Your questions answered

Do I really need to have a Will?

It’s not a legal requirement but it’s something we strongly recommend. If you don’t have a Will, your possessions may not go to the people whom you would like to benefit. It may also lead to legal complications for your loved ones. Writing a Will is the only way you can be sure that your wishes will be taken care of once you are gone.

Isn’t writing a Will expensive?

Not at all. On average it will cost you between £70 and £120 to arrange a new Will. That’s a small price to pay for such an important document, particularly when you consider the potential costs to your relatives if you didn’t have a Will at all.

What is Inheritance Tax and how will it affect me?

Inheritance Tax is charged on the portion of your estate that exceeds a certain level at the time of your death. Currently, the level (or 'threshold') is set at £325,000. So for example, if your estate is worth £500,000 then your loved ones will have to pay Inheritance Tax on £175,000 (ie £500,000 minus £325,000).

What if I want to change something?

If your circumstances change, or you simply change your mind about something in your Will, it’s easy to have it amended. In fact, people recommend that you should review every couple of years or so to make sure it still matches your situation and your wishes.

Should I think about anything else?

You can use your Will to do lots of things, not just passing on your belongings to your loved ones. For example, you might want to specify whether you want to be buried or cremated. You can also name someone who would look after your children if you die. Your Will can also be a tax efficient way of passing on shares in a family business to your children.