The Importance of Making a Will
12th Feb 2018
The EDP recently reported that a convicted fraudster, whom has been banned from practicing as a financial adviser, is now trading as a Will writer. The report highlighted concerns across the industry about the lack of regulation governing those wishing to set up a Will Writing company.
A Will Writing service is often thought to be a cheaper option, but without the regulations in place you will not have the same protection if something goes wrong. It is important to see whether those you are seeking advice from are a member of a recognised trade body which will provide some comfort that they have had some training in preparing Wills.
The decision to make a Will or a Lasting Power of Attorney is a very important one that affects not only the person involved, but their family too. There appears to be a general lack of understanding amongst the population at large about what is regulated and what protections you get, in Will writing.
Many people worry about making a Will, but it is one of the most important things you can do. It need not be expensive but it is worthwhile getting full advice to ensure that your Will accurately records your wishes and provides for your loved ones in the way you wish.
The increase in life expectancy and the planning for costs of a care home that this may bring, together with rising divorce rates, fewer marriages and the growth of civil partnerships means the need for a carefully planned Will is crucial.
Every person’s circumstances and wishes are unique and whilst you may believe that your requirements are simple and can be dealt with using off the shelf solutions, this may not fully protect your loved ones in the way you had planned. You should take legal advice and gain a full understanding of the ramifications of your decisions.
When you make a Will you can name people (called Executors) who will carry out your wishes following your death. It is possible to name Guardians within your Will for any minor children and to make gifts to friends, charities and loved ones. It is also possible to document your funeral wishes within your Will.
When preparing your Will it is important to take advice on both tax and estate planning. This may mean that you incorporate trusts into the Will which will come into effect on your death. These trusts may allow greater flexibility for your family, to provide for vulnerable loved ones or as a tax or estate planning tool. Careful consideration of these factors will be needed and our team can take you through the various options to prepare a Will that suits you and your wishes.
If you wish to discuss writing a new Will, or are concerned that your current one has become outdated due to a change in circumstances, please do not hesitate to contact our experienced and knowledgeable team at firstname.lastname@example.org or call us on 01603 675616.