It is important to consider the drawbacks of creating a Will without legal assistance by using online resources or DIY kits. Your Will is a critical legal document, and any errors or omissions may have significant consequences for your loved ones.
Why you need a valid Will
A valid Will ensures your assets are distributed according to your wishes and appoints a trusted executor to manage your affairs when you die. Without a Will, your family may face delays, increased costs, and emotional distress.
With a valid Will, your executor can apply for probate and administer your estate according to the provisions contained in your Will.
Without a valid Will, the distribution of your assets and finalisation of your affairs will likely be delayed. Your family may need to apply to the court for letters of administration and face increased legal and court costs. Your estate will be administered according to a statutory formula which may not align with your wishes.
The benefits of using a lawyer to prepare your Will
Family dynamics and personal and financial circumstances are important considerations when preparing a Will. There is no one-size-fits-all approach to estate planning and a generic form or template will not be appropriate for all situations.
We explain the benefits of seeking legal advice below.
Ensuring your Will is effective and valid
Our solicitors ensure that all legal formalities are complied with to ensure the validity of your Will.
If your Will is incorrectly signed or witnessed, there is a risk it will be deemed invalid or contested after your death. Writing on your Will after it is made, stapling documents to it, or making any changes can raise issues or invalidate your Will, rendering it partially or completely ineffective. If your Will does not effectively deal with all your assets or if it uses ambiguous language, this may open the doorway to all uncertainties and disputes.
Certified copies and safe storage
We will store your original Will securely and free of charge in our fire proof safe, and provide you with certified copies, safeguarding against potential loss or damage.
Even if you decide to keep your original Will, we will keep records and copies of your Will in the event that you subsequently lose the original or your family cannot find it after your death. In such cases, your family may request the court to consider the copy of your Will and allow the wishes you express therein to stand.
Considering your unique circumstances
We will consider your personal circumstances, family structure and financial position to prepare a Will that effectively sets out your testamentary wishes.
Blended families have unique estate planning needs. When creating your Will, you may need to consider how you wish to provide for children from previous relationships, and how your current partner may wish to provide for their children from previous relationships.
If you have minor children or vulnerable beneficiaries, they may need special consideration. Through an open discussion about your wishes and objectives, we will assist you to craft a Will that reflects your intentions and minimises the chance of potential conflicts. This includes by exploring options like staggered inheritances and testamentary trusts.
Dealing with business interests
Owning a business will add complexity to your estate planning. You will need to consider whether you wish to hand the business down after you die or want it sold or dissolved to ensure your business interests are adequately dealt with.
Our experienced estate planning lawyers can help you develop a business succession plan that meets your needs.
Conclusion
To recap, the key benefits of engaging a lawyer to help with your Will include:
- Ensuring your Will is valid: Lawyers are trained to write valid Wills that meet all the legal formalities, minimising the risk of your Will being contested.
- Addressing complexities: A lawyer can help navigate complex issues such as blended families, vulnerable beneficiaries and business ownership. They can advise on testamentary trusts and business succession planning.
- Minimising disputes: By considering your unique circumstances and family dynamics, a lawyer can help prepare a Will that clearly outlines your wishes, reducing the potential for disputes among beneficiaries.
- Expert advice: Lawyers can provide comprehensive tailored advice that also considers other estate planning issues like trusts, powers of attorney and enduring guardianship.
A well-drafted Will ensures your assets are distributed fairly and according to your wishes, bringing peace of mind to you and your loved ones.
This is general information only and you should obtain professional advice relevant to your circumstances. If you or someone you know wants more information or needs help or advice, please call 08 8443 4888 or email [email protected].