At every stage of life, you’ll want to protect the future for you and your loved ones.
Planning for a happy, secure and fulfilling later life ensures that you can maximize the value of your estate.
Making a will is the only way to be certain that your wishes will be met after you die. Many people put it off. They worry it will be complicated or expensive. But the process is really quite straightforward and if you plan ahead, presents excellent value.
I am writing to express my appreciation for the exemplary service I have received from Susan McHale who has dealt with my will over the last six years. She has always provided a friendly, efficient and professional service and is a credit to your legal team.
Kathy M.
The Wills and Estate Planning team at Probate Lawyer are here to highlight the benefits of making a will, and can focus on the issues you should think about and indicate the areas in which you need to seek professional advice.
Call us on: 020 8509 6800 to speak to our Wills and Estate Planning team today
Remember, it’s important to review and update your will regularly to make sure it always reflects what you want to happen to your estate (your property, savings and possessions).
Many thanks for your patience and kindness during our meetings and also for visiting me at home and saving the awkward journey to your office.
Joyce. H.
English law allows you complete freedom to give what you have to whoever you want, so long as you are of sound mind when you make the Will and you execute it (sign it in front of two independent witnesses) in the correct manner.
Call us on: 020 8509 6800 to speak to our Wills and Estate Planning team today
Why is it important to make a will?
These are just a few good reasons to make a will.
- Protecting your loved ones.
We understand that talking about death is hard and for many an uncomfortable experience, but by making it clear how you would like your estate to be distributed can save everyone a lot of worry. You can also ensure you protect those you leave behind by stipulating how you would like your assets to be distributed. Your decisions now ensure that everything goes to the people and causes you care about later.
- Safeguarding the assets so that future generations can use them.
A good lawyer can form a well-structured ensuring that assets are kept within the family and are passed on down the generations.
- Reassurance.
A will is the only way to make sure your estate goes to the people and causes you intended. It is a legally binding document but also must be drafted according to English and Welsh law.
- Avoiding disputes.
Badly drafted wills are dangerous for families. Ambiguity or a will that does not safeguard the asset tends to cause arguments among family members and often require more solicitors to resolve them. Leaving a properly prepared will should remove any doubt about who you want to benefit from your estate and avoid additional stress at an already difficult time. It is possible for some categories of people to challenge a Will that disinherits them, but that does not mean that they will necessarily get anything at all, save perhaps a hefty legal bill.
- Your funeral.
Your will can stipulate what kind of funeral you would like. Even details about the music can be included.
- Saving on Inheritance Tax.
For many this is crucial to avoid leaving inflated tax bills which have to be paid off by your estate. In accordance with the law it is permissible to make intelligent use of estate planning tools to avoid being over taxed.
Call us on: 020 8509 6800 to speak to our Wills and Estate Planning team today
What happens if I don’t make a Will?
If you don’t make a will, in legal terms you will die ‘intestate’ and your estate is divided up according to the Intestate Rules.
Your estate includes everything you own, any cash, property, possessions and investments. Collectively these are your assets and your assets make up your estate.
Once all your debts, funeral and administration expenses have been paid, any remaining assets will be distributed.
Under the Intestacy Rules, if you have a spouse or civil partner and children, your spouse or civil partner will inherit all your personal possessions and at least the first £250,000 of your estate, plus half the rest. Your children will then be entitled to the other half of the balance. If you have a spouse or civil partner, and do not have children, your spouse or civil partner will inherit your whole estate which will include your personal possessions. If you and your partner aren’t married or in a civil partnership, and they are not included in a will, they have no automatic right to inherit from your estate. This applies even if you have lived together for a long time or have children together.
Call us on: 020 8509 6800 to speak to our Wills and Estate Planning team today
Why do I need a solicitor to draw up my will?
Panorama exposed some of the potential risks of not using a lawyer when drawing up a Will. Will writers are not regulated, may not be insured and if anything goes wrong consumers have little protection. To make matters worse, it isn’t the person who commissioned the Will who suffers the consequences of the incompetence or malpractice, it’s the loved ones to whom they bequeathed their estate.
A quick check on the internet reveals plenty of DIY Will kits and guides telling you how to make a Will yourself. For people on a tight budget, saving money by cutting out the lawyer might be very tempting, but it’s usually a false economy. It is more likely that something will go wrong and when it does there is no safety net or fall-back position.
Lawyers are regulated by the Solicitors Regulatory Authority, are fully insured and covered by the Solicitors’ Compensation Fund, which protects consumers if mistakes are made.
Call us on: 020 8509 6800 to speak to our Wills and Estate Planning team today
Some Common Avoidable Problems:
Joint tenants may want to sever a tenancy to ensure their share passes to a particular person or class of persons (often to children instead of the spouse) and if so will need a Will to pass their severed share to the intended recipient(s) – or it will be dealt with by the intestacy rules (and automatically pass to the spouise) – which is probably exactly not what they wanted to happen when they decided to sever;
Cohabiting couples have no claim on each other’s estate until they have lived together for two years – and then they may have to sue their deceased partner’s family to secure some money from the estate unless they are joint tenants and or have Deeds of Trust in place; it is only a ‘claim’, not a right and although a cohabitee may sue there are many cases where they receive nothing.
Call us on: 020 8509 6800 to speak to our Wills and Estate Planning team today
Spouses. If a husband and wife die at the same time, property passing by survivorship will pass to the relatives of the younger spouse. This is a surprise for many as few people reaslise their mother-in-law could inherit their house while their own family received nothing.
Minors. If you do not appoint testamentary guardians for minor children in your Will then the social services can get involved and in extremis place the children in foster care while they decide where the children will live.
Call us on: 020 8509 6800 to speak to our Wills and Estate Planning team today
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