It is important for you to make a will whether or not you consider you have many possessions or much money. Our CEO, Louis-Rhys Harvey, gives some further insight why.
Why it is important to make a will:
- if you die without a will, there are certain rules which dictate how the money,
property or possessions should be allocated. This may not be the way that you would
have wished your money and possessions to be distributed - Â unmarried partners and partners who have not registered a civil partnership cannot
inherit from each other unless there is a will, so the death of one partner may create
serious financial problems for the remaining partner - if you have children, you will need to make a will so that arrangements for the
children can be made if either one or both parents die - it may be possible to reduce the amount of tax payable on the inheritance if advice is
taken in advance and a will is made - if your circumstances have changed, it is important that you make a will to ensure
that your money and possessions are distributed according to your wishes. For
example, if you have separated and your ex-partner now lives with someone else,
you may want to change your will. If you are married or enter into a registered civil
partnership, this will make any previous will you have made invalid
Whether you should use a solicitor
If you wish to make a will yourself, you can do so. However, you should only consider doing
this if the will is going to be straightforward.
It is generally advisable to use a solicitor or to have a solicitor check a will you have drawn
up to make sure it will have the effect you want. This is because it is easy to make mistakes and, if there are errors in the will, this can cause problems after your death. Sorting out misunderstandings and disputes after your death may result in considerable legal costs, which will reduce the amount of money in the estate.
You should remember that a solicitor will charge for their services in drawing up or checking a will. They should give you the best possible information about the cost of their services. They should give you this at the beginning of their work with you.
Some common mistakes in making a will are:
- not being aware of the formal requirements needed to make a will legally valid
- failing to take account of all the money and property available
- failing to take account of the possibility that a beneficiary may die before the person making the will
- changing the will. If these alterations are not signed and witnessed, they are invalid
- being unaware of the effect of marriage, a registered civil partnership, divorce or dissolution of a civil partnership on a will
- being unaware of the rules which exist to enable dependents to claim from the estate if they believe they are not adequately provided for. These rules mean that the provisions in the will could be overturned
When it is particularly advisable to use a solicitor
There are some circumstances when it is particularly advisable to use a solicitor. These are
where:
- you share a property with someone who is not your husband, wife or civil partner
- you wish to make provision for a dependent who is unable to care for themselves
- there are several family members who may make a claim on the will, for example, a
second wife or children from a first marriage - your permanent home is not in the United Kingdom
- you are resident here but there is overseas property involved
- there is a business involved
Other help with writing a will
If you are a member of a trade union, you may find that the union offers a free will writing
service. A union will often use its own solicitors to undertake this work.
Will-writing services are available. However, will-writing firms are not regulated by the Law
Society so there are few safeguards if things go wrong.
If you decide to use a will-writing firm, consider using one that belongs to The Institute of
Professional Will Writers which has a code of practice approved by the Trading Standards
Institute Consumer Codes Approval Scheme (CCAS).
Traders in this scheme display the TSI approved code logo.
When you see the logo, it means that the trader has agreed to provide good standards of
service including clear information before a contract is signed, a clear complaints procedure
and access to alternative dispute resolution (ADR) scheme for settling out of court.
Why should I speak to Berkeley Square Associates?
Berkeley Square Associates have decades of experience in dealing with will writing, estate
planning, blood line and legacy planning in both private and commercial arenas.
BSqA work in partnership with AxiomDWFM and have extensive expertise in the following:
- Simple wills
- Wills for unmarried couples
- Wills after divorce
- Complex wills which include trusts
- Amending or updating wills
- Deed of variation for a will
- Inheritance tax planning as part of making a will
- Letter of wishes for will
- Making a will where a personal visit is needed to client’s property, care home or hospital
- Concerns about the validity of a will or about pressure or undue influence
- Advice for executors who are applying for probate
- Dealing with the entire probate process and application
- Help where there re difficulties locating assets or beneficiaries
- Advice on applying for probate where there is no will – the intestacy rules
- Advising beneficiaries who are unhappy or concerned about probate delays or where executors are in breach of their duties
- Disputes with executors or trustees of wills
- Where the estate is complex in terms of assets and liabilities or where the estate involves assets in trust
- Disputed wills
- Probate and inheritance related disputes
Please speak to Berkeley Square Associates if you’d like to find out more about investing through an ISA or Pension. Louis-Rhys Harvey, CEO. Check his website for more information and can be contacted on lrh@bsqa.uk, 0208 1592306.
