Some people may think that it’s tempting fate or simply an unnecessary piece of paperwork while you’re still fit and healthy. After all, nobody likes to think of life after you’re gone.
But with so much at stake, it is still a startling fact that most of the adult population in the UK have not made a Will.
So what are the implications for your family and your estate after you are gone if you haven’t made a will? Peter Lynn, founding partner of Peter Lynn & Partners suggests that a Will is one of the most vital pieces of paperwork that you can ever fill out, and it needn’t be an uncomfortable process.
“I cannot stress enough the importance of making a Will” says Peter Lynn, Senior Partner of Peter Lynn & Partners. Making a Will avoids difficult family issues at a very stressful time and the effect of dying intestate can be devastating on a family.
“Under the Rules of Intestacy, assets are distributed according to a set of rules that are unlikely to reflect your intentions. It is likely that there will be significant probate delays and dying intestate can also mean paying unnecessary amounts of tax or family assets going to unintended beneficiaries!
“A properly drafted Will can enable planning to take place to ensure tax liabilities are minimised and to ensure that there are no unwanted claims on the estate.
Peter continues: “Each Will drafted by Peter Lynn & Partners is tailor-made for each client, taking into consideration their personal, financial and family circumstances”.
The flexibility of a well written Will is essential to cope with changes in tax law and is the key to effective trust and estate planning and succession planning for businesses.
In addition to advising on Wills, clients often need advice on protecting the family and loved ones, lifetime gifts, Inheritance Tax, tax savings schemes, duties of Executors and Trustees and protection of infant beneficiaries.
“At Peter Lynn & Partners, we offer holistic advice to deal with matters such as tax planning, Powers of Attorney, provision for nursing fees, equity release and other related issues”.
Your solicitor should be flexible enough to arrange home visits for the elderly and housebound.
Equally, after death it is important for those who are left behind that the estate is administered with sympathy and efficiency. It is important to get timely and cost effective advice on the gathering of the estate and administration of the estate in accordance with the law.
It is not uncommon for disagreements to emerge within families because a close relative did not make a Will or failed to update an existing Will to reflect a change of opinion as to how the estate should be divided. Sadly, there are many cases which illustrate the need for people to ensure their Wills are drawn up properly and kept up to date.
It is also vital to let your family know where your Will is kept and the name of the solicitor who helped you draw it up.
“Sadly, at Peter Lynn & Partners we unfortunately have to deal with disputes on badly drafted Wills or where there has been a failure to provide proper Will provision. As a result of bad planning legal bills can run into many thousands of pounds often depriving the beneficiaries of the monies that were earmarked for them”.
Therefore, the strong advice is don’t leave it to chance. Get the correct advice and create a bespoke Will solution unique to your needs and ensure that your Will is regularly updated to reflect any changes in your circumstances or the law.