When was the last time you updated your Will?
Perhaps you don’t have one at all. If not, you’re certainly not alone: 57% of the UK population doesn’t. Even fewer people – just 1% – have a Lasting Power of Attorney (LPA), but they are arguably more important than your Will, as they dictate what happens to you and your money while you are still alive.
Dying without a valid Will means your estate will be shared out according to the laws of intestacy. These laws were written in 1925, and don’t take into account the complexities of our modern lives, so having a valid Will in place is increasingly important.
If your Will is valid, it will be followed according to your wishes at the time of writing and will not take into account any undocumented wishes you may have expressed since. So, it’s important to update it every five years, or after any major life event. For example, it is not commonly known that marriage invalidates existing Wills, but divorce does not.
A well-written Will can also help mitigate the impact that the UK’s 40% inheritance tax can have on your estate. We can also advise on the most appropriate and tax efficient ways in which you can move your assets to your loved ones before or after your death.
Fees are variable depending on the complexity of the documents and the size of the estate. Starting prices are as follows:
- Single Will from £150 for BMA members (£190 non-members)
- Mirror Will from £200 for BMA members (£250 non-members)
Combined Wills and LPA package
Save time and money with our Wills and LPA package. Receive a 20% discount when you buy your Will and LPA together.