WILL WRITING

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Creating a will

Common errors surrounding wills

Having taken the important and very prudent decision to write a will most people hardly ever review their wills as many often become out of date. This should be done on a regular basis and rewritten when appropriate due to changing circumstances and events.

Some of the reasons could include:

Out of date

  • Specific Gifts – may originally have been made to someone the testator now longer wishes to be the recipient or the testator has further specific gifts to make that are not included in their will and need to be added.
  • Beneficiaries – these can very often change following, for example, the birth of children or grandchildren, a divorce, death or the end of a friendship
  • Executors – has the executor died, moved away, lost contact with the testator or is no longer suitable.

Generate Tax

  • Using Trusts to mitigate IHT
  • Ensure the tax man isn’t the biggest winner in your estate
  • You have built up your estate from taxed income, do you really now want to pay a further 40% on this if it can be avoided
  • Attend educational seminars to know how it can be avoided

Errors

  • Missing Standard Clauses
  • Spellings
  • Wrong title

Wrong Person

  • Money can end up in the wrong place due to contentious action
  • Poorly worded Will may cause the money to go to a local authority
  • New Husband/Wife/Partner or Step Children, rather than your own

Simply call: 020 8445 0246 or

complete an enquiry form.