Regardless of whether you have much money, possessions or property, it is important for you to make a will.
There are certain rules that dictate how property, money and possessions should be allocated if you die without a will in place. This may not be the way you might have wished your money and possessions to be distributed.
If you are not married to your partner or have a registered Civil Partnership, you cannot autmatically inherit from them or they from you without a will outlining your wishes. Therefore, if one of you passes, this could leave the other in serious financial trouble.
If you have children then a will really is essential so arrangements can be made for their security if either parent dies. It may be possible to reduce inheritance tax liability if advice is sought prior to the event. Also if you are separated from an ex-partner and they are now living with someone else, you may want to change your will. In any event, everyones’ personal circumstances are different so the State’s rules often are not suitable and your own will needs to be put in place.
Do you need to use a solicitor?
The short answer is no. There is no legal need to have a will drawn up by a solicitor. In fact you could technically do it yourself. However, due to the importance of this document we would strongly advise having it done by a firm of experts such as Resolute Mortgages to ensure the will achieves what you want it to and also to point out anything you may well miss yourself.
It stands to reason that if a will is drawn up incorrectly, it could cause protracted issues for your loved ones after your death not to mention the further legal costs that could ensue reducing your Estate further.
Some common mistakes in making a will are:-
- Not ensuring the will has all of the elements to make it legally valid.
- Not allowing for all property, money and possessions.
- Not allowing for the possiblity of a beneficiary passing away prior to the will maker.
- Making changes that later are proved to be invalid.
- Not being aware of the effect of a new marriage or civil partnership on an existing will
- Not being aware of the rules in terms of dependants being able to contest the will if the provisions in it do not seem adequate for them
Here at Resolute Mortgages, not only are we considerably more cost effective than a solicitor, we cover all of these points and more to ensure you have a will that is fit for purpose. Please get in contact today for an informal chat.
Some of the services listed here are not regulated by the Financial Conduct Authority.
In addition, we are not authorised to provide advice on wills and will refer customers to an authorised third party who can assist them in this area.