A single will is a legal document created by an individual which specifies their wishes upon death.
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Our article will explain the cost of a single will, the benefits of writing one and what should be included.
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How Much Does a Single Will Cost?
A basic single will costs £150 on average. The cost can be impacted by the following:
The value of the estate
Complexity of the estate (for example, assets owned abroad or multiple properties)
If the estate, or part of the estate, is held in a trust
Using a will writing solicitor or will writing specialist
Location of the estate (such as foreign estates)
The will writer used
It is one of the most common types of will and is also among the cheaper options available. Single wills are a popular choice for all independent adults. This includes those who are single, divorced, or married and who have specific wishes.
What Are the Benefits of Making Single Wills?
By having a will in place, you get to decide who inherits your estate's assets. By not having a will in place, UK law determines what happens to your estate.
When you have a will you decide who manages your estate when you pass away. Without a will, you will have no say in who manages your assets distribution and your estate falls under the rules of intestacy. This dictates who is the most entitled person, normally a close family member such as a spouse.
Ensure Will Is Easy to Understand
Make sure your instructions are as clear as possible. This is especially important for those with larger estates as there are likely to be more beneficiaries. Larger estates are more complicated during the probate process in general. Being transparent will minimise the chance of any disputes or contests.
What Are the Problems of Making Single Wills?
When making a single will, they can often cost more than other will types such as a mirror will. They can also be very specific to an individual's wishes meaning that one partner might leave everything to the other partner, but it hasn’t been mutually returned.
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Is a Single Will Right for Me?
If you are single, you will benefit greatly from a single will as it means your assets will go to the people you want it to and can easily be amended if circumstances change.
If you are in a relationship and have children, you and your partner might consider creating another type of will, such as a mirror will, where you name each other as beneficiaries and executors without needing to pay for two separate wills.
What Goes into a Single Will?
The following is what should be included in a single will:
List Your Assets
You should note all assets including any properties you solely own. This can include high-value items such as works of art and luxury goods as well as family heirlooms. Any jointly held assets such as properties will automatically be passed to the surviving owner/s.
Name the Executor and Beneficiaries
It’s recommended that you assign an executor of your will also known as a legal personal representative. They will be responsible for carrying out your wishes after your death, so should be someone you trust. They will also oversee the grant of probate application.
You should state who will receive your assets after you have died. You may decide to leave all assets to one beneficiary or multiple. You can also choose to give a gift to a charity or organisation. Your executor can be a beneficiary in your will. However, they cannot be among the witnesses when signing the document.
Dependents and Gifts
If you are leaving certain items to beneficiaries for a reason, you can include your reasoning in the will. This can provide some comfort for your beneficiaries and give your family peace of mind during a difficult time. This can also limit potential challenges to the will.
Appoint Any Guardians
If you have children under 18, you should include details about who you want to look after your children should you pass away before they come of age. You must name the beneficiary who will be responsible for overseeing their inheritance.
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What Is the Difference Between a Single Will and a Mirror Will?
The difference between a single will and a mirror will is that a single will is for an individual and outlines how their assets should be distributed after their death. Couples will usually use a mirror will to reflect nearly identical wishes regarding their estates and beneficiaries.
A single will is suitable for individuals without a spouse and those who are married but own separate estates and have differing wishes.
In a mirror will both parties typically name each other as executors of their respective estates. They may also state what they would like to happen in the event they both pass away at the same time and name guardians for their children.
Compare Single Will Writing Services Today
Compare My Move connects users with the best will writers in their area. Our network of will writing specialists and solicitors ensures all arrangements are legally correct. They offer legal advice for complex and larger estates and avoid common errors that are often made in DIY wills.
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Before joining our network, all partners must pass our strict verification process. Will writers must provide proof of regulation by one of the following regulatory bodies:
Solicitors Regulation Authority (SRA)
Council for Licensed Conveyancers (CLC)
Law Society of Scotland (LSS)
Law Society of Northern Ireland (LSNI)
Chartered Institute of Legal Executives (CILEX)
The Institute of Chartered Accountants (ICAEW)
Institute of Professional Will Writers (IPW)
The Society of Will Writers (SWW)
FAQs
Is my homemade will legal?
Providing the will was written under the following condition it is valid:
- You are at least 18 years old
- You are of sound mind
- You are writing the will voluntarily
- The will must be written not a video
- Signed in the presence of two witnesses over the 18 years old
- Signed by the same two witnesses in your presence
Is my will valid if I marry or divorce?
Any pre-existing wills are void on marriage. If you divorce after creating a will, the conditions will stay the same. Anything regarding your former spouse will be treated as though they died before you.
I'm a single parent, should I make a will?
Yes, single parents should prioritise making a will. It will provide security for children, especially those under 18. If you pass away without a will, the courts may determine who looks after them and your children may also be at risk of losing out on any inheritance. In most scenarios, the rule of intestacy is that the children receive the inheritance. However, this is not always the case.
Read more on How to Appoint a Legal Guardian in the UK
How do I update my single will?
A will can be changed to reflect your current circumstances. This is known as a codicil and goes alongside your will. However, as with your original will, any changes must be signed and witnessed.
