WILLS & INTESTACY
Why Bother?
In Porter Brown language, it is as simple as this:
IF YOU LOVE THOSE YOU WILL LEAVE BEHIND, MAKE A WILL. IF YOU DON'T LIKE 'EM, DON'T MAKE A WILL. LEAVE THEM INSTEAD HASSLE AND AGGRAVATION.
And hassle and aggravation are no exaggeration. It is astounding how few people realise the extra work and - worse still - the misery and sometimes penury inflicted unwittingly and unnecessarily on loved ones left behind. That is intestacy - leaving no Will.
Leaving a Will is no more than good housekeeping. It ensures your wishes are carried out when you die.
The Opposite
How the law came to decide in what proportions your assets should be divided if you die intestate, is anybody's guess. But they do say "the law is an Ass".
Don't think your spouse will be 'alright' if you don't make a Will. Surviving spouses do not automatically inherit everything. Under the laws of intestacy there is a strict pecking order as to which family members will inherit.
But who is included in 'family'? Spouse before children? Brothers and sisters ahead of uncles and aunts? And where do nieces and nephews fit in?
In summary, if you die without having made a valid Will your estate (wealth) will be distributed in accordance with the laws of intestacy. These laws make no reference whatsoever to the wishes of the deceased. As we said earlier, if you love those you will leave behind, make a Will.
Use A Solicitor
In the opinion of Porter Brown, you could be courting disaster if you rely on a 'DIY job' or a Will Writing Service rather than a solicitor to draw up your Will.
Will Writing Service firms tend to have an off the shelf, "one of three sizes fits all" approach.
Ask yourself this: why spend time and money to save perhaps £100,000 or more in Inheritance Tax (IHT) only to find your incorrectly drawn Will negates all your planning?
We believe using a Will writing service really can - especially where IHT planning is involved - be a case of spoiling the ship for a hap'orth of tar. A solicitor will charge more than a Will writing service but hopefully your family is worth it? Only you can answer that.
Porter Brown is not a law firm. However, it does have connections with solicitors whom it believes advise to the same standards as itself.
More Housekeeping
IF YOU HAVE NOT MADE A WILL AND THE THOUGHT OF INTESTACY IS EITHER FRIGHTENING YOU, OR EVEN PRICKING YOUR CONSCIENCE - WHICH IT IS INTENDED TO - THEN THINK FURTHER ON THIS:
It is not only death that can cause hassle and aggravation for your family. What if you lose the ability to conduct your own affairs, whether through a stroke, alzheimers or just plain dementia?
If you take no action before you reach this stage, your affairs must be handled through the Court of Protection. Messy, inconvenient and hassle. And, like having no Will, handled not necessarily as you would have wished.
THE BEST COURSE OF ACTION TO OVERCOME SUCH DIFFICULTIES IS TO ESTABLISH A POWER OF ATTORNEY.
Please contact Porter Brown for more information
