Why Make a Will If You Live In Bristol?

DIY Wills can seem like a cost-effective solution, but they come with a significant risk of errors and unintended consequences

Lack of Legal Understanding and Ambiguity
Incorrect Execution and Witnessing
Failure to Properly Identify Beneficiaries and Assets
Not Considering All Potential Scenarios
Ignoring Tax Implications
Forgetting Contingency Plans
Not Addressing Complex Family Situations
Difficulty in Interpreting Intent
Lack of Professional Advice and Guidance
Increased Risk of Challenges and Disputes

You Decide Who Inherits Your Assets
Protecting Your Partner if You're Not Married or in a Civil Partnership
Appointing Guardians for Your Children
Specifying Funeral Wishes
Avoiding or Reducing Inheritance Tax (IHT)
Making Specific Gifts
Choosing Your Executors
Speeding Up the Administration of Your Estate
Providing for Stepchildren or Other Family Members You Wish to Include
To provide for dependent or vulnerable beneficiaries
To ensure your pets are rehomed
Peace of Mind

Making a Will is a fundamental part of responsible planning for the future and ensuring your wishes are respected.

While a DIY Will might seem like a simple solution, the potential for errors and the lack of professional legal advice can lead to significant problems and ultimately fail to protect your assets and ensure your wishes are carried out.

CASE STUDIES OF WHY MAKE A WILL

The case of Mr and Mrs A and their children

The Problem
Mr and Mrs A have worked hard and saved all their lives. Their major asset is the family home, which they wish to leave to their children. Mr A dies, leaving his share of the property to Mrs A. Mrs A subsequently needs to go into care and is ‘means tested’ to assess if she can pay for her own care. As the property is now entirely hers, it could potentially be sold to meet her care costs.

The Solution
This scenario can be avoided in two ways. Firstly, Mr and Mrs A could change the way in which they own the matrimonial home from ‘joint tenants’ to ‘tenants in common’ in equal shares. This means when one dies, their half of the house goes into their estate rather than automatically transferring to their spouse. Secondly, they could include a clause in each Will leaving their share of the property in Trust for their children (rather than their spouse) whilst allowing the surviving spouse to live in the matrimonial home for the remainder of their life. This means that the share of the property in Trust is not included in the means testing for any care that might be needed.

The case of Mr X and his second wife

The Problem
Mr X, a widower with two children, marries Mrs Y, a divorcee with two children of her own. If either Mr X or Mrs Y were to die leaving everything to their spouse, the surviving spouse could rewrite their Will and disinherit the deceased spouse’s children.

The Solution
This issue can be avoided in two ways. Firstly, Mr X and Mrs Y could purchase the matrimonial property in shares, as tenants in common. This means when one dies, their half of the house goes into their estate rather than automatically transferring to their spouse. Secondly, they could include a clause in each Will leaving each spouse’s share of the property in Trust for their own children whilst allowing the surviving spouse to live in the property for the remainder of their life.