Wealden Times | WT184 | June 2017 | Kitchen & Bathroom supplement inside

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No one likes to ta realise your own don’t consider this who receives what say is a simple guid and explains in sim needed to ensure th Written by the wi experts at Slater a the essentials you considerations wh a will, when to tax, Trusts, Lastin providing for vulne Whether you’re lo need to update considering your o – no say is the esse wants to make sure ADVERTISEMENT FEATURE The pitfalls of D.I.Y will writing James Beresford, Head of Wills, Tax, Trust and Probate at Slater and Gordon There are a number of potentially disastrous pitfalls you can encounter when writing your own will. We examine some of the more common problems. Why should I make a will? • It allows you to choose who you wish to benefit from your estate and who you do not wish to benefit from your estate, on your death • It allows you to appoint guardians to care for minor children, in the event that both parents die whist the children are still minor • It can be used to protect your assets, for example, from a spendthrift or from divorcing family members • It can be used to protect your beneficiaries, for example, from being taken advantage of financially This guide will help you understand that having your will drafted professionally is a small price to pay, as it can save a substantial amount of money in the long run. Why should I get proper legal advice? Often, a home-made will is not worded in such a way that makes it legally enforceable. This may be because the terms of the will are ambiguous or because the will fails to effectively dispose of your assets in the correct manner. Can you afford to take the risk that your home-made will does what you think it does? • The Courts of Chancery entertain a steady stream of litigants vying to show that they were the intended beneficiary from a poorly drafted will • Legal documents still use old fashioned language, more often than not, and yet the implication of a single incorrect word can affect completely what your will does. • The interpretation of will clauses in professionally drafted wills have stood the test of time for centuries • The legal rules surrounding making a valid will are very exacting and are strictly enforced by the courts. One strike and its out. • Unqualified will drafters do not always understand the intricacies and nuances of will clauses. Legal clauses can sometimes be cut and pasted to a perceived template which can put it out of sync and result in errors. For these reasons, and many more, you should ensure that your will is drawn up by a specialist qualified lawyer. If I make a DIY will, what can go wrong? In short, potentially everything! At best some gifts in your will might not take effect – at worst your will might not be valid at all. Your executors • Do you know why you need an executor? • How many executors? (the answer is not always the same) • What if you don’t specify anybody to be an executor: do you know who then controls how your estate is collected in and safeguarded, and ensures that it is paid over to the rightful beneficiaries? Trustees • Do you know if your estate will need a trustee? And how many trustees? • What happens if you need a trustee but haven’t specified one? • Why are the executors usually also the trustees and do they have to be the same people? • Why might you want different types of trustees? Guardians • Do you know who will raise your infant children if you do not specify somebody? • And what role might the Family Law Courts then have in deciding who should raise your children? • Who has priority if you appoint more than one guardian – could this lead to a “tug-of-love”? • Do you want a distant relative raising your children if their only motivation is getting access to the money you have left behind? Gifts and Legacies Using the correct language in your will is vital to ensure that your wishes can be carried out after your death. • What happens if somebody you include in your will dies before you – where does that gift go? • Did you know that some gifts automatically pass to somebody else if you do not specify a fall-back provision? • What happens to a gift if you no longer own that asset at your death? • What if you have several assets of the same description but of differing financial value, e.g. cars • What happens if some items in your will have to be sold by the estate to pay debt, Inheritance Taxes, or administration fees? Even how you describe a gift in your will can affect whether or not that gift will take effect – so don’t take that risk! Beneficiaries How would you feel if you knew that your estate did not go to the people, charities, or organisations that you choose, or if it has not been used for the purposes that you had intended? • Do you know what the law say about infants receiving assets or money from your estate? • How do you ensure that you can leave inheritance for a minor and it will be protected until they reach an age that you feel they are mature enough to be responsible for it, for example at 21 or 25? • Can you make financial provision to provide for a family pet, and if so how? • How can you be certain that money you have left to a charity is used in the way you want it to be used, such as for your local area? • Why is the name, address, and registered charity number important? Whilst you want to be certain that your estate passes to those people or organisations that you choose, what if you want to ensure that it does not pass to a certain individual that you may have fallen out with, or possibly worse – that you are not yet divorced from? How would you feel if that person ended up inheriting your estate because your will had not been drawn up correctly, invalidating it, just to save a bit of money? What if I have already written my own DIY will? Contact us immediately for advice and any assistance that you might need to rectify it. And… next time you want to write a will, or make any changes to your existing will, give us a call so that we can draft your will professionally and take the worry out of not knowing if you have written your will correctly! Our team of specially trained lawyers prepare thousands of wills every year and can advise you on any of the more complicated or specialist clauses that might be relevant to your circumstances, for example: • What if I want somebody to be able to live in my house after I have died – what provisions do I need to include in my will? • What if I own my own company or run a business and want it to carry on after my death, or what if I want to pass it on to my employees or family members? • What if I own property abroad – do I need to know anything about the law of the country where that property is situated? And how does that country’s inheritance laws affect a will I write in England and Wales? And is it relevant if I already have a will made abroad? • What if any of my beneficiaries are receiving benefits from the government? Can I leave them something without jeopardising their entitlement? • Can I leave an inheritance for somebody in a way that nobody else will know who it is intended for (that is, make a secret gift)? These might sound like fanciful provisions but our specialist will drafting lawyers prepare wills with highly complicated personal and tax saving provisions like these every year. Increasingly, we are coming across DIY wills that do not make the provisions intended at the time they were written and blissful ignorance ensures that the errors in the will are never corrected. And it’s then too late. A poorly drafted will can have expensive tax consequences or lead to expensive court litigation, just to understand how the law says your estate must be divided. So don’t leave it to chance just to save a few pounds now – it could end up costing your estate considerably more than you could ever imagine. James is the author of a book “No will – no say” which is a simple guide to wills and estate planning and covers the essential points you need to consider when thinking about writing a will. To make an enquiry without any obligation, call us on 0203 319 2685. No wil A simple guide to www.slatergordon
lk about wills; it makes you mortality. However if you then you will have no say , when you die. No will – no to wills and estate planning ple terms the steps that are at your wishes are met. lls, trusts, tax and probate nd Gordon the guide covers need to consider including en thinking about writing start planning, Inheritance g Powers of Attorney and rable beneficiaries. oking to put a will in place, n existing will or simply ptions for the future, No will ntial guide for anyone who they have their say! No will - no say Speak to James Beresford, Head of Wills, Tax, Trusts and Probate. James leads the award winning wills, tax, trusts and probate department at Slater and Gordon. He is an expert on dealing with the administration of estates and advises clients on the drafting of wills, lasting power of attorney and trusts. He is author of the book “No will – no say”. A simple guide to wills and estate planning” which demonstrates his knowledge and experience in his field. His professional and tailored approach provides clients with the best possible advice to suit their individual needs. l - no say wills and estate planning .co.uk No will - no say A simple guide to wills and estate planning SLATER AND GORDON No will - no say A simple guide to wills and estate planning James Beresford Call us on 0203 319 2685 slatergordon.co.uk Offices in London and throughout the UK *James Beresford, STEP member Family | Employment | Estate Planning, Wills and Probate | Property Business Legal Services | Serious Injury and Clinical Negligence Slater and Gordon (UK) LLP is authorised and regulated by the Solicitors Regulation Authority.
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Wealden Times | WT184 | June 2017 | Kitchen & Bathroom supplement inside

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