You’ve decided now is the time to put documentation in place to protect your estate. What next?
There are different options available to you when it comes to making a Will:-
See a professional; or Write a Will yourself.
Many have the misconception that it’s “easy enough” to prepare a Will as it simply is a case of naming their beneficiaries and listing who should get what; there are even places on the high street where consumers have the option to purchase a DIY kit. However, serious issues can arise if you write your own Will.
What will a professional like Prior Knowledge do?
First, we will consider the size of your estate by asking for a list of your assets and liabilities so we can offer bespoke estate planning advice to reduce IHT payable if IHT is likely to be an issue
Second, we will consider your family circumstances, and what the ultimate goal is in doing your estate planning. People have different outcomes they want to achieve.
Third, we offer advice if you wish to exclude someone from your estate and the risks of this.
Fourth, we discuss various Trusts to protect your estate/beneficiaries. It is a popular misconception that Trusts are only for the rich. That is simply not true. Trusts can offer a lot of benefits to most people; in fact the majority of our clients take one.
Fifth, we assess your capacity to be able to make a Will.
Lastly, we consider any risks of undue influence.
Using a professional can save you a lot of stress and give you and your family peace of mind. They will consider everything and offer tailored, bespoke advice to ensure your wishes are met after your death. Make sure to choose someone who is trained in succession law and insured for their work. As Fellows of the Institute of Professional Willwriters (IPW), we are! And we have over 19 years of experience in this, in fact.
By using a professional Will Writer who is a member of the IPW, you are safe in the knowledge that we know and understand your needs and have the necessary expertise to advise you properly on how your Will should look and how it will work, especially if your estate is complex. IPW members adhere to a form of self-regulation which imposes minimum standards and requirements on them. All IPW members are bound by a Trading Standards Institute approved IPW Code of Practice and must also keep their knowledge up to date through ongoing, annual training and CPD as well as carry a minimum of £2 million Professional Indemnity Insurance.
If you’ve not yet written your Will, or it’s time your existing Will is due for a review, get in touch with us today.