Things to think about when making your will

23/05/2017
Author: Emma Wood

A number of high profile cases have put the need to make a Will firmly back in the spotlight recently. Yet, despite the growing number of inheritance disputes, many of us still don’t bother until we absolutely have to.

While writing a will is all too often seen as one of those jobs you’ll get round to ‘tomorrow’, the benefits of planning ahead can be invaluable. It’s usually a straightforward process, but if it’s not done properly it can have repercussions. Here’s some things to think about:

• It’s an unfortunate truth; money changes people. Making a will helps prevent family disputes over your estate
• It’s irrelevant whether you’ve promised certain possessions, property or money to specific people, if you have no will the law decides who benefits from your legacy, not you
• Using an online website to do it yourself can backfire as they don’t take into account the complexities of the law, so your loved ones could end up having to pay to rectify things retrospectively
• Will writers aren’t regulated. This means they can promote themselves as experts without actually having any qualifications or accreditations at all
• Getting married automatically invalidates your existing will
• If you’re estranged from your partner and have entered into a new relationship with someone else, it doesn’t matter if you live together; if you’re not married or in a civil partnership, you’re new partner isn’t legally entitled to anything if you die
• If you’ve split from your ex acrimoniously and you die without having changed your will, your ex stands to inherit everything as, technically, you’re still married
• Dying without a will can leave an estate liable for inheritance tax
• Leaving money to charity in your will is just one of the ways to help reduce the amount of tax payable on your estate
• It’s not as expensive as you might think, especially if you’re planning to draft a joint will (also known as a mirror will) as they’re often discounted
• Make sure you sign it. Without your signature at the bottom, your will isn’t worth the paper it’s printed on

If you’re thinking about making, or changing, your Will, Russell & Russell can help. We’re bound by the Solicitors Regulation Authority’s code of conduct and are legally obliged to maintain high levels of service. As well as being regulated, we’re required to have insurance to protect the public. We can also provide guidance on more complex financial issues, such as inheritance tax and trust planning. We offer a free consultation where we can talk through your circumstances and advise on what’s best for you.