A will is an important legal document that protects the interests of your loved ones when you die. It dictates the division of your assets based on your wish specifications. Its absence, thereof, leaves your bereaved family members susceptible to court cases in a bid to access your money or property.

In UK, statistics show that each year 1 in 3 people die without a last will testament. Over 70% of civilians under the age of 64 have not yet drawn up their wills, with another significant percentage owning outdated copies. State laws dictate that when a person dies intestate, the government has legal ground to determine who gets what and how much.

What is a Single Will?

This kind of will is presumed to be limited to single individuals. Contrary to misconception, single wills equally apply to married persons, civil partnerships or long term relationships. If your wishes differ from that of your spouse then a single will is probably your best option.

Here are some of the key features of this legal document:

Choice of executor

This is an individual appointed to minister the estate affairs of a deceased person. Their main duty is to manage property while carrying out instructions as per the wishes documented.

Child protection

For young adults under the age of 18, the will holder gets to makes decisions as relates to their education, living arrangements, caregivers and financial allocations. You are allowed to name persons or trusts whose inheritance you want to protect.

Protection of vulnerable family members or dependants

This provision differs from that of biological children.

Grand children protection

Persons with multiple assets can secure their grandchildren too.

Gift specifications

Special property, gifts or monetary amounts can be specified to particular beneficiaries

Family business protection

Blood line entrepreneurial ventures can be handed over to next of kin or a named successor. Asset liquidation for the sake of maximum protection is equally allowed.

Funeral plans

The holder gets to choose his/her interment preference; whether by cremation or burial. If you wish for a cremation you can set out where you would want your ashes scattered. A thorough funeral plan will take care of funeral costs and other expense.

Exclusions

This counts as a safety measure. It becomes practical in the event that your beneficiaries pass on before you do. To avoid repossession of your estate by a complete stranger, you are allowed to distribute it to a charity or trust fund.

Cost of Writing a Single Will

Prices vary depending on whether you choose to write one for yourself, online or through the services of a professional. According to the UK Care Guide, costs can range from anything between 30 (online wills) to 500 Euros (professional will writers). The standard average ranges between 150 to 250 Euros.

Online wills are of course the most cost effective option if you are able to do it by yourself; however the risks involved are high. Hiring a will solicitor instead, provides you with expert advice when documenting. These professional are trained to direct you through the entire process, all the while providing legal recommendations at your best interest.

For individuals with a relatively large portfolio or versatile situations such as overseas assets, children from previous marriages, inheritance tax inclusions (which stand at 40%), it is advisable to work with a will solicitor. You stand a better chance to cut down on tax expenses as opposed to resolving to amateur means. An added advantage is that you never have to worry about safe storage, as the professionals handle that..

Key Things to Remember When Structuring Your Single Will

• Compile a comprehensive plan– ensure the directive set is detailed enough for use when the time comes. Do not leave out any unfilled details or unclear statements. Be keen to specify monetary amounts whenever possible.
• Include witnesses– a witness is an independent party that ensures the document becomes legally binding. In the UK, 2 witnesses over the age of 18 will do. They must not be among the potential beneficiaries for validity sake
• Review your will– it is vital that your last testament remains correct and up to date. This is ensured by periodically revisits to making minor corrections where necessary. Seek experts’ advice for will revision, especially after life changing events such as marriage, divorce, the birth of a new baby or beneficiary. In case of numerous major adjustments, it is best to write a fresh will altogether.

Conclusion

An individual will grants you liberty of choice even up to death. It is a safe option that alienates your loved ones from the rules of intestacy. You can always get one through the help of will writers. Lastly, remember to refresh your will from time to time if need be.