FAMILY EDITION
ASK THE EXPERT DO I NEED A PROFESSIONALLY DRAFTED WILL? Nick Rhodes, partner and head of private wealth and succession law at Blacks Solicitors, discusses the importance and benefits of professionally drafted wills – highlighting the common mistakes in homemade documents C reating a will is a crucial task, yet one increasingly overlooked and delayed, with more than 50% of UK
but also money – both in cash and in a bank account – and all of your belongings. Seeking professional advice Many online sources caution against homemade wills and recommend seeking professional help. It is also important for people to research providers of bespoke and specialist advice – as choosing the cheapest option, for example, can be risky. If the service is not comprehensive or tailored appropriately, the will might be inappropriate for the circumstances, causing significant issues after one’s death. It could lead to a family member making a claim, increased liability to inheritance tax and increased legal costs to deal with technical issues caused by the wording of the will. Legal professionals ensure your will meets all legal requirements and avoids
PRO INSIGHT Nick Rhodes is recognised by The Legal 500 for his personable approach with clients
adults not having a will. Many individuals overlook the importance of drafting a will and mistakenly think it can easily be done without advice. Yet, the complexities and significance of this legal document require much more guidance and expertise. What is a will? A will enables you to appoint a trusted individual to manage your estate after your death and designate your beneficiaries. Without a will, your assets might be distributed in ways that do not reflect your intentions or wishes. The term ‘estate’ is also something often misunderstood; it is everything owned by a person who has died. This doesn’t just include real estate
common pitfalls, providing clarity and precision to reflect your intentions and minimise disputes. Reflecting your wishes A solicitor understands that every individual’s situation is unique, so a professionally drafted will is tailored to meet a person’s specific needs, family dynamics and wishes. Legal professionals can anticipate potential issues such as inheritance tax and family disputes, ensuring your will is comprehensive and aligns with your intentions. As circumstances change, it’s crucial to keep your will updated. Whether it’s the birth of a child, changes in assets or shifts in relationships, regularly updating your will upholds your current wishes, certifying that they are reflected and met. Mitigating issues and risks A poorly drafted or missing will can lead to numerous risks – including beneficiary disputes, prolonged legal proceedings, financial consequences and assets not being distributed as intended. A solicitor’s expertise minimises these risks, providing peace of mind and security for you and your loved ones. While drafting a will independently might seem doable, the complexity and importance of this document requires professional expertise. Using a solicitor ensures your intentions are accurately captured, legally binding and resilient against potential challenges. Investing in professional guidance secures your legacy and offers invaluable reassurance for you and your beneficiaries. For more information relating to wills, visit lawblacks.com
CAMBSEDITION.CO.UK AUGUST 2024 65
Powered by FlippingBook