Solicitor, Stuart Price from our Private Client department speaks to Wealth Briefing about the preparation and challenges to a will. He also discusses some factors that should be taken into account before drafting a will.
Stuart says, "There are few people that like to think about death and, unfortunately, this often means that people don’t get around to making a will or do not take advantage of the tax planning options that are available to them."
"A will is likely to be one of the most important documents an individual will ever sign and it’s extremely important that it is given due thought and prepared correctly."
"Wills allow control over what happens to property after a person has died. If a person does not make a will, they die intestate. The intestacy rules determine how property will pass and set out a strict order of entitlement to estate assets."
"This order might meet the person’s requirements, however this is very unlikely in the case of a person with 'non-traditional' family circumstances or complex assets. Why leave it to chance? Assets may pass to unintended individuals or, if an individual has none of the specified blood relatives, to the Crown (the government). There are few people who would be happy with that outcome."
The full article is available to read online, first published by Wealth Briefing on 24 November 2016: It’s not rocket science - get a will and keep it updated