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Wills and Probate Solicitors
Things commonly forgotten about when drafting a Will (15 February 2019)
Date: 15/02/2019
Many of us draft our Will with our legacy in mind, specifically thinking about who will be beneficiaries of your estate after we are gone. For this, you may take some time first identifying and then attributing a certain portion of your estate to those individuals. But what about lesser known complicating factors that could throw up problems after you are gone? Here, we look at the considerations to make when drafting or amending your Will and how to avoid future disputes.
People are commonly advised to draft or amend their Will following significant milestones and life changing events, for instance, after taking out a mortgage, getting married, after the birth of a child, or the death of a beneficiary named in their Will. We discussed this in an earlier article, which you can read in full here.
When drafting your Will, there are a number of other things you may wish to consider that are not so obvious, including, but not limited to:
Many may not realise that you can enter a provision in your Will which specifies whether a beneficiary’s spouse could benefit from your estate whilst they remain legally married, or should the relationship end in divorce.
As a testator, you can amend your Will so that a child that has not yet been born is recognised as a beneficiary and be entitled to a percentage of your estate. If you are pregnant and want to name the child you are carrying, there are ways to ensure they are included, and those with growing numbers of grandchildren on the horizon can account for the ones that are already living as well as any not yet conceived.
You can enter a clause as part of your bequest which determines the purpose of any money you choose to leave to a beneficiary. This can be anything from requesting the money is put towards a charity of your choosing, to requiring the beneficiary to invest the money in a particular enterprise.
Say you leave the family farm to your decedent; it is your prerogative to state in your Will that the property retains its occupation as a condition of its inheritance, should you wish.
Many think about the larger and more valuable items contained within their estate when drafting their will, but it is important to consider other items which have a purely sentimental value.
Considering that in the UK a large number of people own pets, not many make provisions for them after they are gone and, in these instances, they may be left to a shelter with no one left to look after them. It is important to gift the pet to someone you trust in the event that they outlive you.
Our Wills drafting specialist solicitors are able to offer a bespoke service catered to your needs. We can advise on whether the amendment requires a codicil, or if you need to completely rewrite your Will. For more information or to discuss another Wills, probate or tax related matter, speak to solicitor and director, Caroline Roche, on 020 3114 1104 or caroliner@duncanlewis.com.
Caroline’s specialist experience includes, drafting complex wills; advising on inheritance tax due from an estate; gathering the estate when a loved-one has passed; dealing with both taxable and non-taxable estates, handling the affairs when a loved-one has died without a will.
Duncan Lewis Wills & Probate Solicitors
Our wills and probate solicitors are able to offer a comprehensive and personal service. As specialists, their expertise includes, drawing up wills; advising on inheritance tax, property law, and international wills. We offer you clear and focused advice, guiding you through the process.
We understand that drawing up a will or administering an estate can be an emotional experience, therefore, our specialist team will make sure that the future of your family is secure and your wishes are carried out.
To instruct a specialist wills and probate solicitor, call 033 3772 0409.