01/04/2019
Judith Bromley
Often, there is a perception that writing your will is a time consuming, expensive process. But failing to make your will can prove far more costly – both financially and emotionally – further down the line.
Family dynamics are changing from the traditional model of mum, dad and 2.4 children and financial arrangements are becoming increasingly complicated. A will helps to define what you want to happen to your assets as and when something happens to you.
Making your will avoids the problem of your loved ones having to apply for probate after your death, which can be costly and time consuming. It also ensures that your wishes about who you want to inherit are being carried out.
While you may feel uncomfortable about making your will, a good solicitor will ensure that you’re put at ease and will explain things in plain English so that you’re not overwhelmed or confused at any of the legal terms.
Whether your first point of contact with a solicitor is over the phone, via email or in person, the starting point to making your will is to answer some straightforward questions, such as whether you’ve made a will before or if there’s any urgency in your situation – illness, for example. Your solicitor may email you a set of questions for you to complete at home, but it’s always advisable to meet with them face to face to avoid any ambiguity in your circumstances or objectives. Some solicitors specialise in older client law and are trained to deal with the specific requirements of older people. They may also be able to visit you at your home to take instructions if you find it difficult to get out.
It’s important to give your solicitor all the necessary background information they’ll need. This might be whether you’ve been married before, if you have any children, whether you’re widowed etc. They’ll also need to know what assets you have so make sure you dig out all the documentation and don’t forget to include any online accounts or policies as these often get overlooked. All this information will help your solicitor to outline your options, explain about any inheritance tax implications or whether the will needs to include a discretionary trust.
If you’re planning on disinheriting any of your children or making any non-family members a significant beneficiary of your estate, make sure you mention this to your solicitor so they can account for it when making your will. There are a growing number of successful claims against estates by children who have contested a will under the Inheritance Provision for Family and Dependents Act 1975. As a consequence, if your will is challenged, a judge can make an informed decision based on your explanation as to why they have been left out of your will in the event a claim is made. If you don’t do this, a judge doesn’t have any evidence that you consciously made this decision and could potentially overturn your will.
Making your will is not as difficult or complex as you might think. What is does do, however, is give your executor clear instructions as to how you’d like your estate divided and helps those you’ve left behind come to terms with the fact that you’re not around anymore.
Please note that this article is meant as general guidance and not intended as legal or professional advice. Updates to the law may have changed since this article was published.