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The importance of drawing up a Will is often highlighted as one of the biggest financial planning steps you will take. But, making sure your Will has been properly written and is legally binding is often something that is overlooked. The effects can be the same as not having one at all.
Without correct legal terminology, following strict witnessing rules or picking a reliable service to write your Will, you risk leaving your family with nothing but a legacy being eaten away by legal bills or unnecessary tax.
Will writing can have a touch of the wild west
When Wills go wrong, people may lose their only source of income, children may be left without a carer, property can be left in limbo and the financial and emotional cost of dealing with the fallout is massive. Despite a call from the Legal Services Board at the beginning of the year the Ministry of Justice decided to reject calls to regulate the industry. This leaves consumers at risk of sub-standard Wills produced by untrained Will Writers.
Whilst there is no regulation, consumers currently have no way of knowing whether the person writing their Will is a reputable solicitor or just a chancer with no qualifications. Here at Terry Jones Solicitors, we come across many people who have had a Will written by somebody who isn’t properly qualified and where the wording fails to meet requirements. This leaves them potentially with a huge tax bill or assets not being passed to whom they should go.
So, take this as your cue to make sure yours is drawn up correctly before it's too late.
When choosing who to write your will consider if it is a well-respected firm. Is the person you meet with a specialist and what protection is there for you?
By using a solicitor you are guaranteed a professional service and complaints and compensation rights.
Here at Terry Jones Solicitors, not only are the Wills and Probate Department specialists they also benefit from experience scanning over 20 years. And as solicitors we are regulated by Solicitors Regulation Authority and the Legal Ombudsman.
So when deciding who to ask to draw up your Will remember to make sure your Will is a valid Will.
Need advice? Email us firstname.lastname@example.org