Hi Everyone,
We've decided that every week, we're going to answer your most burning legal questions about several topics that you can see in the graphic. We're calling it #ASKPICASSO (we know, imaginative right) anyway, this week we're focussing on Will writing, so see our answers to your most common queries below!
Q1) How will writing a Will help me in the future?
A) If you have a Will, you are able to make sure that your possessions go to the people who are most likely to appreciate them. Not everyone will receive your complete collection of Star Trek DVDs with the gratitude and respect they merit! This gives you complete control over your assets (property, money, possessions) and provides you with an opportunity to distribute them accordingly. Having a Will, also ensures the financial security of your children should one or both parents/guardians are to pass.
Q2) What are the different types of Wills that exist?
A) There are four different types, these are Simple Wills, Testamentary Trust Wills, Joint Wills and Living Wills.
Simple Wills allow you to decide who will receive your assets and give you the opportunity to name a guardian for any minor children, should you pass.
A Testamentary Trust Will allow you to place assets into a trust for your beneficiaries, with added conditions such as when a child reaches a certain age and can handle the responsibility of a large sum of money. This type of Will allows you to appoint a trustee to handle the trust also.
A joint Will, or a mirror Will, allows a partner to transfer all their assets to their spouse following their passing.
A living Will, allows you to choose what medical treatments you want if you, unfortunately, become incapacitated. It also allows you to choose someone to make decisions on your behalf should you be unable to do so yourself.
It is important to note that multiple Wills can exist at once, if for different reasons and purposes. For example, both a Living Will and an existing Will can co-exist as they cover alternate circumstances.
Q3) How much does a Will cost?
A) The average cost of a professionally written will is around £250.00. However, under Picasso Legal’s Free Will Writing scheme, you can now get a completely free Simple Will written for you if you are over the age of 18.
Q4) Can you write your Will from home?
A) Picasso Legal currently offer this service, due to current covid-19 restrictions, other legal firms may not offer the same service.
Q5) What happens if I don’t have a Will and pass away?
A) If you don't have a will when you pass, your money, property and possessions will be shared out according to the state law in place of your personal wishes. This can mean they pass to someone you hadn't intended – or that someone you want to pass things on to ends up with nothing. As such, a Will is incredibly important.
Q7) Why should I consider getting a professional to write my Will rather than my own DIY Will writing kit?
A) If you try writing the Will yourself you can easily avoid the pitfalls you know about... but there are likely to be a lot of pitfalls you don’t know about. Plus we might know ways of avoiding inheritance tax that you hadn’t considered. There is a multitude of rules about signatures and witnesses who will carry out your wishes. We will write your Will for you including all the hereinafter and heretofore. The best part for you is having the fun and warm fuzzy glow of generosity. The best bit for your loved ones is that it is substantially easier and cheaper to sort it all out.
If you require any support or assistance with your Will, please get in touch today!
