Talk Money Week: Wills

The government’s annual Talk Money Week ran from 6–10 November 2023. The initiative is headed up by the Money and Pensions Service and is designed to get more people talking about what can often be a difficult subject to broach: money.

As we continue to recover from the Covid-19 pandemic and are faced with the added stress of cost-of-living pressures, it is more important than ever to discuss finances and take any necessary steps we can to secure our financial futures.

According to the Talk Money Week website, research shows that people who talk about money:

• Make better and less risky financial decisions.
• Have stronger personal relationships.
• Help their children form good lifetime money habits.
• Feel less stressed or anxious and more in control.

The theme of 2023’s Talk Money Week is ‘Do One Thing’. To mark the occasion, in the following blog, Berlad Graham’s Private Client solicitors discuss one thing everyone should do to ensure financial peace of mind: make a Will.

What is a Will?

A Will outlines how a person’s assets are distributed after their death and can also include provisions for tax planning. By having a Will, individuals can ensure that their wishes are carried out and their loved ones are taken care of after they pass away.

Who needs a Will?

Everyone age 18 and over should have a Will. No matter your age, financial status or health, a Will is essential to ensuring that your wishes are carried out when you die.

What are the benefits of a Will?

Writing a Will has many benefits, including:

• Ensures your estate goes to the right people.
• Saves money, time, and stress.
• Lowers the potential for future disputes.
• Gives clarity to arrangements for any children, pets and possessions.
• Allows you to support your favourite causes and leave a legacy.

 

What happens if you die without a Will?

If you die without having created a Will, your estate will be divided according to the rules of intestacy. This means that the government decides how your assets are distributed, which is unlikely to be how you want.

Do you need a solicitor to write a Will?

You should always use a solicitor to draft or update your Will. Involving a specialist legal professional in writing your Will has various benefits, including:

• Ensures a Will is drafted accurately. Specialist will-writing solicitors will ensure that a Will meets the necessary legal requirements for it to be valid.
• Minimises the chances of disputes or subsequent claims. Instructing a lawyer with experience in will writing ensures it is drafted clearly to accurately reflect your wishes and is not left open to misinterpretation, thereby reducing the risk of it being contested after your death.
• It is tailored to your needs. There is no such thing as one size fits all where Wills are concerned. People’s circumstances differ, our assets vary, and we all have different ideas about what we want to happen after we die. A solicitor will invest the time to get to know your situation and ensure your Will is drafted to meet your requirements.
• Provides better protection. Solicitors are regulated and have the qualifications and training to navigate the often-complex issues associated with drafting a Will. Regulated professionals must have professional indemnity insurance, which safeguards against errors or negligence.
• It can be part of wider estate planning. Private client solicitors can advise on many other relevant steps you can take to protect you, your assets, and your loved ones, such as Lasting Powers of Attorney and Trusts.

Private Client Solicitors Uxbridge, Hereford and Shropshire

Whether drafting your Will for the first time, or amending it following a change of circumstances, Berlad Graham LLP’s experienced and knowledgeable private client solicitors can carefully advise and support you, ensuring that your wishes are met, and your loved one’s best interests are considered.

We understand that everyone is different and that no two situations are alike. Whatever your background and no matter your circumstances, our experienced lawyers have in-depth sector knowledge and will tailor their advice to your needs.

Berlad Graham LLP is here to help you – whoever you are.

Our team of talented private client lawyers are proud holders of the Wills and Inheritance Quality Scheme (WIQS) accreditation, the industry standard for providing legal advice in this area.

If you have any questions relating to estate planning, Wills, trusts, or inheritance issues, or just want to chat to learn more about our services and what we can do for you, give one of our team a call today on 0330 175 5655, or email info@bglaw.co.uk.