Did you know that only 1 in 10 parents in the UK has officially appointed guardians for their children? That is woeful! Having a will means you will be able to let everyone know what should happen to your money, possessions and property after you die.
If you don’t write a will, everything you own will be shared out in a standard way defined by the law which is not always the way you might want. For example, if you are married, your husband or wife might inherit most or all of your estate and your children might not get anything (except in Scotland). This is true even if you are separated but not if you are divorced. But maybe you would prefer to split equally to your child/children and not to your other half after your death. Having clear instructions would benefit everyone, especially during a stressful time.
Farewill is an online service based in London, run by a team of designers, engineers and lawyers that provide a simple and affordable online will. They only launched last year in November and have grown to be the biggest will writer in the UK!
Dan Garrett, founder and CEO of London-based startup Farewill, is aiming to make it easier for people to update their wills. The business enables people to create a will online for £50 up front (£85 for a couple) and an optional £10 per year for the ability to keep it up to date. This is so much more affordable and easy to do rather than having to arrange an appointment to see a solicitor for a potentially extortion fee! Mirror Wills are similar documents created on behalf of a married, civil partnership or unmarried couple. They are virtually identical Wills where one member of the couple leaves their estate to the other in the event of their death. Farewill doesn’t offer one ‘mirror will’, but instead offers a discounted deal allowing you to both get separate wills. The result is exactly the same legally and gives each partner more flexibility to leave personal gifts and messages. For more information, visit the Farewill couples will page.
Sign up on the site is pretty straightforward! Before you start, you need to know that their online will is only suitable if you live in England or Wales, do not have a disabled dependent, and do not have a complex foreign estate – for example property outside of the country.
Luckily, we fit into the standard profile and I was able to create the online will within minutes. You can make your will(s) either solo or with your partner as well. If you and your partner are doing it, you will each need to create your own account. Mr C and I have each created our own accounts using a direct link.
Next, you need to fill in your details like your date of birth, child/childrens’ name and postcode. Then you move onto the next step where you appoint guardians for your child/children who have no parental rights. Then decide how you would like who to benefit from your assets and how it should be split. You can also give it to your nominated charity.
You then also have the option to tell your executors where to find your financial assets and to leave any of your possessions as a gift to someone or charity.
It didn’t take us long to fill in the form as it is very simple and straightforward. Once you are done, you just need to make your payment. As part of their service, you have 12 months of free updates to your wills, and, following that, they charge £10 per year for the ability to make changes and have their specialists check things over. If you would like to cancel your subscription, you can do it very easily on the following page once you have finished.
Once you have completed, one of their specialists will check your will and get back to you to confirm that it is ready to sign. You will then need to print it out and get two witnesses (above 18 years old) to sign it along with you.
We love that the website is so simple and straightforward to navigate and understand. It allows us to create a legal will that would make it much easier for your family or friends to sort everything out when you die. We would definitely recommended you to do it! We are so delighted that Farewill is offering my readers a 30% off voucher by using discount code ET30 (until May 2018).
Disclosure: We received the free codes for the purposes of writing this review, however all thoughts and opinions remain our own. This is a featured post. Images used with permission.