Will-Writing
"Be Prepared!" As well as being the motto of the scout movement, it is also a pretty good maxim by which to approach not only the matters of life but also the matter of death.
Recent figures show that about 65% of the UK adult population have no Will in place. Contrast that with the over 90% who say they have definite designs on the distribution of their wealth after their death, and you'll see there's a descrepancy; but why?
Around 35% maintain that they simply "haven't got round to it," with 10% saying that "it never occurred to them." Almost 20% believe they have nothing to bequeath. Shockingly, 10% proclaim to have no intention whatsoever of writing a Will.
Regardless of whether you feel you have much to leave behind, it is important that you do write a Will so that what you do leave is handled appropriately.
With no will to direct their distribution, your money, property and possessions will be apportioned acording to the Intestacy Rules. These may in no way reflect your intentions.
In considering the importance of drawing up a Will, consider these salient facts:
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if you die without a Will, your property and money may not go to the people you intended;
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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;
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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;
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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;
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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.
It is not expensive to consult with a solicitor over your Will and get it right. Peace of mind over the handling of your estate may come for as little as £90. Not knowing this, 10% have remained intestate out of concern over the fees involved.
It can be very easy to get your Will correctly drawn up. A short consultation over your wishes will enable you to get your affairs in order so that those you care about are taken care of after you are gone.
Mistakes in a Will can render it invalid. It is possible to draw up your own Will, it is more advisable to do so in coordination with a trained solicitor who will ensure that your Will has been:
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made by a person who is 18 years old or over; and
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made voluntarily and without pressure from any other person; and
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made by a person who is of sound mind. This means the person must be fully aware of the nature of the document being written or signed and aware of the property and the identity of the people who may inherit; and
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in writing; and
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signed by the person making the Will in the presence of two witnesses; and
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signed by the two witnesses, in the presence of the person making the Will, after it has been signed. A witness or the married partner of a witness cannot benefit from a Will. If a witness is a beneficiary (or the married partner or civil partner of a beneficiary), the Will is still valid but the beneficiary will not be able to inherit under the Will.
Mistakes in the drawing up of a will could involve your estate in disputes which can incur legal costs which will eat into your estate and reduce the amount your beneficiaries will inherit. It is cheaper in the long run to do it right the first time.
Additionally, a solicitor can help you to understand Inheritance Tax and show you how to manage your finances so that your estate is not taxed more heavily than it needs to be.
It is common sense for everyone to have a valid will. And for those who do have one, it's common sense to update it when circumstances change. At the Wills and Conveyancing Shop, we pride ourselves in our expertise in this complicated area of the law.
Contact us now to arrange your will today! Offices are open 9am - 5pm Monday to Friday
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