It is a fairly established fact that many members of the general public do not make a Will and one in three people die currently in the United Kingdom without making a Will.
To make a Will is not just relevant for a more elderly person, as dying without a Will can affect your beneficiaries and those left behind. If, for example, you are in a civil partnership or unmarried or have young children but you are not married, dying without a Will means that the Intestacy Rules apply and much of your Estate could possibly go to the Taxman, rather than to your loved ones.
Instructing a professional Solicitor means that you can be offered advice on inheritance tax, which can result in less money going to the Taxman.
Secondly, if you have children you can choose their Guardian. If both parents die at the same time, in the absence of an appointed Guardian, a Guardian will be appointed by the Court to look after the children, which is not ideal.
When you make a Will it also avoids family feuds, because inevitably when Intestacy Rules apply one beneficiary will be preferred over another in accordance with the Statutory Rules, rather than you actually benefiting that particular beneficiary by making or updating your Will, to take account of changes to the law.
Often people are unsure as to where they should store their Will. Once the Will has been executed, a Solicitor will store the Will in their office, which will avoid complications when you die. For example, storing a Will in a bank safety deposit box can create complications because the bank will not release the Will until probate is obtained, but you will need a copy of the Will to obtain Grant of Probate.
Additionally, if a Solicitor is used as a professional Executor and there is a change in the firm, other Solicitors will take over the matter, so there is always continuity with a professional Solicitor acting as an Executor. Also remember, if you and your partner both die together, then in the absence of appointing a substitute Executor means you leave it to chance as to who then will be appointed as the Administrator under the Intestacy Rules.
These are all excellent reasons why you should use a Solicitor to make a will and not prepare a “do-it-yourself” Will or have a Will prepared by an unregulated Will Writer. The probability is that if you get it wrong, then your loved ones, as beneficiaries, may not benefit and they may be subject to huge tax bills, because the Will is not tax effective.
During February and March, we are offering a discount when you make a Will prepared for husbands and wives or partners on the basis that our firm would be appointed as Executors.
For details on this offer and all other reasons as to why you should have a Will, what should a Will cover or an analysis of your existing Will to see if your Will needs updating, contact us via this link >
SAUL Marine is the Principal of Saul Marine and Co-solicitors and also a qualified Mediator.