The majority of people make a Will because they want to gift their assets or personal items to specific family members or friends when they die.
Unfortunately, sometimes family situations are complicated and there may be times when the person making a Will wants to exclude family members, perhaps because they are estranged or because of an argument, or because they disapprove of a person’s lifestyle choice.
Maxine Phillips, Probate Executive specialising in Wills, Trusts and Probate, offers her advice when making a Will.
Potential complications when making a Will.
Occasionally, when making a Will, people may also want to give family members unequal shares of their assets because one of them is more successful or wealthier than the other. In my experience, a client will often state that they have discussed this with the parties involved and that ‘everyone is in agreement'.
However, a person’s financial situation can change over time, perhaps due to economic uncertainty or an unforeseen health implication and what may have once been deemed fair in theory can lead to a family upset and complications when the actual division of a deceased’s assets is considered.
In 2017, rulings in favour of disinherited children who brought claims in court, under the Inheritance (Provision for Family and Dependants) Act 1975 for a reasonable provision out of a parent’s estate led to a rise in Will disputes.
Each case is considered on its own merits. There are also no guarantees that such a claim would be successful but defending a claim can be both costly and time-consuming. The assets in your estate can be used to defend that claim which can mean that even if the claim is unsuccessful, the amount of assets in your estate could be depleted by the costs involved in defending it.
Have you considered setting up a Trust?
Taking professional advice on the division of your assets after your death can be beneficial and can help you with difficult choices. We can do this by suggesting alternative options, such as leaving a share of your assets into a Trust or by giving someone a right of residence in a property under the terms of your Will.
Put simply, assets in a Trust are held by the Trustees, who can invest the assets for the benefit of one or more beneficiaries, who have no direct access to the assets. Trustees can, at their discretion pay money out of the trust to one or more of the beneficiaries for anything they feel is appropriate.
We are Liverpool's leading experts in Wills, Trusts and Probate.
Talking through alternative options where situations are complex may mean your estate is saved expenses and complications in the future. We understand this can be a very complicated and emotionally draining experience at times. If you are unsure of how to make a will, then call today and speak to a member of our team.
At Jackson Lees, our Wills, trusts and probate team is here to offer impartial, expert advice in all matters of deciding how best to manage your estate. If you would like to talk to one of our empathetic, specialist advisers, you can call us today or email enquiry@jacksonlees.co.uk.