Many of have idea about which loved ones, organisations or charities we want to benefit in the event of our death but fewer of us have wills to make sure our wishes are carried out. Whether, like us, you share a passion for motorcycling – or are close to someone who does – leaving a gift in a will or making a gift in their memory leaves a powerful and positive legacy. Here at Two Wheels For Life we can help you prepare a free will to ensure your favourite people and causes benefit. This brief guide aims to answer the top 10 key questions you may have.
10 questions about wills
1. Why is it important to make a will?
If you’re a parent, writing a will is the best way to have a say over what happens when you die. This is incredibly important if you have children under 18, as it allows you to say who you want to be their legal guardian if anything happens to you. Without a will, the courts could be left to decide who looks after them. If you’re a homeowner, a will also allows you to set out how you want to divide up your estate, including any property or accounts you own. You can make an inventory of your assets and choose exactly how much you want people to inherit, helping to prevent any family disputes when you’re gone.
2. Surely wills are only needed if you have lots of money?
Not so. If you are concerned about the welfare of a child, a pet, or even one or more motorcycles, you need to have a legally-binding document to express your wishes. That is the role of a will.
3: What happens if you die without a will?
On average, it costs families around £9,700 when their loved one dies without a will. This is usually made up of assets they can’t find or don’t know exist. If you die without a will, any assets that can be found will be divided up following the rules of intestacy, but they may not follow exactly what you would want.
4. Do I need a solicitor to write a will?
Many people assume they need to see a solicitor to write a will. But if your requirements are fairly straightforward, you could end up paying more than you need to.
The Farewill online will writing service, created by experienced and qualified will writers, allows you to appoint guardians for your children, choose your executors, make an inventory of your assets and set out how you want to divide up your estate. It also gives you the option of leaving gifts, personal messages and funeral wishes for your loved ones. This service could easily be over £150 if you use a solicitor.
You may need to make a will with a solicitor if you require specific advice on a complex situation – such as high-value business assets or inheritance tax planning. If you’re unsure exactly which option is right for you, give Farewill a call on 020 4538 2396.
5. What information do I need to write a will?
Appointing legal guardians If you have children under 18 or are a pet owner, you’ll be able to appoint legal guardians in your will. This allows you to decide who would take care of them if you weren’t around. If you were to die unexpectedly before writing a will, this decision would be left up to the courts. Though it’s very unlikely that your guardians will ever be called upon, it’s still important to choose the right person (or people) for the job. Grandparents, aunties and uncles, and close friends are often popular choices, but you should discuss this with them before including them in your will.
Making an inventory of your estate Millions of people in the UK put off writing their will because they’re worried they’ll need to track down paperwork for all their accounts, property and savings – but this isn’t actually the case. When you make a will with Farewill, you’ll be asked to create a basic inventory of your estate. For this, you’ll simply make a note of each of your assets – e.g. ‘Santander Current Account’. This is so your executors know where to look when they’re dealing with your estate.
You won’t be asked to give details of account numbers or the value of each account, so this part of the process should only take a few minutes.
Choosing your executors Another thing you’ll want to think about before writing a will is who to choose as your executors. These are the people responsible for following the wishes set out in your will. Some choose their partner, but this could be an unwelcome burden at an already difficult time. Other common choices for executors are adult children, siblings, close friends and professional executors. The most important thing to consider when choosing executors for your will is whether they’re confident dealing with the paperwork and finances involved.
6: Should I leave funeral wishes in my will?
The Farewill online will writing service lets you include funeral wishes in your will. This step is completely optional, but it allows you to choose, for example, your final resting place, what kind of funeral you want, and even songs for the ceremony. And while these wishes aren’t legally binding like other parts of your will, they can really help your family know that they’re making the right decisions when you’re gone.
7: How do I leave money to charity?
Each year more than 60% of us donate to charities, one tenth of these donations are in wills (Source: CAF ‘UK Giving Report 2021). While, in life, our donations tend to be via online or cash, gifts following people’s death are normally via their wills. For those making gifts ‘In memoriam’ – for example for collections following funerals or wakes, giving sites such as ‘Just Giving’ allow easy collection of gifts in memory – and ensure the charities can also claim additional funds in GiftAid direct from the Government.
8: Why consider donating to Two Wheels for Life?
You or your loved ones will understand the passion and pleasure that many have for motorcycles and motorcycling. Fewer people realise the power motorcycle transport has to mobilise healthcare in Africa – or to see how the riders we support are saving lives and livelihoods every day. Your donation will provide a living legacy that helps motorcycles and their riders to save lives and prevent or cure diseases in sub-Saharan Africa.
9: How much does it cost to make a will? Or to update it?
A straightforward online will can cost as little as £90 (or (£140 for couples) via our partners at Farewill. Updates can cost as little as £10 a year via this service too. More complex wills may well require the services of legal professionals.
10: Who can I contact about making a will?
Find out more on our legacy giving page. Or email us at [email protected] and one of our team will respond quickly.
