THINGS TO THINK ABOUT WHEN MAKING YOUR WILL

minefield after you’ve gone if things have been overlooked or the terms of your will aren’t set out according to the law.

Solicitors, on the other hand, are bound by the Solicitors Regulation Authority’s code of conduct and are legally obliged to maintain high levels of service. As well as being regulated, they’re required to have insurance to protect the public and can provide guidance on more complex financial issues, such as inheritance tax and trust planning.

A number of high profile cases have put the need to make a will firmly back in the spotlight recently. Yet, despite the growing number of inheritance disputes, many of us still don’t bother until we absolutely have to.

Around 70% of people in the UK fail to make a will. Reasons for it are varied, but generally it falls into two categories; the cost and finding the time to do it. Failing to make your will, however, can have serious consequences. Not just in terms of the expense of getting a grant of probate, but also in the sense of who gets what.

It’s an unfortunate truth, but let’s face it, money changes people. Fact. If you die intestate, the legalities and cost of obtaining a grant of probate and administering your estate can dwarf the cost of preparing your will. But, perhaps more importantly, a will helps prevent family disputes over your estate.

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 estate, not you. Put simply, dying without a will means you’ll have no control over who stands to inherit your assets so loved ones, who aren’t blood relatives, could inherit nothing.

Making your will is usually a fairly straightforward process, but if it’s not done properly it can have repercussions. Using an online website to do it yourself can backfire as they don’t take into account the complexities of the law, so your family could end up having to pay to rectify things retrospectively.

Equally, will writers aren’t regulated. This means they can promote themselves as experts without actually having any qualifications or accreditations at all. Whilst it’s not always the case, it could potentially leave your loved ones dealing with a legal

While writing a will is all too often seen as one of those jobs you’ll get round to ‘tomorrow’, the benefits of planning ahead can be invaluable. It helps to focus your mind on what you want to leave and who you want to leave it to, rather than letting the law decide. It’s also not as expensive as you might think, especially if you’re planning to draft a joint will (also known as a mirror will) as they’re often discounted.

Once you’ve made your will, you need to make sure you keep it up to date. If you change your mind about who you want to inherit your estate, it will need updating, otherwise the arrangements and beneficiaries set out in your original will stand. Also, getting married automatically invalidates your existing will and if it’s not updated and you die, you’ll die intestate, leaving a painful, and potentially costly, legacy for your other half.

The same caution goes for anyone separating. While divorce rates are generally falling, the number of over 50s splitting up is actually rising. There’s a variety of reasons behind the trend of so-called ‘silver splitters’ but what’s important to remember here is to make sure your will is up to date.

If you’re estranged from your husband or wife and have entered into a new relationship with someone else, it doesn’t matter if you live together; if you’re not married or in a civil partnership, you’re new partner isn’t legally entitled to anything if you die. Even more worrying is that if you have split from your ex acrimoniously and you die without having changed your will, your ex stands to inherit everything as, technically, you’re still married.

Another good reason to draw up your will is that dying without one can leave an estate liable for inheritance tax. Leaving money to charity in your will is just one of the ways to help reduce the amount of tax payable on your estate and this is something a solicitor can advise you on.

Finally - and this may seem obvious, but it’s surprising just how many people neglect to do it - make sure you sign it. Without your signature at the bottom, your will isn’t worth the paper it’s printed on.

Wills Trusts & Probate

Our department has a wealth of experience and we will be able to assist with all matters.

We can talk about creating your first Will or update any current Wills if your circumstances have changed.

Newly married and young children? We can advise to ensure there are guardians in place should anything happen to you.

Other Services

Worried about care fees? We can advise on mechanisms to protect your assets from being swallowed by care fees and ensure your loved ones inherit your assets.

Probate: Suffering a loss is a very distressing and heart breaking ordeal. We are proud to offer our services during this difficult time in obtaining Probate for you OR handling the Entire Administration of the Estate.

Inheritance Tax can be a complex matter to address, we have expertise in the matter and our services will leave you at ease.

Court of Protection (“COP”) & Lasting Powers of Attorney (“LPA”)

Contrary to the general consensus, you do not automatically have authority to manage the finances and welfare decisions of a loved one should they lose capacity.

Having LPA’s in place can simplify matters for you in the event a loved one loses capacity.

If a loved one has lost capacity without LPAs in place, an order to the Court is needed to grant a deputyship. Our expertise can assist with this.

We also have specialist departments in the following fields of law: