LEGAL mean the most to rather than the relatives the law states should get them. Drafting a simple will is usually a fairly straightforward process, but sometimes even these can fall foul of the law if they’re not drawn up by properly. It can also get tricky if there are other factors involved, such as trust funds, deeds and tax planning, so it’s really important to use a professional.
Failing to make your will could be one of the biggest financial mistakes you’ll ever make In the UK, one in three people die without making a will. It seems to be one of those jobs that people always mean to do, Judith Bromley but never quite Russell & Russell get round to. Perhaps it’s because of the cost or simply finding the time to do it. Either way, failing to make your will can have serious consequences.
A will allows you to divide up your inheritance in whatever way you want, specifying exactly who your benefactors will be, rather than letting the law decide. This is especially true if you’re a parent or you have specific wishes about where you want your assets to go.
Dying without a will means you ‘die intestate’ so it makes no difference what promises you’ve made or who you want to receive your assets, it’s the law which decides who benefits from your estate.
You may also want to leave items or amounts of money to certain people who aren’t blood relatives. Without a will to specify this, your possessions will automatically pass to family members. A well written will also ensures that heirlooms are passed to those they
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If you have children under 18, a will helps you to plan for their future by allowing you to nominate their guardians in the event of your death. Similarly, you can state who your executors will be so they can make sure your wishes are carried out.
There are plenty of unregulated, uninsured and untrained advisers out there because there’s no law surrounding will writing so anyone can promote themselves as an expert. Drafting your will online can also prove problematic as will writing sites don’t take into account the complexities of the law, so any errors could result in your family having to pay to rectify things retrospectively. This is why it’s always best to use a qualified solicitor. They’re bound by the Solicitors Regulation Authority’s code of conduct and are legally obliged to maintain high levels of service. Solicitors are also required to have insurance to protect the public and can provide guidance on more complex financial issues, such as inheritance tax and trusts planning. The cost of a will is minor when the worry and hassle of dying without one is taken into consideration. It could save thousands of pounds in the long run, so the sooner you plan ahead, the sooner you’ll have peace of mind. Here’s some things to think about: •
It’s an unfortunate truth; money changes people. Making a will helps prevent family disputes over your estate
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It’s irrelevant whether you’ve promised certain possessions, property or money to specific people, if you have no will the law decides who benefits from your legacy, not you