There is a big difference between a Will that is written and a well-written Will.
We deal a lot with contentious probate, where often a Will has been poorly written, and this can mean that the wishes are unclear. Resolving a poorly-written Will after-death is lengthy, costly, and stressful. In the main, this can be avoided by instructing specialist advice before the Will is needed.
Furthermore, recent statistics indicate that around 65-75% of individuals die without a Will in place. When somebody dies without a Will in place, this means that their estate is distributed in accordance with the strict intestacy laws which take no account for someone’s wishes. This means that the majority of individuals miss out on the opportunity to have the final say on what happens to their worldly possessions.
The laws of intestacy are a ‘one-size-fits-all’ approach, which does not reflect modern life entirely. Family structures have changed. In society, there are more now blended families. More unmarried couples. More people not having children. More family disputes. These changes can lead to individuals needing a specialist Will to reflect their wishes, so their loved ones are not left empty-handed.
Furthermore, not having a Lasting Will and Testament in place can mean that the beneficiaries are landed with large inheritance tax bills which can otherwise have been avoided through careful planning. Inheritance tax is set at 40%, so your estate can easily diminish without careful planning.
Additionally, you may need to appoint guardians for any children aged under 18 years of age and trusts to safeguard the future of your children of grandchildren.
In summary, there is only one way of truly knowing whether your Will is well-written and that’s by talking to experts. Luckily, at Nicholls Law we are currently offering FREE Will reviews.
*Notice: This blog does not constitute as legal advice*