WHY YOU SHOULD MAKE A WILL
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We understand that everyone’s family and financial circumstances are different. However, we all have loved ones for whom we would wish to provide. When the time comes, how can you ensure that the welfare and inheritance of those dearest to you has been protected?
Having a professionally drafted Will can provide you with peace of mind. The experienced and trusted team of solicitors at Prince Evans can assist you with putting your affairs in order by ensuring that your Will is tailored to meet your personal circumstances.
It is, of course, possible to draw up a Will without the use of legal experts, however, it is highly inadvisable to do so. There are many legal formalities that need to be followed to ensure your Will is legally valid. A Will drafted by the skilled legal professionals at Prince Evans Solicitors LLP can protect against a risk of invalidity.
Executors & Trustees
Under your Will, you need to appoint individuals to assist with the administration of your estate. Choosing persons to act as your Executors and Trustees can be a tricky decision. They will need to safeguard your assets, settle all liabilities and taxes (often involving Inheritance Tax, Capital Gains Tax, and Income Tax), and follow your instructions provided in the Will when administering and distributing your estate to your chosen beneficiaries. This requires the appointment of competent, honest and trustworthy individuals particularly in the case of more complex estates.
Whilst some individuals have friends or family members they can trust, we understand that you may wish to leave this task to professionals. Prince Evans offers a full Executor and Trustee service should you wish to do to so. The Firm’s partners will be happy to act alone or alongside members of your family and friends. Prince Evans’s support and expertise have been valued and tested over many years.
Claims
Future claims could be brought against your estate if you have made no (or only limited) provision for those financially dependent upon you. This may include a current or former spouse, a partner, or a child. Such claims often cause unnecessary costs and distress to your family, friends, and beneficiaries. Prince Evans can help prevent possible disputes arising after your death by ensuring that you receive the appropriate specialist legal advice at the outset.
Intestacy
Without a valid Will in place, you would die “intestate” and the rules governing intestacy then determine who inherits your estate. This may mean that your unmarried partner, relatives, friends, and favourite charities receive nothing. Having a correctly drafted, legally valid Will in place is the only method by which you control who benefits from your estate on your death, and incorporate those loved ones who are still not recognised as potential beneficiaries under the laws of intestacy.
To conclude, whilst drafting a Will gives you a lot to consider it is of utmost importance to have one in place, especially if you do not wish for your estate to pass in accordance with the intestacy rules. It is important to ensure that you receive sufficient and appropriate legal advice when making a Will and to steer clear of Will making kits or uninsured and/or unregulated companies to avoid any possibilities that your Will is not legally binding or in line with your wishes.
Having a legally valid Will in place is the only way to give yourself and your loved ones the peace of mind that your wishes will be adhered to upon your death.
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