10 September 2021
I don’t need to make a Will yet…
We hear this a lot. And we understand. You don’t like the thought of writing a Will. Maybe you’re not keen on facing your own mortality or you believe that all of your assets will just automatically go to the people you love the most after you pass away. But spending a bit of time thinking about who would take care of your children after you’d gone or if you wish to give some of your assets to people outside your immediate family, could help to avoid feuds in the future, intestacy rules applying and possible court involvement, which could be costly, lengthy and its final decision may be completely different to what you would’ve liked.
Who should make a Will?
It’s well known that if you own a property and have children you should make a Will. But there are many more circumstances where it is useful to have one.
- Are you married or in a civil partnership?
- Are you co-habiting with your partner?
- Have you bought a house with friends?
- Do you own substantial assets?
- Are you getting divorced?
- Have family relationships changed?
- Do you have children from a previous relationship?
- Is there anyone who is financially dependent on you?
If you’re ticking any of these boxes, maybe it’s time to make a Will.
Should I do it myself or use a qualified solicitor?
It is tempting to choose a DIY or online Will, which may cost less than £30 and only take 30 minutes to complete. But if this sounds too good to be true, it probably is. If mistakes are made or if the strict witnessing rules are not followed correctly, the document could be invalid.
Problems can also arise if your circumstances change, as many DIY wills cannot accommodate this and some handwritten notes on the original Will to highlight your new decisions will not suffice.
B P Collins can help ensure all obligations are met, plus confirm you have thought of everything, so the Will is comprehensive and watertight. Involving an experienced wills, trusts and probate solicitor is particularly advisable if you have a sizeable estate as they can advise on tax efficient options and trust provisions to protect your assets.
B P Collins has a team of wills, trusts and probate lawyers, that can help you write or review your Will and provide bespoke advice on next steps. The team are also members of the Law Society’s Wills and Inheritance Quality Scheme (WIQS). For further advice contact 01753 889995 or email email@example.com.