Wills and Codicils

It is a fact that only around 30% of the population have made a Will. Yet making a Will is without doubt one of the most important things that you can do during your lifetime. If you do not make a Will government legislation dictates who is entitled to administer your estate and who will benefit financially. Making a Will ensures you make these choices as well as allowing you to take advantage of available inheritance tax relief.

Many people believe that when they die without a Will, everything will automatically go to their spouse or civil partner. This may not in fact be the case. Where you leave an estate over £125,000.00 some of your assets may go straight to your children. If you do not leave a Will when you co-habit with someone, they will only receive your half share of any jointly held assets. The surviving cohabite would have to issue proceedings in order to receive any other financial benefits. If you do not have your affairs properly in order then you are simply leaving problems for your loved ones at a time when they already have to cope with the trauma of bereavement.

There are forms widely available to allow you to drawing up your own Will. Doing so could well mean that you do not take advantage of current tax planning legislation. The simplistic structure of these forms can also mean that you fail to consider implications of future changes, for example what would you like to happen to your estate should one of your beneficiaries die before you? It can also mean that problems will arise for your loved ones which will take time and money to put right. For all of these reasons, it is sensible to seek legal advice when drawing up your Will. Scott Richards have over 80 years’ experience in this area.

Once your Will has been signed, you should keep it under review. Personal circumstances do change and it will sometimes be obvious that you need to make amendments to your Will. It is, however, sensible to review your Will at least every 3 years and in the event of any significant change in circumstances such as marriage, having children or divorce.

You will find useful information about the areas to consider when drawing up a Will in our fact sheet which you can download by clicking on the link to the left of this page.

If you would like any further information about us or any of our services, please contact us so that we can help you.

Download Scott Richards Wills Fact Sheet (pdf, 65k)

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