DO I REALLY NEED A WILL?

AuKids’ website sponsor Irwin Mitchell has offered this useful advice on Wills and Trusts. Thanks to AuKids’ go-to expert on this subject, Christine Thornley, for this interview. Christine is Partner in Tax, Trusts and Estates at Irwin Mitchell’s Manchester base. See the bottom of this article for her contact details.

So….To the question. Do I really need a will?

Christine says:

‘There’s so much going on in day to day life, people don’t really think about the future. But for parents who have autistic children, it’s really more important that they do. Some children won’t be able to manage money themselves; there may be a danger of them being taken advantage of for the money.

‘Although it’s difficult, people who have prepared their wills have a burden lifted. The overriding thing is – if you don’t know what you want in the event that anything happens to you, how is anyone else going to know your wishes?’

CAN’T I JUST WRITE SOMETHING DOWN AND KEEP IT AT HOME?

‘If you write something on paper at home that doesn’t comply with the requirements of the Wills Act, it doesn’t mean anything legally.

‘Your estate will follow the legal procedure that occurs by default in the event that there is no Will. This ‘default setting’ is known as the intestacy provisions.

‘Having a Will ensures you decide where your assets go and how.  Using trusts can protect the beneficiaries from their own vulnerabilities and also ensure that their means-tested benefits aren’t affected.’

IS MAKING A WILL STRESSFUL AND EXPENSIVE?

‘We’ve all seen Will kits in stationary shops and adverts for £10 Wills but a Will that is going to be fit for purpose and ensure your wishes are carried out will cost more than this.

‘Some people take a very short course and become ‘Will writers’ but the best people to make the process as simple as possible and to make sure that you do actually get a Will tailored to you individual circumstances are solicitors. 

‘You should always look for a solicitor who specialises in Wills and Trusts and who is STEP qualified. 

‘This is an extra qualification in the area of Wills and Trusts and means that the person fully understands this area of law.

‘A big part of making a Will is the advice that goes alongside it and the discussions you will have to ensure that the Will does actually reflect your wishes.  The process can involve having to do a bit of thinking and make decisions but it shouldn’t be stressful if it’s dealt with by an appropriately qualified person.

‘A simple Will for a couple can start from around £900 plus VAT but if you want to include trusts to protect vulnerable children or other beneficiaries the price does increase and these Wills can range from £1,500 to £2,000 plus VAT depending on individual complexities.

 ‘This fee may see like a lot but even if your estate is worth £100,000 it is only 1-2% of that value and getting a Will done properly will ensure that your estate passes in the way you wish’.

WHAT ABOUT TRUSTS?

‘The use of trusts in Wills are a fantastic way to provide for young or vulnerable children whilst ensuring they can still benefit from the funds in a controlled way.

‘We see a lot of families who have children with additional needs, in particularly autism, who want to make sure that their child can still benefit from their estate but retain their means-tested benefits and not have direct control over those funds.

‘We commonly use two different types of trusts to protect these children -  discretionary trust or disabled persons trusts.  Both types work really well but are treated differently from a tax point of view and in terms of how flexible the use of the funds in the trust are. 

‘The type of trust most suitable will depend on your financial situation and circumstances; using a properly qualified solicitor will ensure you are equipped with the information you need to make that choice.’

HINTS AND TIPS

  • Choose a STEP qualified solicitor. This two-year diploma shows that a solicitor specialises in Wills, Trusts and estate planning.

 

  • Be careful of cheaper Will writers who do not have to have any formal training to practise.. Some are good; some have simply signed up for a quick course.

MEET THE ADVISORS

Irwin Mitchell is a Leading Firm and Top Tier company in the Legal 500. It was granted Private Client Legal Team of the Year at the STEP Awards, was Superbrands’ Britain’s Choice in 2021 and achieve Top Ranked by Chambers in 2021.

You can get in touch with Christine directly by calling her on 07881 254 026, or e-mail: christine.thornley@irwinmitchell.com

Pictured, Christine with Fiona Bushell (Solicitor) and Berin Jones (Senior Associate).