A Starter Will is a simple Will that does not include any Trusts. It is best for people who’s estate is fairly low in value and who are not concerned about care fees or other third parties, such as new spouses or the in-laws! When couples have Starter Wills they are often called Mirror Wills as they are exactly the same, the only thing that is different is the name at the top.
If you do not have a Will then the state decides who receives what when you pass away. Did you know unmarried couples who are not married or in a civil partnership have no legal entitlement and therefore may be disinherited entirely if they do not have Wills in place.
Starter Wills would also be useful for parents who want to ensure that their young children are looked after if they pass away. You can appoint guardians to look after your children and decide who manages your money on behalf of your children if they are under the age of 18.
With a Starter Will you can ensure that your assets go to the people or charities of your choice.
A Case Study
Mr Rogers and Mrs Evans-
They are not married but they have lived together for 15 years and own property together. They do not have any children. They have a house worth £150,000 but they took out equity release to travel the world so there is £50,000 equity remaining in the property. They have savings of around £20,000. Therefore, the total value of their estate is worth £70,000.
They are not concerned about care fees as they would prefer that the full value of their estate can be used for care.
So, the value of Mr and Mrs Rogers estate is fairly low, they do not have children and they are not concerned about care fees. All that Mr and Mrs Rogers want to do is to make sure that their friends, family and chosen charities benefit after they have both passed away. They do not need any trusts.
Therefore, we would recommend that they each have a starter Wills that mirror each other. This would cost them £60 each so £120 in total.
If they did not have Wills their partner would get nothing. It may be that their house would need to be sold so that the beneficiaries can receive what the state says they are entitled to.
It is important you plan your Will correctly and ensure your heritage and legacy is passed onto those whom your wishes dictate. Our specialised team are available for a free hour, no commitment, advisory appointment to help determine what works best for your circumstances. They will work with you in drafting your tailored documents.
When you decide to begin your journey in making your Will with us, we will be on hand to guide you through the process during the drafting process, and indeed after you have signed your new Will. We will be there to advise you on any changes and future concerns.
For more information, don't hesitate to book a free appointment or Request a call-back to see one of our friendly legal advisors.
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Any questions after signing your new Wills are dealt with as an important factor for us. You can speak to one of our friendly support staff, or your advisor, who are always more than happy to help.