The Importance of Wills During The Covid-19 Pandemic
It has become increasingly important to make or update your will and powers of attorneys in recent times, especially with the Covid-19 pandemic. With unsettling times ahead it is important that you secure your future ahead. At Bond Adams Solicitors LLP we aim to assist during this difficult time, we understand it is not an easy conversation to have.
The importance of writing a will has been recognised. The Ministry of Justice have provided figures that show the number of disputes heard in 2017 was three times higher than the previous decade.
7 things to know when making a will:
- Before drafting the will, your solicitor will ensure there is no conflict of interest.
- Most solicitors will conduct a private risk assessment to ensure the will is not later challenged on the grounds of undue influence or incapacity.
- A clear signed engagement letter will provide yourself and your solicitor will the certainty that the will has been drafted correctly via your instruction.
- To protect individuals the law requires the will-maker to have testamentary capacity to make the will. This is not only considered with regards to elderly people. For example, individuals are aware and know of the provisions being inserted into their will.
- Common failure to identify whilst drafting a will is to ensure the whole of the estate is accounted for, illegal actions are specified and items, people and requests omitted.
- If a will is not executed correctly it can be deemed invalid. Hence, we advise that clients promptly execute their will. If done remotely, ensure appropriate legal advice is taken.
- The will and relevant documentation can be stored by yourself or by your solicitors.
Note, a will can be revoked expressly or can be revoked by a valid later will. Furthermore, a will can be amended via a codicil, hence what is written initially in the will is not set in stone.
Furthermore, know that there are assets that can be passed outside of the will, such as assets owned via joint tenancy and interests under a trust.
Those benefiting from the will are known as beneficiaries.
Wills, Trusts and Probate Solicitors will also advise as to the inheritance tax liability. This can be a complicated situation, but with the right legal advice, you will be able to easily attain whether or not your assets will be taxed.
As solicitors at Bond Adams LLP, we will retain a full file, with detailed attendance notes, letters of wishes and we will obtain a capacity assessment if there are any concerns. For more information on how we can support you whilst making a will or any further queries please contact us on the details below.