Last week, we joined in with a Law Society Twitter discussion about how people can make making a will their new year’s resolution for 2020. If you weren’t able to join in #SolicitorChat, here are our answers to the questions.
1. Talk us through the process of making a will and how a solicitor can help.
We would have an initial meeting where we take and discuss your instructions and wishes. We then draft the will and send to you to approve. Then have a second appointment when we will sign the will. All in all, a fairly painless process!
A solicitor will make sure that all your interests are protected and you understand the effect of your will.
2. What could happen to your estate if you die without a valid will in place?
This is known as dying intestate. The rules of intestacy dictate who inherits your estate (a kind of pecking order of relatives). This means that those you may want to benefit may be left out entirely. It can also lead to family disputes after your death.
3. What are the risks of using a DIY wills kit or an unregulated service?
Unfortunately, risks arising from making a will using a DIY kit include: the will being invalid; not disposing of your estate as you wish; your estate paying more tax than is necessary; increased risk of disputes following your death; not being advised of solutions to your problems.
The risks of using unregulated services include receiving poor advice and having no recourse should things go wrong. This is becuase the service providers won’t have a regulating body and will likely not carry insurance.
4. People tend to think you only need to make a will if you’re older. Why is it important for everyone, no matter their age, to consider making or updating their will?
We think it’s sensible for everyone to consider making a will. You don’t know what is around the corner. Certainly all parents should have a will in place to ensure children are cared for according to your wishes after you are gone.
5. Why is the New Year a good time to make or update your will?
It tends to be the time of year when people have good intentions and make resolutions, reviewing their finances and personal circumstances. And lets face it, there’s not much else going on in January!!
Making a will (or reviewing your existing will) is a great New Year’s Resolution. Tick it off your list and call our Wills team on 0800 988 7756 to make an appointment.