Will Writing

Whilst we do not offer a will writing service providing advice to clients to make a will is an essential part of the financial planning process and ideally the trust and estate practitioner should draft the will at the same time that your investments are reviewed.

Reasons for making a Will

Statistics have consistently shown that only a third of people in the UK leave a valid will. If you die without making a will you are said to have died ‘inestate’. In these circumstances statutory rules prescribe the order of entitlement of the next of kin who will inherit the estate. In England and Wales this potentially includes the surviving spouse, children, parents, brothers, sisters or their children, grandparents, uncles and aunts.

On first look, you might question is there any point in making a will. However take a look at the following examples;

Cohabitees or children – neither cohabitees nor stepchildren are recognised under the statutory rules of entitlement and therefore could be left without financial provision.

Worth more dead than alive? – you may feel that there is no point making a will because you are worth nothing financially. Often the truth is that we are worth more dead than alive. A common example would be if you were to have a life policy to pay off their mortgage on death leaving the market value of your home subject to the statutory rules of entitlement

Marriage or divorce – marriage revokes any existing will unless the will was made in contemplation of that marriage

Inheritance tax planning vehicle – Wills can also be drafted as part of inheritance tax planning for your family

Peace of mind – in making a will you will have the peace of mind that you are leaving your estate to family and friends that you want to benefit

It is important that if you are going to make a will that you get it prepared by someone who specialises in will drafting and estate planning. We are able to liaise with your solicitor to ensure that any will fits in with your financial arrangements. A review of you will will form part of the annual review service to ensure that it continues to fit with any changes in your financial arrangements.