A will is more complex than you might think
Posted by Jane Walker on 25th August 2011
When a client rings up to make an appointment to discuss his or her will, often their first question is “how much will it cost?” A will is not a one-size-fits-all document. If you are going to take the trouble to make a will then make sure it is tailor-made to your particular circumstances. Just saying you have a will and assuming that is sufficient is not the answer. It has to be the right will. Such an important document may seriously affect one’s family’s future and it will be, in the long run, money well spent.
Most people will say their affairs are very straightforward; this is increasingly not the case, second marriages, children from different relationships and cohabitation are becoming more common. Even if your family circumstances are not particularly “complicated” it is still worthwhile talking to someone who has training in this very important area of complicated law and who can advise you about the options available, both to help protect and preserve your estate for your family, and to advise on ways to mitigate inheritance tax.
Instructing a solicitor to prepare a will is not the only option but it will ensure you have received legal advice from someone who has years of training, knowledge and regulatory protection and that they will be insured if something goes wrong. A recent Panorama investigation shows that unqualified will writers may not have insurance or proper training.
The Law Society has launched a new campaign to warn consumers of the dangers of using will writers who are not properly qualified. In the past, wills were regarded as simple and straightforward; that ceased to be true long ago. Wills should only be prepared by draftsmen who appreciate the legal and tax ramifications of what they are creating.
Increasingly, families are challenging wills. One such challenge is that in their opinion the testator did not have the capacity to make the will; another is that he did so under duress. Money spent in ensuring that instructions have been properly taken will certainly outweigh any future litigation, should there be a disagreement between the beneficiaries about the legality of the will.
If you are a farmer, or own a business, or have a share in a business, then you will need to consider carefully how these assets are to be left to your beneficiaries, both to preserve as much of your estate as possible and to ensure that the business or farm can continue to survive after your death, for the benefit of your family. If you have a business, or own agricultural land, then you will need advice on the best way to structure your will to ensure that it takes into account all the available reliefs from inheritance tax and that your assets pass to those of your choosing. Discussions about wills often lead to restructuring of businesses or to establishing lifetime trusts. We can look at your circumstances and advise you and your family of the options available.
If you own property abroad, you will need to consider whether you should limit your will to your UK estate and to have a separate will for your overseas property.
Solicitors can advise on the best way to provide for vulnerable beneficiaries to ensure that by passing your estate to a vulnerable beneficiary they will not lose their entitlement to means-tested benefits; this is often accomplished by introducing a trust into your will.
There have been many changes over recent years to the way estates are taxed. It is important that your will is reviewed regularly. At Brachers, we aim to write to all clients who have made a will with us every five years to remind them of the need to keep their wills up to date, taking into account the changes in their family’s circumstances.
A will is one of the most important documents you will ever sign. It can allow you to make gifts to friends or possibly charities as well as to provide for your family. You can set out how your personal possessions are to be distributed after your death and even give guidance to your family as to how your body is to be disposed of after your death, for example, organ donation. Although a will that says “all to my darling wife” and nothing more may still be the best option for the very few, it certainly is no longer the case for most.
