An article recently published by Today’s Wills and Probate highlights concerns raised by Andrea Rozario, Chief Corporate Officer at Bower Home Finance, about the high level of neglect attributed to writing a Will in the UK. These concerns are compounded by the fact that, more than ever, increasing numbers of estates are subject to inheritance tax, and average tax bills have reached £233,000. Experts also predict that the number of estates subject to the 40% inheritance tax bracket could rise to 50,000 by 2027.
The warning to those who ignore setting up a Will, especially those with children or grandchildren, is that neglecting this vital legal document could lead to complications in inheritance and higher tax payments as estates without a Will are distributed according to intestacy rules.
Source: Read the full article here:
Will writing is still ‘neglected’ according to finance expert
Why Should You Use a Regulated Will Writing Professional?
Should this convince you that now is the time to set up your Will, equally as important is ensuring that it is correctly drafted. A quick internet search for Cheap or DIY Wills results in thousands of options to choose from, but it is not always a good idea to write your Will yourself or without regulated, professional help and there are real dangers associated with entrusting this important task to unregulated or inexperienced individuals.
Some cheap online services or unregulated individuals are not bound by the same professional standards required in the legal industry and are unlikely to possess the same experience and expertise as those with the correct qualifications and experience. Drafting a Will without the deep understanding of the law necessary to fully understand the complexities of these documents, could lead to errors, omissions, or invalid Wills. Furthermore, unlike regulated legal professionals, unregulated Will writers or some online services are not bound by strict regulatory bodies or indemnity insurance. This lack of protection could expose clients to potential negligence or financial loss. The importance of regulation and insurance obligations should not be underestimated. This helps provide protection against professional negligence and recourse in case of any issues, safeguarding your interests.
Regulated Will Writers Lincolnshire
As this article highlights, no matter your age, you should prioritise writing a Will. Even if you are married or in a civil partnership, if you do not have a Will your spouse may not necessarily inherit all your estate under the intestacy rules. Therefore, writing a Will that properly reflects your personal circumstances is vital, ensuring that your wishes are met, and beneficiaries receive what you intend them to following your death.
Our firm has been accredited with the Law Society’s Wills and Inheritance Quality Scheme (WIQS), which is a recognised mark of quality for wills and estate administration advice. Additionally, several of our private client team hold individual accreditations and memberships, including from the Society of Trust and Estate Practitioners, the Association of Contentious Trust and Probate Specialists, and the Law Society Private Client section.
Our team of experienced private client lawyers understand how every situation is unique, and we will take the time to carefully understand your situation and priorities, meaning you can benefit from the best advice and guidance regarding your individual circumstances. We can help you incorporate tax-efficient strategies into estate planning to minimise tax liabilities and protect assets for future generations.
Do you require legal advice concerning a private client matter? Speak to the team of specialist solicitors at Bridge McFarland LLP today on 0800 987 8800.
