You spend your lifetime carefully managing your money and building up your estate but imagine if on your death it is all given to someone you never intended to inherit it and potentially leaving out your loved ones.
Without a Will, your assets will be shared according to the intestacy rules. This may not be according to your wishes. Your family and friends will find more difficult to organise and deal with your estate if there is no Will and this could cause your family with more work and to incur additional costs.
A carefully drafted Will may save you money on any Inheritance Tax liabilities.
Many people think if they do not own property or have very little money then they do not need a Will. This is not so. If you have young children and you do not appoint a guardian within your Will, your children may be raised by a relative whom you do not trust or to whom your children never had a relationship with. A guardianship appointment is also necessary for disabled dependants even after age of 18 years.
There are many money saving options that will help you draft a Will such as “do it yourself kits” without the need of a solicitor. However, whilst these options may save you a small amount of money in the short term a poorly drafted Will could actually cost your estate more money if contested. Contesting a will refers to challenging the legal validity of all or part of the document.
That is great news!
Remember even if you have a properly drafted Will, your Will may be out of date and need updating.
The most recent dated Will that you have at the time of your death is the only valid Will in existence and this Will revokes all former Wills. So bearing this in mind you may need to consider those pivotal life changing events such as divorce, death, loss of mental capacity or perhaps there has been a significant gain in wealth through an inheritance or purchase.
Review your will every two or three years to be safe. We offer a free will review service to help advise if your Will suits your wishes and remember a Will is more than a document setting out your wishes; a Will offers you and your loved ones peace of mind.
Call Nisha Verma at our Syston Office on 0116 402 866 88 for further information or why not pop down to our Free Will Clinic on Monday mornings between 10- 12. No Appointment needed!
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The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.