Who can advise on a will? |
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Jane Cassell looks at who can advise on a will.
There are a number of ways to take advice on a Will, but not all of them will protect the person’s interests well.
Friend at the pub
People are free to take advice from anybody they wish, and it may be that some of the people most willing to offer their advice for free, are friends in the pub, particularly after a round or two.
Newspaper
Many people are in the habit of treating what they read in their daily read, as a good source of information, but there is no way for a newspaper to apply the concepts they discuss in general terms, to individuals’ specific circumstances.
Many advisers report that the common misconception that normal everyday people pick up from newspapers, is that if they only achieve “Tenants in Common” then they will save tax when they die. This is a classic example of how over-simplification of legal terms and concepts can be misleading. Have a look elsewhere on this website to see a good explanation of what the difference between Joint Tenants and Tenants in Common is. If one wants to see how this applies to ones own circumstances, it’s important to take good, professional advice.
A relative
If a relative helps someone draft their Will, it is possible that they are motivated by ensuring that they receive more in the Will than others. For example, if someone has a son and two daughters, it is normal for parents to provide for those three children equally, each receiving a third under the Will. If one daughter is excluded, or the lion’s share passes to the son who actually arranged the Will, there may be problems later on, which could have been prevented.
And if a family tries to prepare Wills themselves, there is the risk that the Wills will not be valid… which in the example above, may then revert to the Intestacy Rules, so the children each get a third each. It’s always worth doing Wills properly.
Bank
A bank may be delighted to draft a Will, and even offer to store it for free. They may even provide the whole Will for free.
Could there possibly be a catch? Often, the small print will indicate an obligation to appoint the Bank as executors, and their charging rates can be a hefty percentage of the estate for carrying out the work.
Your legal adviser – Willwriter or Solicitor
Your legal adviser is just that. Your legal adviser, who should look after your interests. Not your favourite son’s interests. Not the tax man’s interests. Your legal adviser, whether they are a Willwriter or Solicitor, should be professional, ethical and competent, and will have expertise in dealing with Wills. They act for you.
Their job is to listen to your circumstances and ensure that everything you wish to achieve in your Will, is captured and resolved, just as you wish.
It’s worth mentioning…
It’s worth mentioning that a person can change their Will at any time while they are still alive and of sound mind. A Will should include a back up plan at each provision.
Though a Will should be reviewed regularly, ideally every year or so, and definitely if your circumstances change, a good prompt for reviewing a Will is when children have entered adulthood. Rather than providing Guardians for children, people may wish to bring adult children into their Will as executors. Many people wish to assess their children into their mid-twenties or thirties onwards, but this is a good reason to review things.
If any change in circumstances occur, then again, keep your Will under review. Also, if the size of your estate, the value of your assets, change considerably, then be mindful that it’s sensible to seek legal advice.
August 2012
Disclaimer:
There are a number of ways to take advice on a Will, but not all of them will protect the person’s interests well.
Friend at the pub
People are free to take advice from anybody they wish, and it may be that some of the people most willing to offer their advice for free, are friends in the pub, particularly after a round or two.
Newspaper
Many people are in the habit of treating what they read in their daily read, as a good source of information, but there is no way for a newspaper to apply the concepts they discuss in general terms, to individuals’ specific circumstances.
Many advisers report that the common misconception that normal everyday people pick up from newspapers, is that if they only achieve “Tenants in Common” then they will save tax when they die. This is a classic example of how over-simplification of legal terms and concepts can be misleading. Have a look elsewhere on this website to see a good explanation of what the difference between Joint Tenants and Tenants in Common is. If one wants to see how this applies to ones own circumstances, it’s important to take good, professional advice.
A relative
If a relative helps someone draft their Will, it is possible that they are motivated by ensuring that they receive more in the Will than others. For example, if someone has a son and two daughters, it is normal for parents to provide for those three children equally, each receiving a third under the Will. If one daughter is excluded, or the lion’s share passes to the son who actually arranged the Will, there may be problems later on, which could have been prevented.
And if a family tries to prepare Wills themselves, there is the risk that the Wills will not be valid… which in the example above, may then revert to the Intestacy Rules, so the children each get a third each. It’s always worth doing Wills properly.
Bank
A bank may be delighted to draft a Will, and even offer to store it for free. They may even provide the whole Will for free.
Could there possibly be a catch? Often, the small print will indicate an obligation to appoint the Bank as executors, and their charging rates can be a hefty percentage of the estate for carrying out the work.
Your legal adviser – Willwriter or Solicitor
Your legal adviser is just that. Your legal adviser, who should look after your interests. Not your favourite son’s interests. Not the tax man’s interests. Your legal adviser, whether they are a Willwriter or Solicitor, should be professional, ethical and competent, and will have expertise in dealing with Wills. They act for you.
Their job is to listen to your circumstances and ensure that everything you wish to achieve in your Will, is captured and resolved, just as you wish.
It’s worth mentioning…
It’s worth mentioning that a person can change their Will at any time while they are still alive and of sound mind. A Will should include a back up plan at each provision.
Though a Will should be reviewed regularly, ideally every year or so, and definitely if your circumstances change, a good prompt for reviewing a Will is when children have entered adulthood. Rather than providing Guardians for children, people may wish to bring adult children into their Will as executors. Many people wish to assess their children into their mid-twenties or thirties onwards, but this is a good reason to review things.
If any change in circumstances occur, then again, keep your Will under review. Also, if the size of your estate, the value of your assets, change considerably, then be mindful that it’s sensible to seek legal advice.
August 2012
Disclaimer: