Will Writing
Do You Need A Will?
A well-drafted Will gives you the peace of mind of knowing that your possessions are distributed as you would like them on your passing and your loved ones provided for.
If you don’t have a Will, when you die your Estate is ‘intestate’ and the law will decide who will inherit your money and possessions and in what proportion.
This in itself can cause problems, or example, long-term cohabiting partners or step-children will not receive anything under the rules of intestacy and may even possibly lose their home. With no Trusts set up, children may inherit money sooner than a parent would like, as often Trusts wait until a beneficiary is mature enough to be able to cope with the inheritance.
Similarly, it may be left to the Courts to decide who should be a child’s guardian, which may not be the person the parent would have chosen. You may also miss opportunities to legitimately protect your wealth from taxation and secure it for future generations.
Will Writing Service
Be careful if you are considering writing your Will yourself, as if you don’t do it properly it may not be valid. We often come across estates where the family are trying to unpick the mess made by a DIY Will, where the deceased’s wishes don’t make legal sense, and even simple typos can cause problems around who is left what. When these situations arise, it costs far more in legal fees than it would have done if the deceased had just paid to have a legally-valid document drawn up by a solicitor in the first place. It can also sadly sometimes lead to squabbles and arguments amongst families if your wishes aren’t made clear, which can cause long-lasting damage to relationships.
How To Write A Will
We can provide you with a bespoke Will that can cover the following points:
- Choose who will or won’t benefit from your Estate
- Appoint Guardians for your children until they are 18
- Protect the interests of your children from a previous relationship
- Protect your loved one’s wealth through thorough Inheritance Tax Planning
- Protect your property and your loved one’s inheritance against the potential risk of sale to cover care home costs
- Leave a legacy to charity and help with Inheritance Tax
- Specify your funeral wishes and whether you want to be buried/cremated or donate your body to medical science, for example
We have many years of experience in drafting Wills, understanding and taking into account the impact a Will can have on your future and your loved ones. Reducing the liability to Inheritance Tax that may arise under the Will is a huge concern and our expert lawyers can advise you how to reduce your obligations to HM Revenue and Customs.
How often should a will be updated?
It is vital to keep reviewing your Will and The Law Society recommends that you review your Will at least once every 3-5 years to ensure it is still valid and reflects your current circumstances and wishes. You cannot amend your Will after it has been signed and witnessed – the only way you can alter it is through an official codicil (an addition or amendment) which a solicitor can draft for you if the changes required are relatively minor. If the amendments are more significant, a new Will may have to be drawn up to ensure it is still valid and ensure it revokes all previous Wills and codicils.
Reasons you may wish to update your Will include:
- The birth or adoption of children or grandchildren or their coming of age
- Changes in relationships for you and/or your family such as marriages, cohabitees, divorces or separations
- The mental and physical health, or death, of a beneficiary, executor or guardian (or attorney if you have a Lasting Power of Attorney)
- Changes in your financial circumstances such as an increase or decrease in the value of your assets such as the purchase or sale of property, inheritances or windfalls
- Changes in your wishes regarding who you would like or not like to benefit from your estate
If you need to write or update your Will, please call or email our friendly, highly experienced Will Solicitors who will listen carefully to your personal and business circumstances and help you to compile a list of assets and liabilities, and to draft a Will that is comprehensive and valid.
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