Will Writing Services

If you are making a serious financial commitment, like taking out a mortgage, it’s a good idea to think about estate planning too, and this is something we can help with.

At Echo Finance, we can match you with the right estate planner for your will writing needs and can provide this service either alongside mortgage advice, or as a standalone offer.

Here you will learn how our will writing services work, why they’re important, and how to get the perfect will for your needs and circumstances drawn up.

How our will writing service works

We have a deep working relationship with estate planners across the country and can match our customers with the one who is best placed to help them produce their perfect will. This is something we can offer as an add-on to mortgage advice, or as a standalone service.

If you contact us about will writing services, you will be referred to an expert estate planner who can offer an in-depth review of your needs, and recommend packages that meet them.

Before you enquire about will writing, it’s a good idea to have the following in order:

• Documents needed: You will need proof of ID (such as a birth certificate, passport or driving license and address (bank statements, utility bills etc).

• Executor’s details: The executor is a nominated person who will manage your estate and make sure the wishes laid down in your will are carried out after you die. This can be a family member, close friend, or a professional such as a solicitor.

• Nominate beneficiaries: Your beneficiaries are the people named in your will to inherit your assets. State their names in writing and specify their relationship to you.

• Arrange guardianship: If you have children or dependents who will need to be cared for if both guardians pass away, this needs to be specified in your will, so it’s a good idea to have these conversations before you name the guardians in writing.

• Gifts and residue: Decide if you would like any of your material possessions to be left to specific people or charities as this is set in writing in your will. The ‘residue’ refers to what will be left of your estate after all gifts, taxes and debts have been taken care of. This can be left to a named beneficiary or shared between them

• Funeral arrangements: You can lay down your funeral wishes in your last will and testament, stating whether you would prefer burial or cremation, for example.

• Witnesses: When you sign your completed will, this will need to be done before two independent witnesses who must also sign the document, so agree this in advance.

Why having a will is important

It’s vitally important to have a plan in place to determine how your money, possessions, estate and other key items are distributed after you pass away, as this can ensure there are no disputes among your surviving family members and loved ones in the aftermath.

Perhaps more significantly, if you have dependent children, a firm plan will need to be in place to ensure they will be cared for and provided for financially when you’re gone.

If you were to die without a will in place, your assets and possessions would be shared out under the rules of intestacy, which may not be in line with your wishes.

Intestacy regulations stated that, in the event of a person’s death:

1. Spouses and civil partners inherit £270,000 and 50% of the remaining estate
2. The rest is spilt evenly amount any children you have
3. Unmarried partners and stepchildren receive nothing

Finally, wills can be important for tax efficiency purposes as inheritance tax can take a serious chunk out of your estate, but there are ways to reduce your liability. It’s a good idea to speak to an experienced estate planner, like the ones we work with, about this.

How to value and divide up your estate

You should start by itemising your estate and establishing the cost of each item and asset in it. This should be offset against outstanding debts and other liabilities that will apply.

The table below highlights what to include in the valuation of your estate.

Once you have calculated the value of your estate, there are several different types of legacy you can use to divide it up among your beneficiaries. They are as follows:

• Pecuniary Bequest (a cash gift): A gift of a fixed amount of money. For example, leaving a sum of £100,000 to your son or daughter.

• Specific Bequest (a specific item): A gift of a particular, identifiable asset that you own. For example, leaving jewellery or an antique to your daughter.

• Residuary Bequest (a share of the remainder): A gift of a percentage or the entirety of your estate after all other gifts, debts, and taxes have been paid.

• Contingent Bequest (a 'gift over'): A gift that names a second beneficiary to inherit if the first beneficiary cannot. This is often used to account for a beneficiary passing away before you. For example, nominating a son or daughter to inherit a property as a secondary beneficiary if your partner passes away before you do.

If you need some help calculating the value of your estate or deciding which legacy type is the best option for you, get in touch and we’ll pair you with an expert estate planner.

Would a ‘free’ will be a better option?

There are several different options when it comes to getting a will written up, and many of our customers ask why they should pay a professional rather than pen one themselves.

The cheapest option is to buy a will template online or from a retailer, but these are only really fit for purpose if you have a very straightforward estate. For example, one that has a relatively low monetary value where the sole beneficiary is the testator’s spouse.

A DIY will come with instructions to follow to draft it correctly and ensure it’s legally binding, but it’s also the riskiest option you can choose, especially if your affairs are complex.

If you choose a free option over the services of a professional estate planner, you will miss out on the following benefits:

• The option to take out an enhanced will that offers additional estate protection

• Expert advice on calculating your estate value

• Guidance on the right legacy type for you

• Help navigating your inheritance tax liabilities

• Advice on any guardianship arrangements you need to make

• A review of your final draft to ensure it’s perfect

Want to find out more about how a professional estate planner can help you? Get in touch and we will arrange a free, no-obligation chat with one for you today.

Do you need a solicitor to draw up a will?

Solicitors provide will writing as part of the package of services they offer, but they tend to be the most expensive option for this, generally costing more than an estate planner.

For most people, using a solicitor is overkill and not the most cost-effective option, but there are times when you would need one, namely in complex circumstances such as:

• Needing inheritance tax advice

• Complex family circumstances, such as having estranged children or ex-spouses

• You need to ensure a child or disabled family member’s interests are protected

As a solicitor is typically the most expensive option for will writing, it’s a good idea to take advantage of a free, no-obligation chat with an estate planner first. If they cannot help you due to the complexity of your case, they will be transparent and refer you on.

Other alternatives

There are other ways to get a last will and testament drawn up besides professional will writers (recommended for most people), solicitors and the DIY option.

Other places you can turn for will writing services include:

• Banks: Some banks offer basic will writing for free while others charge a fee. Costs and the level of complexity available can vary from bank to bank.

• Charities: Some charities offer will writing services, either in exchange for a donation to their cause or a fee. The level of coverage is usually fairly basic.

Why choose Echo Finance for your will writing needs?

Many of our willing writing customers choose us because they want to get their will drawn up while we take care of their mortgage needs. We’re a one-stop-shop that covers both bases.

But we are providing will writing to a growing number of people as a standalone offering, and there are plenty of reasons to choose the estate planning experts we work with, including:

• Free initial consultations with a qualified estate planner

• Guidance on calculating your estate and choosing the right legacy type

• Help navigating your inheritance tax liabilities

• A proofing service to ensure your final will is perfect

Ready to take advantage of a free, no-obligation chat with a qualified estate planner to get a will drawn up? Get started here.