Your Will – Why it pays to plan for the future…

Posted on January 20, 2012

We almost always recommend our clients make a Will from a financial planning viewpoint, so thought it might be useful to ask a real solicitor to outline the benefits as they see them.

Gareth from Silverman Sherliker LLP stepped up to the challenge:

Why do I need a will?

Wills allow you to choose:

  • Who will inherit your assets;
  • Which assets go to each particular beneficiary;
  • Who will be responsible for administering your affairs in your absence;

If you do not make a will… the law will decide who gets your assets. Certain events will take place automatically, regardless of whether or not it was your intention.

Dangers of not having a Will…

1. Additional costs are often incurred in cases where no Will exists, which in turn reduces the value of the estate.

2. Additional distress to family and friends – If you do not make a Will, the Law of Intestacy will govern the distribution of your estate. You can save your family and friends from going through more anxiety following you death by creating a Will that provides them with a clear guide as to your wishes and intentions.

3. Protect your children – If you have young children who would need to be cared for in the event of you passing away, you can select who should be appointed Guardian to you children.

4. Protect you partner – If you are not married or in a civil partnership, your partner may not receive any support or inheretence.

5. Protect your assets against unwanted beneficaries – If you are seperated, but not yet divorced, your ex-partner may be entitled to claim against your estate.

6. Items of sentimental value may not be passed onto the appropriate person.

Can I use a ‘Do-It-Yourself’ pack?

There are many rules and regulations that govern the creation of Wills and without the specialist knowledge and guidance of a solicitor with expertise in Wills and Probate matters a number of problems can arise.

Dangers of DIY wills can include:

  • It may not be legally binding because its structure or content does not comply with the various legal requirements;
  • Ambiguity within the Will, can result in additional costs being incurred to clarify the issues;
  • Unexpeced/unecessary taxes such as Inherentance Tax, which could have been avoided or minimalised with a professionally drafted Will.
  • Producing Wills that do not accurately reflect your true intentions, which can result in your assets being passed to unintended individuals.

Please feel free to contact Gareth Hughes directly (Private Client Partner at Silverman Sherliker LLP) on 020 7749 2700 or by email on gh@silvermansherliker.co.uk

No guarantee can be given that the information provided is accurate in the present or the future. It is not intended to constitute either a statement of applicable law or financial advice, and responsibility cannot be accepted for any subsequent loss following activity or inactivity by any individual or organisation. Indeed, such information should NOT be acted upon without first receiving appropriate and specific professional advice.