometimes come with a higher premium for the policyholders.
You need to choose whether you want a concession on your home insurance policy premium or a policy inclusive Will writing service.
Online Templates and Those Available in Stationery Shops (DIY)
Are your circumstances simple, and do you need a cheaper option?
Then this is your ideal option.
Templates are only advisable where one’s wishes are very simple, for example, where there’s only one beneficiary.
If you think your situation requires complex planning, you should seek the services of a Will writing facility or a solicitor. This includes, but is not limited to, a scenario where one has step-children or has a partner but is not legally engaged or married.
Anyone over the age of 18 years and of sane mental capacity can make a Will. A legally binding Will and Testament must also be witnessed appropriately and be up to date. If there are any previous versions, they need to be replaced (destroyed) and stated so.
Do Will Writing Agencies Offer Will Preservation Services Also?
Some entities such as Co-op Legal Services which are low-priced Will drafting services are monitored and regulated by the Solicitor Regulatory Authority. These entities can be trusted to safeguard their client’s Last Will and Testament.
Although many low-cost online Will drafting services are not controlled by the SRA, they have panels of qualified professionals and paralegals for review. Based on availability, one can request a solicitor for a special review of your Will. Kindly note that some of these facilities do not allow one to update the Last Wills and Testaments until a small fee is paid annually.
A Last Will and Testament is valuable and important. It is a legal proof of inheritance and a sentimental fulfilment of one’s wishes after death.
The Will must be stored safely. The respective executioner should be advised to be extra vigilant and follow specific commands as stipulated in the Will. This will avoid unnecessary wrangles at the time of inheritance, as every detail about the assets, property or wealth is inscribed in the will.
Saving money where possible is a crucial factor in the Will-making process as it reduces the financial burden on the parties involved.
People who have access to charity schemes, other services and individuals such as solicitors and Will writing professionals, union memberships, etc. are in a better position to save when it comes to writing a simple Will.
But others don’t need to be disheartened because professional services can be availed for a very low fee from legal firms that offer online Will writing services.
After all, where there is a WILL, there’s a WAY!
