Everyone should consider drafting a will if they haven’t already done so. We may not want to consider it, but it is necessary, especially if there are dependents, such as children, because you will want to ensure that they are taken care of in the event of your death. There are several approaches you might take to this. This blog looks at the benefits and drawbacks of the three primary methods for creating a will.
Writing the Will Yourself
This is arguably one of the most popular methods for preparing your will, and it’s likely the most popular one that has been sitting in the drawer for years. You can start with a blank sheet of paper, or you can use one of the many pre-made kits available on the market, which will provide you with some basic instructions and samples. Writing down your wishes for the distribution of your assets and the care of your dependents, including children, is crucial. What are the benefits?
- It can be done at any time and is reasonably priced.
- It functions best in straightforward and uncomplicated situations.
- You can draft your will and have a professional review it; this will cost money, but it will be less expensive than having them draft the entire document.
Using a Solicitor to Draft and Store Your Will
Asking a lawyer to draft your will is an alternative, especially if your situation is more complicated. Having assets abroad, caring for a friend or family member with special needs that you want to ensure are taken care of, or having a prior spouse and/or children from a previous relationship are examples of complex situations. The following are the benefits and drawbacks of using a lawyer to draft your will:
- It is typically the priciest choice.
- It provides guidance on how to handle challenging circumstances.
- They can offer guidance on whether trusts are suitable for you.
- Since they intend to get probate in the future, they can usually also store your will as part of the charge.
- They are qualified and subject to regulations.
- Some solicitors handle other legal concerns more often than writing wills.
- Verify the fine print to ensure you are not granting them all authority to carry out your wishes, as this could result in expensive fees down the road.
Will-writing Firm
Working with a will writer is a third choice. Although they are not solicitors, they can provide the same advice and are usually experts in handling wills, and generally speaking, it is less expensive than employing a lawyer.
If you require help with estate planning, you should contact a professional, such as Intestacy Rules.