The Importance of a Will, and How a Solicitor Can Help You
For the avoidance of doubt. One day you will die! This is not breaking news but for something that is a certainty two thirds of the UK Population do not prepare for this by failing to make a will. Intestacy queries with the citizens advice bureau have doubled over the last 5 years.
At a stressful time for your loved ones leaving a will gives your friends/family an informed choice of how your assets should be distributed. Also, who will oversee organising your estate and following the instructions you leave in your will.
Using a solicitor can save a lot of stress for those you leave behind, as well as giving you a bit more peace of mind.
Your will tells people two very important things:
- Who should have your money, property and possessions when you die.
- Who will oversee organising your estate and following the instructions you leave in your will.
Seriously consider using a solicitor to write your will if:
- You have overseas assets.
- You run a business and you expect it to form a part of your estate.
- You will have to pay Inheritance Tax – this is paid on estates valued at over £325,000 for an individual or up to £650,000 for a married couple.
- Your family position is complicated – perhaps you have children with a previous partner, or you want to make special arrangements for children or a family member with a disability.
The benefits of using a solicitor:
- You are protected if something goes wrong. Solicitors are regulated.
- You can be more confident there are no mistakes.
- The complicated areas are done for you. Solicitors will be familiar with the law and will be able to help you make the most effective choices.
- Your will is stored safely.
What to expect from your solicitor:
Your solicitor should:
- Explain your options to help you make decisions about your will
- Give advice that is confidential and puts your best interests first
- Write and check your will according to your instructions
Make sure they also give a clear indication of costs and how they will be calculated at an early stage.
Solicitors as executors:
You can choose to appoint the solicitor or law firm who draws up your will as your executor. This means they will handle the arrangements for your estate when you die. Most importantly having a solicitor as executor means there is no emotional connection and their job is to carry out your wishes to the fullest extent.
The Law Practice UK Ltd have a specific Wills and Probate department based in both our Midlands and Hertfordshire offices. Please do not hesitate to call Katie Lawley to discuss your requirements.