Making sure that you have an up-to-date and valid will is important for a number of reasons.
It makes sure that after you die, your estate is distributed according to your wishes. Whether you are married, or are in a registered civil partnership, if you die without a will, then the whole of your estate does not pass automatically to your spouse or partner.
If you want to be sure that you provide for the people who matter most, you need to leave a will. Leaving behind a will that specifies your clear instructions and wishes can help to avoid upset, stress and expense for your family in what is sure to be a very hard time.
Despite this many people never get round to making a will. Quite remarkably, it is currently estimated that over 70% of adults in England and Wales are without a valid will - leaving their loved ones and any business partners in a very vulnerable position. Online "DIY" services can therefore seem appealing. Such services claim to offer a quick and competitively priced service, without the need to visit a solicitor.
These sort of online will services, however, do not provide advice on issues such as tax and are usually not available on estates worth more than £1m or those which involve a business, overseas property or other complications. Individuals must also take responsibility for their wills being signed and witnessed correctly and the law in this area is very complex. Any problems will not be discovered until after death, which can cause a great deal of pain for loved ones along with taking time and money to sort out.
Because will writing is unregulated, many professionals have questioned the competency and protection provided by some online and DIY services. The person who is drafting your will might not have any legal training. Solicitors on the other hand, are highly regulated, have compulsory annual training and must have professional indemnity insurance to the value of at least £2,000,000. This will give you the peace of mind that comes with knowing that you have a correctly drafted will, your wishes are clearly stated, and that your family will be left with no problems to deal with. Furthermore, many firms of solicitors will often offer you free, secure storage for your will - unlike many high street banks,for example, who often charge a sizable annual storage fee.
Furthermore, having your will prepared by a solicitor may not be as expensive and time consuming as you may think. Sadly, in contrast, contesting a will (or contentious probate as it is often referred) is becoming more and more commonplace. Who likes the idea of their loved ones fighting over their estate after they die?
Contentious probate is a specialist and highly complex area of the law - anyone considering contesting a will should certainly contact an experienced solicitor.
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