A well-drafted Will can save considerable sums of money in Inheritance Tax (IHT) and give you peace of mind that your wishes will be carried out.
Why make a will?
Most of us would rather not think about our own death and this may be the main reason why the majority of people haven’t made a Will. There are also many misconceptions that stop people making a Will, but it is the only way of ensuring that the people you want to benefit actually do inherit from your estate. If you die without making a Will, the intestacy rules apply in an arbitrary manner. This may lead to your spouse having to share your estate with your children whom you may not have intended to benefit straightaway.
At present the intestacy rules do not recognise cohabitees. If you live with your partner and die without having made a Will, your partner will not automatically inherit any of your estate – there is no such thing as a “common law husband or wife”. Your partner may have a claim on the estate, but this is expensive and a situation that should be avoided.
Careful drafting of a Will can ensure that (IHT) is kept to a minimum. Under a carefully drawn Will, you can also set up trusts for beneficiaries’ under-age or for beneficiaries with disabilities.
Please note that Will-writing companies are unregulated and do not offer the consumer protection that a solicitor does as we are backed by Professional Indemnity Insurance and regulated by the Solicitors Regulation Authority.
Registering Your Will
Powell Spencer and Partners are members of Certainty, the National Will Register® and we now routinely offer to register your will, providing a complete service for your Will(s).
Certainty the National Will Register
Certainty the National Will Register is the Law Society’s endorsed provider of a National Will Register and is chosen, endorsed and used by the public, legal profession, law firms, PI insurers, Government agencies, charities and other associated sectors and organisations to Register Wills and Search for Wills. It is working towards ensuring that unknown or untraceable Wills are a thing of the past. It currently provides access to in the region of 8 million wills.
Certainty the National Will Register searches for both registered AND unregistered Wills in geographically targeted areas in the UK. At least 1 in every 10 Certainty Will searches resulted in a Will being discovered where the estate was presumed intestate or a later, unknown Will, being brought to light.
We would strongly recommend that your will is registered. Please note that the contents of your will are not stored on the Register. They remain confidential but your name, date of the will and its location will be recorded.
Why should I register my Will?
In a recent UK survey, two thirds of children would not know where to locate their parents’ Wills. The passage of time, house moves, and new relationships are all contributing factors to this statistic. If your Will is deemed lost or indeed never written your loved ones and benefactors are exposed to potential financial loss and obviously additional stress. Powell Spencer and Partners will hold your Will safely if required, but we also record its location with The National Will Register so that benefactors can always locate it when the time comes.
Single person Will – £250 + VAT
Mirror Wills (for couples) – £400 + VAT
These fees include free storage if required and free Certainty Will Registration.
Should you wish to instruct us to prepare Lasting Powers of Attorney in addition to your will, you will receive a 20% discount on our fees which are quoted below.
For more information please visit our Fees & Funding page.
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Partners: Greg Powell, Zaman Legal Services Ltd (Directors: Sinead Zaman, Saloud Zaman)
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