DRAFTING a will is a crucial step in ensuring that your assets are distributed according to your wishes following your death.
This legal document outlines how your property, finances and personal belongings will be divided among your loved ones.
When preparing your will, it is advisable to consult a solicitor who can guide you through the relatively inexpensive process and plan for how you wish your assets to be distributed when you die.
Legal Knowledge and Expertise
A solicitor possesses the necessary legal knowledge and expertise to draft a will that complies with the legal requirements of Northern Ireland.
Laws regarding wills can be intricate and vary across different jurisdictions, making it crucial to ensure that your will is legally valid and enforceable.
A solicitor can guide you through the intricacies of these laws, ensuring that your will reflects your intentions accurately while adhering to the law.
Preventing Disputes
One of the primary reasons for disputes arising after a person's death is the ambiguity or lack of clarity in their will. This was recently highlighted following the death of Aretha Franklin who didn’t leave behind a formal will when she died five years ago.
Two handwritten documents discovered in the home of the well-known singer emerged in 2019, causing rifts in her family. Both handwritten informal documents, containing hard-to-decipher passages, resulting in a drawn-out legal battle by her beneficiaries.
A professionally drafted will leaves little room for misinterpretation, reducing the potential for disagreements among beneficiaries.
A solicitor can help you define your wishes in clear and concise language, minimising the chances of a dispute that could lead to strained relationships and litigation.
Tailored to Your Unique Situation
No two individuals will have the exact same circumstances. A solicitor will carefully consider your specific assets, liabilities, family dynamics and other relevant factors to draft a will that suits your unique situation.
Whether you have dependents with special needs, an unconventional family structure or other unique financial circumstances, a solicitor can create a will that addresses your specific concerns.
Updates and Revisions
Disposal or acquisition of assets, marriage, divorce and births are all events that can impact the distribution of your estate. For example, many do not realise that getting remarried will invalidate any existing will that has been made.
A solicitor understands that life is dynamic and can help you keep your will up to date, ensuring that it reflects your current wishes and situation. Regular reviews and revisions can ensure effective planning and prevent unintended consequences.
Avoiding Mistakes
Mistakes in a will can have far-reaching consequences. A minor error in wording or a technical oversight could render your will partially or entirely invalid.
A solicitor's attention to detail and understanding of legal terminology can prevent such mistakes, ensuring that your will accurately reflects your intentions.
Inheritance Tax Planning
The UK has a complex system of inheritance tax, which can significantly affect the value of the estate left to your beneficiaries.
A solicitor can provide guidance on inheritance tax planning, liaising with tax experts to help you structure your will in a way that minimises the tax burden on your beneficiaries.
This can involve setting up trusts, making charitable donations and utilising reliefs and exemptions available.
Drafting a will is not merely a legal formality, but a crucial step in securing the future of your loved ones and ensuring that your wishes are respected.
When it comes to safeguarding the interests of your family and ensuring a seamless transition of assets, enlisting the services of a solicitor is a prudent and responsible choice.
Anne Wilson (anne.wilson@mckees-law.com) is a senior associate in the private client team of McKees (www.mckees-law.com).
