Case Study - Need a Will?
A few minutes could ensure your family don't lose out!
Paul Jones died aged 40 owning a house and business worth a total of £1 million. His wife, to whom he had been married for 15 years survived him but sadly they had no children. Also both his parents had died and he was an only child. Even more sadly, Paul had not made a will.
This means he died "intestate". Government rules then dictate what happens to his estate.
The rule meant that his wife was only entitled to the first £500,000 of his estate. Unfortunately the other £500,000 went to his 2nd cousin (who he hadn't seen for 25 years since they were children).
If Paul had asked us to make a will for him this would have been avoided. Unfortunately he didn't get a round to it!
Some general advice about Wills
- Leave directions about your funeral arrangements etc in a separate letter addressed to a close relative or tell them your wishes now (in case the Will is not read/discovered until after the funeral).
- If you wish to donate your organs make sure you are on the NHS Organ Doner Register.
- Ensure your Will is accessible when required by keeping a copy and leaving a copy and details of storage with someone you really trust. It is amazing how many Wills (sometimes "conveniently") go missing. You can also deposit your Will with the Principal Probate Registry or store your Will free of charge with Xpress Legal Services. If you wish we will notify your executor where the Will is stored (at no extra cost).
- Review the Will frequently especially when there are major changes in personal and financial circumstances e.g. marriage, divorce, children, grand-children, death of beneficiaries, etc.
- Never be tempted to have a go at making your own Will. Even if you don't use Xpress, please use a professional Will writer. For the sake of only a few hundred pounds each, you can save (or lose) your children thousands. There are endless legal technicalities involved in preparing a Will. The slightest error can result in the Will being made invalid, or not achieving the intentions you desired.
- Don't join the 75% of adults in the UK who have never made a Will. If you've read up to this point, you've really no excuse any more!!!
- You must always have two independent witnesses or the Will is invalid.
- Ensure that the witnesses to the Will are independent and not beneficiaries or their spouses (otherwise they will forfeit ALL benefits).
- You can make sure that sentimental items go to the person you really choose (they could otherwise be sold).
- You can make a statement to go with your Will to prevent someone claiming against your estate if you don't want them to (e.g. an ex-spouse).
- Don't procrastinate! "Tomorrow" is never a good time to make a Will (it may never come!).
