You’ve decided now is the time to put documentation in place to protect your estate. What next?
There are essentially two options available to you when it comes to making a Will:
Seek the assistance of a professional; or
Write a Will yourself
Many people have a misconception that it’s “easy enough” to prepare a Will, as it simply is a case of naming their beneficiaries and listing who should get what. There are even places on the high street where consumers have the option to purchase a DIY kit.
However, issues can arise if you write your own Will.
Your estate may be complex and without specific planning, inheritance tax could be payable on your death which could have been avoided.
Certain gifts could fail – For example, did you know that if a beneficiary witnesses your Will, any gift to them will be void?
Your estate could be challenged – by excluding a loved one from your estate it could give rise to a challenge of your Will on your death.
You may not appoint a guardian to care for your minor children in the event of your death, which would force them into care.
What will a professional do?
Consider the size of your estate by asking for a list of your assets and liabilities so they can offer estate planning advice to reduce IHT payable if IHT is likely to be an issue.
Consider your family circumstances.
Offer advice if you wish to exclude someone from your estate and the risks of doing this.
Discuss various trusts to protect your estate/beneficiaries.
Assess your capacity.
Consider any risks of undue influence
Using a professional can save you a lot of stress and give you and your family peace of mind. They will consider everything and offer tailored advice to ensure your wishes are met after your death.
It is important to engage a Willwriter who is trained in succession law and who is insured for their work, as being members of The Society Will Writers (SWW), our advisers at Ancojada Wills are.
By using a professional Will Writer such as Ancojada Wills, you are safe in the knowledge that the person who is attending to you will know and understand your needs and have the necessary expertise to advise you properly on how your Will should look and how it will work, especially if your estate is complex.
SWW members adhere to a form of self-regulation, which whilst voluntary, imposes minimum standards and requirements on them. All SWW members are bound by the SWW Code of Practice and must also keep their knowledge up to date through ongoing training and CPD as well as carry a minimum of £2 million Professional Indemnity Insurance. Only those who do are permitted to be members and will be issued a certificate of compliance and ID card confirming their SWW membership.
If you are considering making a Will, or reviewing your ewxisting Will, please do contact us to arrange a free initial consultation.
The Financial Conduct Authority does not regulate Taxation, Trust advice or Will writing.
Trusts are a highly complex area of financial planning.
Information provided and any opinions expressed are for general guidance only and not personal to your circumstances, nor are they intended to provide specific advice.
Tax laws are subject to change and taxation will vary depending on individual circumstances.
Ancojada Limited trading as Ancojada Group is not authorised or regulated to provide financial advice.
All financial advice is provided by other regulated businesses.