Isn't It About Time You Had a Valid Will? - By: Tim Bishop

It's a scary thought, but almost two thirds of the population are thought not to have made a Will. This could be because they view it as an unpleasant chore that forces them to face their own mortality, or because they believe that the law will make sure that their family inherits their assets.

Making a Will allows you to control where your assets end up when you die and to ensure that everyone you wish to provide for is actually provided for.

Most people do not realise that if you are married and you die without a Will, your spouse might not end up inheriting your entire estate. What would be worse is that your loved ones start to quarrel over the distribution of your estate - by making a claim on inheritance.

The law of Intestacy (dying without a Will) dictates what should happen to your estate. Where you die leaving a spouse but no children, your spouse will only inherit the first £200,00 of your assets (this excludes any assets owned as joint tenants) the remainder of your assets will be divided between your spouse and other relatives such as parents, brother and sisters and nieces and nephews.

If you die intestate but leave behind a spouse and offspring, your spouse will receive the first 𧴵,000 of your assets (excluding any property owned as joint tenants) and the rest of the estate will be divided between the spouse and the children.

Unmarried couples often do not realise that they are not automatically entitled to inherit from their partner unless they are named in their Will. If your partner dies but has not left a Will, you might end up having to challenge the Court in order to receive provision from their estate.

Drawing up a Will doesn't have to be a disagreeable occasion. An experienced wills solicitor can prepare a Will for you with minimum fuss and can answer any questions you may have about making a Will or Inheritance Tax.

Why review your Will?

Many people do not realise that Wills should be reviewed regularly - most solicitors will recommend every five years as a minimum.

Changes in your persona; circumstances such as marriage, divorce or the arrival of children and grandchildren could all invalidate your Will or require it to be updated.

Your Will may also be affected by changes in the law.

Making a will is probably less expensive than you suspect. Speak to an experienced wills solicitor. Don't risk a DIY will. These might be becoming more popular, but there is also a direct increase in the number of bitter and expensive legal cases arising from wrongly or badly drafted DIY wills. Contesting a will can prove very expensive and sadly can permanently divide family and friends.

About the Author

Contesting a will is a highly technical area of law - make sure you have solicitors who are experienced in inheritance claim cases. Tim Bishop is senior partner at Bonallack & Bishop, a firm of solicitors with a specialist team of will contest solicitors. He is responsible for all major strategic decisions and has grown the firm by 1000% in 13 years.

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