The Importance of making a Will Post Reply

[anadelaquintana]

Making a Will is not something that we all do regularly as part of our daily lives, in fact statistics tell us that 7 out of 10 people who die do not have a valid Will. However the tide is turning and more and more people are now making a Will as they realise that the wealth that they have built up needs to be managed properly and effectively through a Will. The majority of people accept this, but simply do not get around to doing anything about it.

Making a Will is not about you and will not be of any benefit to you, but will be of the upmost importance and benefit to your loved ones that are left behind. Many people assume that making a Will is for the older generation but it is often more important for young families to make a Will. By making a Will you will be able to create a bespoke Trust that will provide for your family’s financial security. You will be able to appoint Guardians, people who will look after your children. Wills are also essential for your Inheritance Tax Planning.

Unmarried partners, second marriages, stepchildren, family disputes and so on often lead to competing interests, none of which are recognised by the law. By making a Will you will be able to address the competing and different needs of everyone in your family unit.

Are you concerned that your children might be disinherited if you need long term care and your wealth is used to pay for such care? Are you concerned that if you die and your spouse or partner remarries he/she will leave what they have to their new partner, thus disinheriting your children? If so, by making a Will including Trusts, you can ensure that what you have worked for goes to whoever you choose, while ensuring the financial security of yourself and your loved ones.

My name is Ana and I live in Balham. I am a Pensions Actuary and Financial Adviser. I also work as an Associate for EA Will Services which specialises in providing a professional and personal Will Writing service for families and individuals. EA Will Services is a member of the Institute of Professional Will Writers that limits its membership through examinations and ongoing training. For more information please go to http://www.eawillservices.co.uk.

For more information or to make an appointment please contact myself or my colleague Samantha.

Also, feel free to post any generic questions and I will gladly respond to them. I hope you found this information useful.

Best Regards

Ana

[anadelaquintana]

Dear all,

Some of you have asked me..."how good are the DIY Wills that you get at your local stationers ?" . There  is  nothing wrong with them as long as you complete them correctly.  However, get it wrong and you could leave a potential nightmare for your bereaved and grief-stricken friends and relatives to deal with. Mistakes that can invalidate your Will include choosing to overlook an obvious beneficiary, without explaining why or using  words open to a different interpretation. Not having the right number of witnesses or using a witness that is a beneficiary can also cause problems.

EA Will Services, in conjunction with Bright Investments, offers advice from IPW qualified specialists who come under the strict regulation of the Institute of Professional Willwriters. This self-regulatory body only offers membership to those who pass its entrance exam, or an equivalent, undergo continuous training, have a minimum of £2 million professional indemnity cover in place and who abide by strict codes of conduct.

[eli]

Your post has struck a chord with myself. My father remarried and went on to have 2 more children with his new wife. Sadly he passed away, he left a will and I was meant to inherit a large sum of money. However, his business had fallen on tough times and I have been told, by his new wife, that there is no money left and as a result will not inherit any of the money nor property left to me. In addition, she will not give me any of his personal belongings. He died two years ago, she is the only executor on the will and has switched lawyers, I have not heard anything about his will in over a year. Do I have any options?

[anadelaquintana]

Dear Elisicia,

Thank you for your question. I am really sorry that you are in this situation. Unfortunately it is quite common.

I think your options will depend on what the Will says. Have you been allowed to see it? Do you think your dad's widow is acting against his wishes? If you don't mind, I will send you a private message tomorrow with some advice. I prefer not to post it here as every situation is different and I may need to ask you a few more personal questions.

Best regards,

Ana

[anadelaquintana]

Dear Elisicia,

I am posting my advice here as I think it may help other people too.

The first issue is whether you have seen the Will and what it says. If you have not seen the Will, it is possible to obtain a copy as it is a public document. The Executor should have applied for probate, which is the courts authority to administer the deceased person's estate. The court will issue a Grant of Representation to allow money from the banks to be collected, the property to be transferred or sold and the debts to be paid. There is no time limit by which a grant must be obtained and a search of the Probate Calendar at the Probate office will reveal whether a grant has been issued and will give details of how much the estate was assessed to have been worth. Further details of this process can be found on http://www.justice.gov.uk/guidance.

If you were named as a Beneficiary on the Will and have not received your inheritance but believe that the Executor has spent it illegally then it is possible to sue them as they are personally liable. This is also classed as fraud and is a criminal offence.

If you were not named as a Beneficiary on the Will then the position is more difficult.

Generally speaking, we are all free to dispose of our assets as we want to. However, the law does provide protection for people who have been financially dependant on the deceased. This protection comes in the shape of the Inheritance (Provision for Family and Dependants) Act 1975; known as the Inheritance Act.

The Inheritance Act is there to help spouses, children, civil partners, cohabitees and other surviving dependants who have been left to cope without sufficient money to enable them to get by. If a will (or intestacy) fails to make ‘reasonable financial provision’ then the Inheritance Act will come into play.

Under the Inheritance Act, the court will take into account the applicant’s needs and resources and consider these against what would be reasonable for their maintenance. Section 3 of the Inheritance Act sets out a range of factors that have to be taken into account.

I hope this answers your query. Should you have any further questions then please do not hesitate to contact me.

[eli]

Thank you for your detailed response. I guess I should have mentioned that he was Canadian but I am trying to research wills/probate information as a result of your advice. It was a substantial amount of money left to me in his will, however apparently we was broke when he died. I just would like proof of that being that I am indeed named in the will.