Making a Will is one of the most important things you can do during your life to ensure that your estate is divided according to your wishes.

What is a Will?

A Will is a legal declaration by which you, the “testator”, decides what happens to your property and possessions after your death. Although you do not have to make one by law, it is the best way to make sure your estate is passed on to family and friends exactly as you wish.

Not having a Will means that you will die “intestate” and your estate may be divided according to law, and not your wishes.

Having a Will can also be a powerful tool to avoid paying too much inheritance tax. A well drafted Will is vital if your estate is worth over the current inheritance tax threshold (nil rate band) of £325,000 because you may end up paying inheritance tax which could have been avoided.

Other benefits for having a Will includes the provision for married couples to take advantage of the transferable nil rate band (whereby you can use your spouse’s tax free threshold on the second partner’s death).

We have prepared a factsheet which explains the Nil Rate Band Wills in more detail. Please click here for more information.

Important things to consider

Did you know that about 60% of the UK population over the age of 60 do not have a will? For many of us, making a Will is often a low priority. However, making a will is important because:

• You can decide how your assets are shared
• If you’re divorced, you can decide whether to leave anything to your former partner
• Your loved ones will benefit from tax saving opportunities should your estate incur Inheritance Tax
• Arrangements can be made for your children should one or both parents die
• If you’re an unmarried couple (whether or not it’s a same sex relationship), you can make sure your partner is provided for
• Your chosen charitable organisation(s) will benefit from your legacy

“Do-It-Yourself” Will writing kits are now available on the high street and online, which may appear to offer a cheaper alternative to instructing a solicitor. However, there may be dangers by making a Will yourself which could cause problems for your loved ones after your death. Challenging a Will could result in significant legal costs, potentially reducing the amount of money in your estate.

It is worth knowing that there are some complex situations when it is strongly recommended to instruct a solicitor for making a Will, these include:

• You’re not a British citizen
• You’re British, but your permanent home is outside of the UK
• You own or are involved in a business
• You wish to make a provision for a dependant who is unable to care for themselves
• You own assets or properties overseas
• You share property with someone who is not your husband, wife or civil partner

We always recommend clients to instruct a solicitor for making a Will. By doing so, you can be confident that your wishes are arranged exactly as you planned them, and your loved ones will have no unexpected surprises later on.

We have prepared factsheets on why you should make a Will, how to sign your Will and what happens after signing your Will.

Why use Fisher Meredith?

Fisher Meredith is an award winning London law firm with offices in Richmond, Surrey and Kennington, London. Our Will experts have an outstanding reputation for acting on behalf of individuals with highly successful results.

For 35 years, Fisher Meredith has developed a reputation for being approachable and “going the extra mile” for its clients whilst maintaining ethical and socially responsible standards.

Fisher Meredith’s Private Client Department specialises in drafting Wills, probate and tax planning. We offer clients the following services and options:

• We will agree a fixed-fee price before you instruct us to ensure clarity over fees
• Your fee will include any estate and inheritance planning required
• Your fee includes re-drafts (if required) to ensure you are entirely happy with your final Will
• We will write a letter setting out the contents of your Will and any tax or estate planning advice given
• Free Will storage in our fireproof Wills safe
• We can visit you at your home or place of work
• Reduced fees for “mirror” Wills between spouses

What should I do now?

If you are in any doubt as to whether or not you should make a Will, let our solicitors guide you through the Will making process. Each person or family has very different needs, so tailored advice is essential to achieve the best outcome possible.

For initial advice or to arrange a meeting with one of our solicitors, please contact our helpline on 0800 014 7445.