Recently, a friend of mine met me for a coffee.
She and her husband had instructed a financial advisor and alongside giving financial advice, he was writing their Wills. But the Advisor wasn’t sure about one part of the Will. How could he tell whether her and her husband’s property was held as Joint Tenants or Tenants in Common? The friend asked me, a solicitor and I explained.
It got me thinking afterwards about the trend for will-writers, financial advisors and numerous others to offer legal services.
More complex lives, more complex assets
The query my friend had was a pretty simple one. Anyone writing even a basic Will should have been able to answer it. So where does that leave more complex Wills?
Families are becoming ever more complicated: second husbands and wives, step-children, unmarried partners, adopted children.
And the assets too are increasing in value. We frequently see people with more than one house, assets abroad, multiple pensions, businesses, business properties.
Dividing up all these assets so that it is fair to beneficiaries can be a complicated matter. A trust might be recommended if there is a child with special needs, for example. Advice can be given to mitigate inheritance tax, capital gains tax and care home fees.
Avoid problems in the future
And a good, well-written Will can avoid contentious probate. The number of beneficiaries going to court to contest a Will is on the increase. This is horrendously expensive and the effect on families, warring against each other, because of a Will a parent (or other loved one) wrote, is distressing to witness.
You’ve worked hard for your wealth. Make sure your will-writer knows the law inside and out so they understand the ramifications of every decision. They can guide you through the process and ask insightful questions to help you make the right decisions for you.
Solicitors are experts in the law, financial advisors are experts in investments
Our will-writers are solicitors and paralegals. They have studied law at university or college, and then have accumulated often decades of practical experience. Ongoing training and development keeps them refreshed and updated on case-law, and all are STEP-qualified or are working towards this specialist qualification which gives greater understanding in the creation and management of wills, trusts and probate. We’re Lexcel-accredited, which means we’re audited every year by the Law Society to ensure we meet rigorous quality standards.
If you have few assets, a will-writer or financial advisor might have just enough knowledge to help you write a simple Will. Might. But remember how we started this story – if your will-writer isn’t sure about legal terminology like Tenants in Common vs Joint Tenants, it’s probably best to go elsewhere.
For further information, please contact Aqeelah Bahadar on 01535 613681 or email aqeelah.bahadar@awbclaw.co.uk.
16 September 2024
Further Reading:
Intestacy – the question of inheritance
Contested wills going to court: 140% increase in the last 10 years