With so many adults in the UK still confessing to having no Will, its easy to lecture on the necessity of such planning and the negative impacts of dying intestate. However, not all Wills are created equal and sometimes a badly written or Will with heavy terms & conditions can be as problematic and financially destructive as no Will at all.
Recent reports have highlighted the mis-selling and mis-representation of Wills by agency’s we hold in regard on the high street. Imagine your client has trusted bank with your Will only for your family to be financially disadvantaged. This has been the reality of some individuals who have taken advantage of low cost Wills through banks and even reputable Charities.
Low cost doesn’t always equate to good value, particularly if the Terms & Conditions are onerous. Checking the expectations of some of these Wills and it can soon be scarily clear that the initial cost is offset by the gain of holding the right to be Executor. Here is where the families lose and the Bank/Charity financially gain.
Protect yourself and your family by utilising a reputable Will Writer, one who understands your financial environment and make sure they are registered with an Industry Trade Body such as The Society of Will Writers. Appoint a trusted friend or relative as Executor, and/or if necessary a professional such as a Solicitor at a pre-approved cost. Regularly revisit and review your Will to ensure your details and wishes are current.
For more information on securing your families financial future and ensuring a Will fit for purpose contact Langham Wills at www.simplewillsonline.co.uk or call us on 01473 487611
*Recent examples of Wills misrepresentations were discussed in This is Money, http://www.thisismoney.co.uk/money/news/article-5964599/Why-cheap-bank-cost-family-30-000.html