Tempted to save money on your Will?
We understand the temptation to save money when you know it’s possible to make your own Will, or to buy one for less than £10 from an online provider.
But this is a false economy.
If it’s not drafted properly, your cheap Will might not be enforceable, meaning that your wishes won’t be carried out. Also, it could lead to costly arguments between your beneficiaries – which eats up the value of your estate and is the last thing your loved ones need when they are grieving.
Sadly, this happens increasingly often. Back in 2005, there were only 15 probate disputes heard in the High Court. In 2019, it was 368. That’s a lot of unhappy families.
A proper Will should be drawn up by a solicitor. We’re a heavily regulated and insured profession, so you can be confident that your Will will be legally sound.
You definitely need to take professional advice if:
- You want to reduce the inheritance tax your beneficiaries have to pay
- You’d like to specify the age you want children to inherit
- You’re worried the Will is being drawn up under duress, or by someone without mental capacity
- You want to avoid your share of the property going to the other party (if you’re joint tenants)
- You get engaged to be married
- You’ve remarried, or you’re part of a blended family
- You’re unmarried, with children
- Your estate is complex, with different assets going to various people
- You own international assets
- You own property, residential or commercial
- You own agricultural land (whether or not it’s diversified)
- You have (or want) assets in a Trust
Another thing, it’s wise to review your Will every time something substantial changes in your life.
What this means to you
Drawing up a Will is an important part of responsible financial planning. It simply involves a bit of thought and paperwork. You’re never too young to make a Will. Despite what some people fear, it doesn’t hasten your departure from this earth!
You can ask us for expert help in drafting or updating your Will, and for advice about inheritance tax, property law and international issues. If you’ve lost a loved one, our team can also guide you through the Probate process to ensure the wishes of the deceased are carried out.
If your affairs are simple, it doesn’t need to cost a lot. To get started, just give us a call on 01938 480000.