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Is your will up to scratch?

Joanna Faith
Written By:
Joanna Faith
Posted:
Updated:
16/05/2013

Will-writing will remain unregulated so it’s never been more important to ensure yours fits the bill.

There was bad news for consumers yesterday after the Government rejected proposals to regulate will-writing, following a written request from the Legal Services Board (LSB).

Will-writing will remain unregulated meaning anybody can write a will: solicitors, financial advisers, your next door neighbour, you. It is thought around 10% of wills are written by cowboy firms who rip consumers off.

The LSB’s proposals followed investigations which indicated that too many consumers using will-writing providers are receiving a poor service.

The investigations found providers were often more interested in selling services than tailoring the will to the customer’s needs.

They found consumers were not being adequately protected at the point of their will being written or an estate being administered and they also cited a propensity for wills to get lost because 60% of independent will-writing firms close within their first four years of operation.

The Law Society said the decision to reject the LSB proposals was “deeply disappointing” and had “let down” consumers.

With will-writing to remain unregulated, it’s never been more important for consumers to check their will contains all the basic ‘must haves’.

The most important thing to remember is your will should ensure the right people benefit from your estate in the right proportions at the right time and that it ensures your wishes are adhered to after your death.

It should also make life easier for those you leave behind. Probate, the process of administering your estate, is hard enough with a will and in the absence of a will, the rule of intestacy applies, meaning the law determines who benefits from your estate, not you.

Wills expert Louisa Mawbey, a solicitor at Norwich-based firm Rogers and Norton, says a will should be clear so there is no ambiguity. In simple terms it should appoint an executor and confirm what should happen to your estate. If children are involved, guardians should also be appointed.

One of the biggest failings, she says, is people do not consider the possibility of the executors or beneficiaries dying before them.

“It is always sensible to think of substitutes. Lots of homemade wills fail to do this,” she says.

Wills can also include funeral wishes, gifts of specific items and/or money or trusts and can be used as part of a wider inheritance tax plan.

Mawbey adds: “It is not just about leaving your money to your friends and family but an opportunity to consider the needs of those who will be left. It is often a balancing act.”

Another problem with homemade wills is they have often not been executed properly and so are invalid.

In order to comply with the law in England and Wales, wills must have been signed by the testator [the person making the will] in the presence of two independent witnesses, who must sign in the presence of the testator and each other.

Danny Cox, head of advice at Hargreaves Lansdown, suggests a will should contain the following basics:

1. Who the testator is (the person making the will).
2. The beneficiaries
3. The executors
4. How the estate should be divided after allowing for expenses and tax
5. Special gifts or legacies – for example, a wedding ring to a daughter. These need to be very clear and specific.
6. Special instructions – for example burial or cremation
7. A signature in the presence of witnesses otherwise it is nul and void. If the witness is a beneficiary or the spouse of the beneficiary, then the beneficiary will not be able to inherit under the will.

Solicitors suggest wills should be updated or at least reviewed every five years or whenever your circumstances change. In most cases a will is nul and void if you marry or divorce.

Spending a bit of time now can save your family and friends a lot of heartache in the future.


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