26 June 2019
If you don’t make a Will your estate is administered on the basis of the law on intestacy. This law is out-of-date and is very simplistic. It is not in tune with how a lot of people want to leave their inheritance. For example, the law might direct that all of your estate is paid to an obscure blood relative whom you’ve never met, rather than your partner of 30 years.
These people won’t automatically inherit from you:
Cohabitees/ boyfriends/ girlfriends
Step-children
Friends and neighbours
Charities
To ensure that your instructions take effect you need to put them in writing in a valid Will.
There are lots of options you can include in a Will:
Rights of Occupation in a property
A guardian for your minor children
Instructions regarding your pets
Gifts to take effect once a child has reached a certain age
Gifts of precious items or family mementoes
Cash gifts to charity
Life Interest Trusts
Discretionary Trusts
Trusts for Vulnerable People
Specify that a particular person is not to benefit
Getting around to it
There are many reasons why people put off making a Will:
1 They think it will take a long time.
In truth, it usually takes an initial 45 minute appointment to meet and advise you. This is followed by a 15 minute appointment to sign the will.
2 They think it will be expensive
In most cases we can offer a fixed fee of £275 plus VAT for a single Will and £450 plus VAT for a set of two mirror Wills (as at 26/04/2023). We offer a bespoke estimate for complex instructions. It is rare for basic Wills to cost thousands of pounds. Besides it is money well spent to ensure that your Will is drafted properly.
3 They don’t realise that their unmarried partner won’t inherit from them.
Unfortunately a lot of people mistakenly assume that their partner will inherit from them automatically because they live together. This isn’t the case.
4 They don’t know how to leave an inheritance fairly or think their instructions are too complicated
A lot of people bury their heads in the sand because they don’t know how to set out their instructions fairly. This often happens when a person lives with a new partner but has children from a previous relationship.
This is where taking practical, reliable advice is key. An experienced and well-trained lawyer will advise you how best to set out your instructions. There is usually a way to balance your beneficiaries’ interests to provide for everyone. Often a right of occupation or a life interest trust are used.
5 Having to take time off work for an appointment
We have lawyers available from 9am to 5pm every weekday. Clients who work full time often try to leave work an hour or so early to book a 4pm first appointment and a 4:45pm appointment to sign the final Will.
Whilst it is often difficult to book time off (and co-ordinate time off with your partner) it is well worth it to take good advice. You take time off to get your eyes tested and to visit the dentist every year. You might only make a new Will once every twenty years or so, so it’s only a little investment of your time overall!
Get in Touch
If you would like to move forward in making a will, please don’t hesitate to get in contact with your local office.
Prices correct at time of publication.
Please note this is not legal advice. It is intended to provide information of general interest about current legal issues.
