Independent financial advice - making a Will
Independent financial advice recommends that everyone should make a Will
Planning for the future
Independent financial advice recommends that deciding what happens to your estate when you die is crucially important for ensuring that your loved ones are looked after when you're gone and that your assets are distributed as you would have wished. Making a will has other advantages too - planning your estate may help you to minimize the impact of the inheritance tax laws.
Not so straightforward
These days the 'married couple with 2.4 children' is increasingly rare. Many of us are single parents, or have been married more than once and have more than one family. Even the most straightforward family circumstances can result in a complicated probate if a person dies intestate (ie without leaving a Will). Independent financial advice suggests that another important point to bear in mind is that if you don't have a Will, you won't have a named executor to carry out the administration of your estate and the responsibility will fall upon your beneficiaries, whom you may deem unsuitable to handle your affairs.
The facts
To make a Will, you must be 18 years of age or older. You must be considered to be of sound mind and it should be written without pressure from any other party. A Will must be recorded in writing, and it needs to be signed by you in the presence of two witnesses, who must also sign. Beneficiaries of the Will and married partners of beneficiaries cannot act as witnesses. If they do, the Will won't be invalidated, but their inheritance will be. Take independent financial advice to find out more. The completed and signed Will can be kept anywhere you want - at home, at your bank, at your solicitor's office, at a Probate Sub-registry, a District Registry or the Family Division Registry of the High Court.
Do I need a solicitor?
There is no legal requirement to use a solicitor to draw up a Will, but it is advisable. However, if you feel that your independent financial advice has enabled you to put your affairs in order, you may choose to write your own Will. Common errors are not understanding what has to be done to make a Will legally valid, changing the Will without having it signed by witnesses, failing to make alterations in the event of a change in personal circumstances, forgetting about parts of your estate, or not taking into account that the beneficiary might die before inheriting.
When legal advice is advisable
You should certainly consider taking independent financial advice and using a solicitor if you have complicated personal circumstances, for example if you live with someone who isn't your spouse or civil partner, if you have a dependant who is unable to look after themselves, if you have a business or own property abroad, if you don't live in the UK or aren't a UK citizen, or if you have lots of family members who may make claims on your estate, such as ex-spouses or children from previous marriages.
You can have a brighter financial future. If you would like independent financial advice about your financial affairs call our experienced advisers today on 0870 803 1995 or e-mail mike.robertson@mraltd.com
