Every individual, regardless of marital status or the size of their estate, needs a well-crafted will to ensure their final wishes are respected. Whether you are single, divorced, widowed, or in a committed partnership with a separate will, a single Will offers you the peace of mind that comes with knowing your assets will be distributed according to your intentions.
Contrary to popular belief, the absence of a will does not mean your possessions automatically pass to your "next of kin." An alarming number of people in the UK – nearly half of all adults – do not have a Will, potentially leaving their loved ones with unintended consequences. Instead of following your wishes, the law dictates who receives what through rigid intestacy rules.
Why Having a Single Will is Essential
While contemplating the future, especially matters related to one's eventual passing can be uncomfortable, it is essential to plan ahead. In the absence of a Single Will, the distribution of your estate will be governed by intestacy laws – a set of predetermined rules that may not necessarily reflect your personal preferences and intentions.
A Single Will is a legally binding document that grants you the power to specify precisely how you wish your assets to be distributed after your demise. This powerful tool enables you to:
- Choose your beneficiaries: You can designate the individuals, organisations, or charities that will receive portions of your estate.
- Appoint an executor: You can select a trusted person to manage and administer your estate according to your wishes.
- Leave specific bequests: You have the ability to allocate particular items or sums of money to specific individuals or entities that hold significance to you.
- Nominate guardians: If you have minor children, a Single Will allows you to name guardians who will care for them in the event of your passing.
By creating a Single Will, you ensure that your legacy is handled in a manner that aligns with your values and desires, providing peace of mind for both you and your loved ones during a difficult time.
When to Consider a Single Will
A Single Will is a suitable option for individuals in various life situations, including:
- Single individuals: If you are not married or in a civil partnership, a Single Will allows you to name the specific people or organisations you want to inherit your estate.
- Divorced or widowed individuals: If your marital status has changed, it is crucial to update your Will to reflect your current wishes. A Single Will ensures your estate is distributed according to your updated preferences.
- Couples with separate Wills: If you and your partner have distinct wishes for your individual estates, creating separate Single Wills allows for greater flexibility and control.
- Complex assets or family situations: If you have a complex estate or family dynamics, a single Will can be tailored to address unique circumstances such as business ownership, specific bequests, or provisions for dependents.
If you find yourself in any of these situations, consulting with a will writing solicitor can help you determine whether a Single Will is the right choice for you.
Frequently Asked Questions
What happens if I die without a Will?
If you pass away without a valid Will, your estate will be distributed according to the intestacy rules. These rules dictate who inherits what, and they may not reflect your actual wishes. It could lead to delays, disputes, and a distribution of your assets that you wouldn't have chosen.
How much does a single Will cost?
Garratts offers a transparent and competitive fee structure for Single Wills. Our standard Single Will starts at £200 plus VAT. For complex Wills involving additional considerations such as trusts or exclusions, extra fees may apply. You can find detailed information on our Wills and Probate Fees page or contact us for a personalised quote.
Can I change my Will in the future?
Yes, you can modify your Will at any time to reflect changes in your circumstances or wishes. This is typically done through a codicil (a legal document that amends your existing Will) or by creating an entirely new Will. Our solicitors can guide you through the best approach.
What happens to my Will after I die?
After you pass away, your Will becomes a public document. Your appointed executor will be responsible for obtaining a Grant of Probate, which is a legal document confirming their authority to administer your estate. They will then distribute your assets according to the instructions laid out in your Will.
Who can I choose as my executor?
You can appoint one or more executors to carry out the terms of your Will. They can be trusted friends, family members, or professionals, such as solicitors. It is essential to choose someone reliable and capable of handling the responsibilities involved in administering your estate.
