Why Should I Make a Will?
It’s important to understand what will happen to our estate if we die without a Will. Most of us understand that we should have a Will in place but the reality is that most of us don’t have one. In fact, it’s suggested that around two thirds of the population in England & Wales don’t currently have a valid Will in place.
Making a Will is the only way to ensure that your wishes are carried out after your death. If you have not made, or do not have a valid Will, your property will pass according to the Law of Intestacy. This may not be what you would have wished. In any event it is likely to take longer to finalise than if you had made a Will. During this time your beneficiaries may not be able to draw any money from your estate and it can lead to arguments and distress for your relatives.
If you are single
You might want your estate divided amongst friends, relatives and charities of your choice and in the proportions you want.
If you are married
Don’t assume “my other half will get everything”. Brothers, sisters or parents may have a claim. Often your children have a right to part of your estate. If you are living as a couple but not officially married, you may be treated as a single person and a surviving partner may get nothing at all. One thing you can be certain of – there will be arguments and disputes at a time when the family should be coping with the loss of a loved one.
If you are a parent
You should consider who you would like to look after your children in the event of your death. This is particularly important in the case of single parent families or unmarried parents living together. A valid Will nominating guardians is invaluable in such cases. If no one knows what you would have wanted, the Court will decide on the future of your children, and it may not be what you or your children would have wished.
If you are retired
Maybe you made a Will a long time ago. It probably needs updating to include additional grandchildren or deletion of persons you no longer feel you wish to leave anything to.
If you haven’t made a Will
If you have not yet made a Will, get in touch TODAY!
Avoid the Temptation of DIY Wills
With the current climate of social distancing and avoiding mixing with people outside of your household as much as possible it might be tempting to consider writing your own will. After all, you may feel this is safer as you avoid the need to travel out to visit a will writer or have them meet you in your home. DIY wills are not without their dangers though, and this article will set out why they ought to be avoided.
What can go wrong with a DIY will?
- Your estate planning might not be as simple as you think
A professional could advise you to make sure you have an efficient estate plan in place. This could mean using more complex planning that you may not have been aware of such as trusts and making sure you’re aware of the IHT allowances available to you and how to make the best use of them. You may save money initially by writing your own will instead of paying a professional, but in the end it could cost your estate much more in taxes that could have been mitigated.
- You might not be doing enough to protect your estate from claims
If you are planning on excluding someone who might expect to benefit from your estate you may not realise that the law allows certain people to apply to the court after your death for some provision from your estate if your will failed to make ‘reasonable’ provision for them. Professional advice will benefit you here.
- The will might not be valid
For a will to be legally valid it has to meet certain requirements set out by law, specifically section 9 of the Wills Act 1837. If a will isn’t signed and witnessed correctly then it won’t be valid and it will have no legal effect.
- The will might be valid but certain gifts might fail
Your DIY will might be validly signed and witnessed but there is still a danger that your wishes won’t take effect or parts of your will might fail. The main issues you could face are:
- If one of your beneficiaries or their spouse or civil partner acts as a witness to the will then any gift to them will be void.
- The wording used in the will is ambiguous or uncertain.
- The will attempts to gift your ‘share’ in a property that you own with someone else, but the property is owned as joint tenants so the gift in the will fails.
- The residuary estate is not properly dealt with so some of your estate passes on intestacy – this is where assets pass to certain relatives in a hierarchy, so not necessarily to the people you wanted to benefit
Remember, if something in your will is uncertain you won’t be around to provide any clarity to resolve any issues. That’s why it is so important to make sure the wording in the will is clear, certain, and the correct legal terminology is used where appropriate.
- You didn’t appoint someone to deal with your estate after death, or to care for your minor children
A will should appoint executors to deal with your estate after you pass away. They will be responsible for dealing with your assets, your debts, declaring and paying any relevant taxes, and ultimately making sure your estate passes on to the people you want it to. It is important you appoint someone you trust to take on this role, otherwise someone will be appointed after your death and that person may not be the most suitable executor.
If you have minor children you have probably given some thought to who you would want to care for them if anything happened to you. It is a common misconception that minor children will automatically pass into the care of their godparents or your next closest relatives, but this isn’t the case. To make sure that people you know and trust take on the care of your children you would need to appoint them as a guardian, and this can be done by will. This is something that is often overlooked in DIY wills, simply because the person making it wasn’t aware it was something they needed to do in their will!
Get in touch Today and We will be happy to assist you…
Email Us at enquiries@kalonestateplanning.com
The information on this website is for use of residents of the UK only. No representations are made as to whether the information is applicable or available in any other country which may have access to it.