The Importance of making a Will with a regulated Advisor
If you have seen an advert or a social media post to “write your Will for £10.00” and or considered purchasing a DIY Will Kit then we encourage you to read this article.
Currently, Will writing is not regulated and therefore anyone can set themselves up as a Will writer, with little or, more alarmingly, no experience of the law in this area. This can not only leave you with a misunderstanding of the law but also confused. All too often, people do not realise they have been victims of incorrect advice until it is too late for themselves and their families.
All Solicitors and Chartered Legal Executives in England and Wales are regulated and therefore have to adhere to rules and regulations and meet certain standards in the service provided to clients.
Some of the areas of concern that we have experienced when someone has made their Will using a DIY Will Kit or an unregulated Will writer include:-
Formalities
For a Will to be valid it must comply with certain formalities. Failure to comply with those formalities could result in the Will being invalid and your estate passing under the Rules of Intestacy, which might be to relatives you didn’t wish to benefit.
When we act for you, we will ensure all formalities are complied with so that your Will is valid.
Confusion
If a Will is not clearly drafted it may not only fail to do what you wanted it to do but could be costly in achieving the outcome you had sought. You should be able to clearly understand the terms of any Will prepared for you before you sign it.
We provide clear advice during our appointment with you, followed up with a clearly drafted Will and letter explaining the terms of the Will.
Beware
Beware of headlines that advise putting your home into Trust during your lifetime. This is highly unlikely to avoid the payment of Care Home fees or Inheritance Tax. This could be considered a deliberate deprivation of capital and is therefore ineffective for financial care assessment purposes. There are also rules relating to reserving a benefit in something you give away in terms of Inheritance Tax and there can also be other adverse tax consequences.
We can provide clear advice on how Trusts can be used effectively to protect your assets, based on current law and best practice.
Costs
We live in a cost-conscious world and so whilst low fees may be attractive, all too often this is misleading and hidden charges are likely to arise such as fees for visiting you at a property, additional clauses, annual cost for storage of Wills etc leading to the final bill being significantly higher. Furthermore the future cost of administering your estate could increase if your Will is not drafted clearly and properly.
We will provide you with a clear estimate of costs at the outset with no hidden extras. Our costs are proportionate to the work we do for you.
So when considering the true ‘cost’ of a Will beware of those attractive adverts and instead ensure that you are taking advice from an experienced and qualified individual who is regulated and able to draft a Will which truly reflects your individual circumstances.
We're here to guide you:
If you would like further advice and assistance with making your Will or have concerns regarding your existing Will please contact our experienced team of lawyers on either 01305 250100 (Dorchester), 01308 422313 (Bridport) or 01305 771000 (Weymouth).
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