News
READY AND WILLING?
Monday 27th October 2008
Are you married? Separated or divorced? Do you have children? Are you buying a house, or into a business? Been promoted or recently inherited something yourself?
These are all life stage events that should trigger the writing of a will.
In a world where assets such as property have greatly increased in value, there is an alarming shortfall in the number of people who have protected their assets for their friends and families in years to come.
"A will is the opportunity for you to say what you want to happen in the unfortunate event of your death," comments Martin Roberts, head of Tayntons LLP's will and probate team.
"Without one, your assets are divided in accordance with the law and not necessarily how you would have wished."
Against a backdrop of increasingly complicated family arrangements, with multiple properties, high divorce and remarriage rates and children or step-children from past and existing relationships, the who-gets-what scenario becomes a tricky one to manage in the absence of a will.
Unmarried couples are particularly vulnerable as without one, estates could legally pass to relatives according to a certain order, leaving the surviving partner with nothing. Whilst married couples have far more entitlement, without a will, this is limited as other relatives will also be factored into the inheritance process.
"When buying a property we are encouraged to take out life insurance to help with mortgage payments in case of death, but we rarely make a will to ensure where those assets go," Mr Roberts comments.
"Consider a will a longer term assurance policy for those that are left behind, at a fraction of the cost of annual household or car insurance," he adds.
As the entities that people go to when things have gone wrong or beneficiaries are excluded from an estate that they believe is rightfully theirs, all law firms will urge you to get a properly drawn up will. Unlike DIY kits and will writing businesses, law firms have had to meet very high training standards and are strictly regulated by the Law Society.
"Badly drawn wills are leading to an increasing number of families contesting them. DIY kits are obviously are lot cheaper but one small oversight or mistake could render the will useless and any legal disputes over assets will inevitably eat away at the vlaue of the inheritance. The law is incredibly intricate and procedural and people with the best intentions could and do easily slip up." Mr Roberts explains.
A will takes control of inheritance tax issues, asset distribution, guardianshop of children and even funeral planning...so why do only one in four of us have one?
For an informal chat about planning your own or a family member's will, call our reception team on 0800 389 7203 who will be happy to help you.