Wills - Why is it important to make a Will?
Each human being has infinite value, and the passing of a loved one is an enormously important matter for those left behind. The emotions and bereavement associated with the loss aside (as significant as that is), it is important that the affairs, wishes and intentions of the deceased are not only known, but faithfully implemented.
Where there is no Will, the law by default confirms who benefits, but that is not ideal. The law should not take the place of the voice of the individual, or make assumptions about how his/her estate should be distributed after death.
There are many important reasons for taking advice and making a Will properly. These reasons are not always commonly known, so it is important to mention some of the following:
You want to give directions for funeral
You wish to appoint particular trusted individuals, to act on your behalf
You want to appoint guardians for your children
You want to make very specific types of legacies
You have special considerations to tailor towards specific needs for your spouse
You need to mitigate the possibility of challenges
You want to include a trust in your will (perhaps to provide for young children or a disabled person, save tax, or simply protect your assets in some way)
You live abroad but have assets here
Good Reasons Why You Should Have A Solicitor
A Will is not expensive given its significance. In our competitive free market world price appears to be
everything, and it’s very easy to go for the cheapest solution. But price isn’t everything and the faceless
services of many cheap providers on the internet may not be for everyone. They certainly don’t always
provide for bespoke services, or quality outside of standard forms.
It is better to see a properly qualified solicitor face to face, to discuss your needs and concerns, obtain advice and consider various options. You should be concerned about ensuring your Will is prepared with a firm that values your relationship and understand professional standards.
Anyone can make a Will, but not everyone is knows how to draw it, how it should be properly executed, understands the available options, or how a Will might be contested if it is not properly considered.
We live these days in a different kind of world from the old days. Now days, more than ever, people live and/or work abroad, they may have purchased property board, they may own part or all of a business, and there may be complicated issues associated with the law and taxes.
Life events change, and it is important to review your Will as time goes by and as events change. You may need to take into account a divorce, additional children, your need for capital in retirement, or some other eventuality which means that the Will needs to reflect these changes.
It is helpful to return to your original solicitor, to discuss these changes and review your intentions. In the event of your death, your loved ones might be comforted by the fact that you discussed your affairs properly, and sought out advice from a firm that knew you.
You may wish to refer a friend or relative, who is vulnerable by virtue of their age or some medical condition. The needs of such a case may require special handling.
There are many and varied reasons why solicitors should be instructed to prepare a Will, in place of standard cheap Wills, now available everywhere.
Charges for drawing up a will can vary but depend on:
the experience and knowledge of the solicitor; and
how complicated your will may be.
Please remember that cost should not be the only consideration. It is equally important that you are dealt with by a solicitor who is approachable and whose advice you understand.