Making a will is incredibly important both for your peace of mind now and for planning for the future, says Anna Orpwood from local solicitors Edwards Duthie Shamash
A carefully drafted will can save considerable sums of money in inheritance tax and give you peace of mind that your wishes will be carried out after your death.
Most of us would rather not think about our own death and maybe this is the main reason why over 60% of us haven’t made a will. There are also many misconceptions that stop people from making a will. The belief that “everything I have will automatically go to my wife” is a common misconception, or that “my estate is too small” or “it is too expensive.”
There is also a misconception that will writing is something you should do later in life. Having a will is important at all stages of your life. For example, young parents with children should be aware of the importance of ensuring there is a guardianship clause incorporated into their wills, meaning peace of mind for a young family. For a married couple, careful drafting of a will can also ensure inheritance tax is kept to a minimum.
A will is the only way of ensuring the people you want to benefit from your estate actually do inherit it. If you die without making a will, the intestacy rules apply in an arbitrary manner. This may lead to your spouse having to share your estate with your children, whom you may not have intended to benefit straightaway. Under a carefully drawn will, you can set up trusts for beneficiaries under age or for beneficiaries with disabilities.
At present, the intestacy rules do not recognise cohabitees. If you live with your partner and die without having made a will, your partner will not automatically inherit any of your estate – there is no such thing as a “common-law wife”. Your partner may have a claim on the estate, but this is expensive and a situation that should be avoided.
Homemade wills – which should only be used in the most straightforward of circumstances – can be disastrous, leading to considerably more expense than is needed. It is also worth noting that will writing companies are unregulated and do not offer the same consumer protection a solicitor does, backed by professional indemnity insurance and regulated by the Solicitors Regulation Authority.
A carefully drafted will drawn up by an experienced solicitor can save considerable sums of money in inheritance tax and give you peace of mind in ensuring your wishes will be carried out. Time, however, does not stand still and it is necessary to keep your will under regular review.
Edwards Duthie Shamash is located at 149 High Street, Wanstead, E11 2RL. For more information, call 020 8514 9000 or visit edwardsduthieshamash.co.uk