The idea behind My Last Request was that of Mark Tucker, the Director of MT Legal Services Ltd.
Mark has experience in the legal profession for over 30 years, principally in the area of Will Writing and Probate Services.
We often get asked if a My Last Request subscription can be used instead of a will?
Put simply the answer is no. My Last Request is not a service for you to distribute your assets. It is merely a tool for you to record your funeral wishes and any messages or information for your loved ones.
It is important you have a will, for various reasons; and in all circumstances. Single, married, co-habiting, whether you have children or not; a will can distribute your property, name an executor, name guardians for children, forgive debts and more.
Having a will also means that you, rather than your state’s laws, decide who gets your property when you die.
What is a Will?
What is a will?
The primary purpose of your last will and testament is to tell everyone about and distribute your money, any possessions and property after you die. These elements together are otherwise known as your ‘estate’.
The primary purpose of your last will and testament is to tell everyone about and distribute your money, any possessions and property after you die. These elements together are otherwise known as your ‘estate’.
- A Will reduces stress and help your family or friends sort out everything when you die; and prevents a time-consuming process.
- Without a Will, everything you own will be shared out by definition of the law.
- A Will can help reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind.
- If you have children or someone who is a financially dependent on you specifically, it is important you have a Will; or if you wish to leave assets outside of your immediately family.
You must be at least 18 years old to make a will, unless you are a solider on active duty or a sailor at sea, in which case you can be any age.
There are so many important reasons why you should have a will; these are just some.
What are the costs associated with a Will?
There are a number of ways to get a will. You can buy a template from a stationary shop for very little, for example.
However, with extended families and the increasing number of divorces (to name just one example), people are favouring speaking with an expert and seeking advice before they compile a will.
- simple will cost start from £140 for a single person and £250 for a joint will
- complex will cost between £150 and £300. (It may be more complex as you have been divorced and have children)
- specialist will for example, this may involve trusts or oversea properties, or if you require tax planning advice
*It’s important to remember that these figures are approximate and would naturally depend on what you require.
What are the costs associated with a Will?
There are a number of ways to get a will. You can buy a template from a stationary shop for very little, for example. However, with extended families and the increasing number of divorces (to name just one example), people are favouring speaking with an expert and seeking advice before they compile a will. • simple will cost start from £140 for a single person and £250 for a joint will • complex will cost between £150 and £300. (It may be more complex as you have been divorced and have children) • specialist will for example, this may involve trusts or oversea properties, or if you require tax planning advice
What to think about when making your Will?
This will depend on an individual, or couples, circumstances. Do you have a family, is it a small family or an extended one where you want lots of people to inherit something?
Who do you want to be your children’s guardian? Do you have a secondary family to consider, such as step-children? Are you divorced? Do you want to leave money to charity?
Start by thinking about what you want to leave to whom and then talk to your family or friends if you wish; they might have some suggestions you haven’t thought of.
I’ve written a note about what I want when I die, is that enough?
Ok, this is something we have heard quite a bit.
For a will to be legally binding, it doesn’t have to be on legal paper or use legal jargon. However, it does need to meet the following criteria:
- Details clearly how you wish your estate to be shared out
- Was made when you were able to make your own decisions (there was no one putting you under pressure about who to leave things to)
- Signed and dated by you in the presence of two adult, independent witnesses, and then signed by the two witnesses in your presence
Note: witnesses can’t be people who are going to inherit anything from you or their husband/wife or civil partner.
What if I choose not to have a Will?
If you don’t leave a will, the law decides how your estate is passed on – and this might not be in line with your wishes.
Why you should also record your ‘wishes’…
The idea behind My Last Request was that of Mark Tucker, the director of MT Legal Services Ltd. And as we mentioned earlier, Mark has been involved within the legal profession for over 30 years…
Mark found that many clients included their funeral wishes in their wills but didn’t tell their family. There were therefore occasions when the family decided not to look at the will until after the funeral had taken place, only to find to their horror that they had gone completely against the deceased’s wishes; adding to the family’s grief.
By recording your wishes on My Last Request you can:
✔️Upload & store precious photos of you & your loved ones*
✔️Upload & store personal video messages for loved ones when you’re gone*
✔️Store all important information & locations of personal documentation – such as financial affairs, pension information, where & whom your WILL is with
✔️Detail all your personal funeral wishes
✔️Store names & details of people to be contacted in the event of your death
✔️Make as many amends or updates to your information FREE OF CHARGE
✔️All your important information in ONE SAFE PLACE
✔️Appoint 2 TRUSTEES who will have access to carry out your wishes (you can change these free of charge too)
*Image sourced from Which.co.uk