There is a perception that making a will can be time consuming and costly. However, it is actually the avoidance of making a will which can prove the costliest later down the line.
In times of changing family dynamics and complicated financial arrangements, it is more important than ever to take the time to assess how you want your assets to be distributed after your death. A well drafted will ensures that your family, at a time of pain and stress, can deal more easily with your estate and take comfort in the knowledge that they are transferring your assets in accordance with your wishes.
To some, meeting with a solicitor can be comparable to a trip to the dentist; somewhat uncomfortable and often avoided. However, rest assured that the role of the solicitor, together with the staff at the solicitor’s office, is to put you at ease and help to make the whole process as painless as possible.
During your first contact with the solicitor, whether over the phone or email, she or he will ask you some straightforward questions, such as, for example, whether you’ve made a will before or whether there is any urgency due to health problems.
Your solicitor may be happy to email you a will questionnaire for you to complete at home but, whilst this is a helpful way to collate certain information, it is advisable to have a face to face meeting so that you have time to clearly explain your objectives. A solicitor specialising in older client law is trained to put you at your ease and, if appropriate, may be able to visit you at your home to take instructions.
At the meeting with your solicitor, make sure that you give your solicitor all the necessary background information. For example, make sure the solicitor knows of any previous marriages or if you have been widowed and then remarried. This information will prompt your solicitor to discuss with you the inheritance tax implications and whether the will needs to include a discretionary trust.
Due to an increasing number of successful claims under the Inheritance Provision for Family and Dependents Act 1975 brought by disgruntled adult children not benefitting under their parents’ wills, if you are planning to disinherit members of your family or to leave a significant portion of your assets to a non-family member, you should flag this to your solicitor to ensure the solicitor takes this on board and deals with it appropriately. If a claim were to be made under the Act in respect of your estate, a judge may take into consideration the explanations given in the will when assessing the claim. If no explanation is included, then the judge has no evidence that you consciously considered your actions when drafting your will.
A clear and considered will is not only reassuring for you but ensures that your executors and family are clear as to your intentions in administrating your estate, so start thinking about drafting a will soon. For further information contact Gwyn James Solicitors Wills and Estate Planning Team on 01600 775950.
Author: Kay Winston SFE Insider www.sfe.legal
