Nobody likes to think about what will happen when they are gone. The honest reality however is that the consequences of not dealing with it are simply not worth it.
When it comes to making a Will you have three options:
“In this world nothing can be said to be certain except death and taxes…”
Benjamin Franklin
1. Make no Will
If you die without leaving a valid Will, it can lead to unexpected consequences and those dearest to you may not benefit from all that you wanted. Another important aspect of a Will is that it appoints a person (a Personal Representative) to manage your estate and that appointment is effective from the moment you die; without a Will, only the court can constitute a Personal Representative. A Will is therefore an extremely important document.
2. Draft your own will and hope for the best
While this is clearly a better option than not making a Will at all, there can be a major downside. If the homemade Will fails to take account of legal formalities and is not drafted correctly or executed properly or does not address recent changes in the law, it may result in an outcome similar to not making a Will at all, which is definitely not what you intended. The fact is there are many considerations and possible pitfalls when drafting a Will; tax implications being only one of them, which may not be readily apparent.
3. Have a professionally drafted will
The best-case scenario. There are a number of organisations you can approach to make your Will. You need to ensure that whoever you instruct has the necessary expertise in all aspects of Will drafting and that they are qualified to advise you on the various elements of estate planning and adhere to a professional code of conduct.
At My Local Solicitor Ltd. we are all solicitors and qualified to provide the advice you need. As such, we are authorised to act and are regulated by the Solicitors Regulation Authority and act in compliance with the Solicitors code of Professional Conduct. We also follow the STEP code for Will preparation in England & Wales.
At My Local Solicitor Ltd. we take time to understand your own individual circumstances, including the size of your estate and your family composition. We then ask how you want your estate to pass and advise on the most effective way of doing this, taking into account any other major factors, such as taxation.
Here at My Local Solicitor Ltd. we are dedicated to making the whole process feel as smooth and hassle free as possible. We will even come to you! At the end of the process you will feel productive and totally in charge and control of your own financial affairs.
We can also arrange for the will to be stored for you at the Probate Registry in order to avoid any possibility of a “missing will”. What My Local Solicitor Ltd. offers can be summarised in three words: peace of mind! With our extremely competitive rates, there really is no reason not to have a will professionally drafted.
My Local Solicitor Ltd are now participating solicitors for Cancer Research UK’s free Will service. Give us a call for further information.