The importance of making a will

EVEN for those of modest means a Will is an important necessity. For enterprising people with a wide variety of financial interests a Will is absolutely crucial.

Regardless of their means it is also vital that parents of young children (under eighteen years of age) have a Will in place which makes provision for the care of their children in the unfortunate event of their untimely death. Without a Will to express how assets should be distributed, the law of intestacy intervenes to dispose of the assets amongst the deceased’s relatives in crude set proportions, with the potential to benefit people in a manner that the deceased might not have envisaged.

Intestacies tend to be more expensive to administer, but more significantly, are not amenable to tax planning and will not deal with any of the panoply of other issues that a person may wish to provide for in their Will.

Examples include The appointment of executors to alleviating the administrative burden from distressed and bereaved relatives.

• The appointment of testamentary guardians to take care of young children.

• The appointment of trustees to manage the inheritance of any beneficiary of a trust (normally children or people who would have difficulty in managing their own affairs).

• The provision of a benefit to an unmarried partner who would otherwise be ignored under the rules of intestacy taking account of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010.

• The distribution of assets generally in as tax efficient a manner as possible. Once a Will is in place it should be reviewed (though not necessarily revised) at least every three years, or earlier if there is a change in family or personal circumstances, or if there have been significant acquisition or disposal of assets

In relation to the cost of making a will, whichever option a person chooses, they get what they pay for. Though cheaper options are available including homemade Wills bought in a stationary shop, it is always advisable to utilise the services of a solicitor well-versed in the field of Will-drafting who will be in a better position to:

• Minimise the risk of the Will being challenged. • Lead the client through the process of determining their own wishes and preparing for most contingencies.

• Advise on the obligations owed to spouses, children and any other relevant parties.

• Advise on other steps that should be taken during the client’s lifetime exempli gratia enduring powers of attorney; tax planning; the impact of family, company or partnership law upon the Will; etcetera.

Depending on the complexity of the Will, the amount of advice required, and the amount of time expended in drafting, dealing with other advisors and taking instructions, a thorough Will can cost from a relatively low amount where the matter and proposed distribution is reasonably simple to more substantial amounts where the matter is intricate. Each client should always be advised at the outset of the likely or proposed fee.

Experience demonstrates that though often intimidating in prospect, once people overcome procrastination, the exercise of putting in place or updating a Will to deal with future eventualities, actually provides considerable comfort and peace of mind.