It’s an old joke but there is a ring of truth to it. Many people simply do not get round to planning their affairs and having a Will prepared. We all lead busy lives and it is easy to put things off until later or assume that our affairs are straightforward and everything will sort itself out. Unfortunately, this strategy may leave family, friends and loved ones in great difficulty as problems with the division of the estate, caring arrangements for the family and unforeseen tax issues have to be addressed; adding to the stress of what is already an emotionally difficult time.

As property values continue to increase many more individuals will find that they drop into the potential “taxable estate” bracket and need to plan carefully for inheritance tax purposes. However, regardless of the size of an individual’s estate, preparing a Will with professional guidance is extremely important both to ensure arrangements are properly recorded and to reduce the risk of challenges after the individual’s death. There are many unfortunate tales of “homemade” Wills being found invalid or unworkable.

Those with young children or other dependants requiring care also need to ensure that matters are planned for. Without a properly drawn Will the law may step in and require arrangements which can be radically different from the family’s intentions. In the absence of a Will (or one which is valid) statutory rules may also divide the estate arbitrarily potentially benefiting remote family members and overlooking those closer to the deceased. In the worst case scenario, the estate may go to the Government. Last year alone some £38.5 million was paid over to the Treasury in unclaimed estates.

Taking the time to have a properly drawn Will prepared and making sure that arrangements are reviewed and updated regularly with professional guidance is essential to protect you, your family and loved ones.

For further information, please contact Maya Ribbands on 01379 643555 or by email at maya.ribbands@jsm.co.uk

September 2007