PROBLEMS with Wills

With rising property prices (overall!), more and more peoples Estates are exceeding £300,000 and becoming liable for 40% Inheritance Tax on the balance, which must be paid BEFORE the Estate can be settled.

1. Common Law partners and non-family members get nothing unless they have a legitimate claim which they pursue through the Courts.
2. You partner may have to sell the home to pay off beneficiaries, or worse - their creditors.
3. You have no control over the distribution of your Estate, nor do you have the opportunity to plan to reduce or avoid tax.
4. Delays may arise in obtaining Probate & the distribution of the estate due to uncertainty.

OTHER PROBLEMS WITH WILLS

1.  Incorrect witnessing.
2. Witnessed by a potential beneficiary who will automatically lose their inheritance.
3. Papers attached to the Will or worse, evidence that papers had been attached.
4. Notes made on the Will.
5. Guardians appointed for children are no longer appropriate.
6. Executors are no longer appropriate or do not have access to professional advice
7.  Will is damaged, lost or stolen - sometimes by someone who would benefit more under an earlier Will or if there were no Will (or at least, no Will to be found).
8. You have married or divorced since making your Will.
9. The people named in your Will have died, moved, changed name, emigrated or fallen out with you. This can make it very difficult and time consuming for your Executor to track everyone down.
10. Inappropriate or ludicrously expensive professional executors.
11. ONE OF THE WORST mistakes is leaving a specific property, car or block of shares to someone, then selling it. The beneficiary is thereby DISINHERITED and gets nothing. Worse still, this can happen if the shares are taken over by another company and cease to be obviously the gift that has been given!

The above list is by no means exhaustive, and are extracted from the Peace of Mind Service offered by www.WillCustodian.co.uk

A free eCourse on Legal and Financial Planning is available at www.APWW.co.uk