.. or Whose House is it Anyway??
Ask anyone a question about the contents of a Will and the primary asset for beneficiaries is obviously any property. By normal standards the property is the biggest financial item held within a Will. And for the majority property dispersal from a Will is a straightforward situation, passing from spouse to spouse or to children.
However, the increase in low cost Wills has lead to an increased risk of incorrectly and error laden Will documents. Many feel a Will is a simple document of wishes but an incorrectly written Will can have catastrophic consequences for you family.
As modern times have changed the ‘family’ landscape, a property asset is no longer a simple matter and effort must be made to ensure that the beneficiaries that are granted property are able to receive it. With an increase in second marriages, half siblings and step children, it is vital that when a Will is drafted certain elements are correctly processed particularly when a property is involved.
A recent case has seen a Will written by a high street bank failed to capture the relevant property data – thus denying a daughter the half of a property her father wished her to have. Whilst the father had stated in his Will what he desired, the bank had not seen to ‘severe the joint tenancy’ between him and his wife (who was not related to the daughter) and therefore automatically his share transferred to the wife leaving the daughter nothing*
Such cases highlight the need for a professional and dedicated Will Writing service, and consumers are advised to look for providers who are registered with an Industry Trade Body such as The Society of Will Writers. After all a house is so much more than a home!
For more information on securing your families financial future and ensuring a Will fit for purpose contact Langham Associates at www.langham-associates.co.uk or call us on 01473 487611
*Will error example reported by Stephens Scown, http://www.stephens-scown.co.uk/money/cheap-wills-worth-every-penny