Do you live in the Verwood or Ringwood area? Do you need to make a first or updated will? If you do, then get in touch with the specialist wills solicitors here at local law firm Bonallack & Bishop, at our Fordingbridge office [following our merger with long established Fordingbridge Solicitors, Jacksons]. Just call us on (01425) 652110
What is a Will?
A Will is a legal document which allows you to decide how your property will be distributed when you pass.
Your Free Will Review
Unsure if you need to update your Will? Take advantage of our offer and call now to book in your no strings attached appointment. Call us on (01425) 652110 to book your appointment
8 Great Reasons to Make a Will
Wills have been described as “the biggest cheque you will ever write” as they deal with each and every asset you have built up during your lifetime. With the average house in Verwood now worth well £458,737 (as at April 2023) and with 40% inheritance tax due on the value of Estates over just £285,000, it is not just the rich who are at risk of paying substantial amounts of inheritance tax.
Having an up-to-date will is probably the simplest and cheapest way to protect your family.
But you may be surprised to hear that over 70% of people do not have an accurate and up to date will.
Make sure that you are not one of them – or you risk dying intestate (in other words without indicating who should inherit your property).
This is likely to result in a very uncertain future for your friends, family and even business partners.
The consequences of having no will can be significant. The reasons why you need a will include the following:
1. You have no control over what happens to your property – instead the intestacy rules will apply which set out in law which family members should inherit your property and in which proportion.
2. There may be disagreements as to how your assets are divided between your loved ones. Sadly it is increasingly common for relatives to take court action amongst themselves in arguing over family property.
Your family might become involved in unnecessary costs or delay – the financial cost alone of inheritance disputes caused by contesting a will (or contested probate as it is often known) can be significant – amounting to many tens of thousands of pounds.
Don’t leave any uncertainty – make your wishes crystal clear. it helps to avoid any dispute after your death. Those types of bitter legal disputes can split a family forever – probably the last thing you want to achieve
3. You do not choose who looks after any young children – if you do have youngsters, it is much better to clearly indicate in your will who you would like to care for them you should die.
4. If you were cohabiting without being married, your partner will have no automatic right to any of your property. Worse still they could even be evicted from your home.
Click here to read more about Cohabitees and Wills
5. There may be insufficient money left to comfortably provide for your partner or spouse.
6. Your family home might need to be sold to distribute your estate – unless you make the position clear. This could even leave your spouse homeless.
7. There is a risk that your estate may have to pay more tax unnecessarily. Those who don’t consider tax and estate planning as an essential part of making a will may find that they run the risk of their estate having to pay significant amounts of unnecessary tax – leaving less to distribute amongst family and friends.
Click here to read more about how our inheritance tax planning solicitors can help you reduce your tax burden
8. You could find that your business partners are left without protection – which could result in a forced sale of your business.
Don’t forget your Estate may be more valuable than you think and will include not only any property you may own home but also your savings, any death in service benefit , or other life insurance or pension policies – and your personal possessions.
Making a will is common sense and is probably less expensive than you might imagine. To maximize your peace of mind, and to avoid the risk and distress involved in disputing a will, consult one of our specialist wills solicitors for a value for money fixed price for a basic will.
Is one single will going to last my lifetime?
That is highly unlikely. Why? Because as you grow older, your circumstances change. What might have been entirely suitable for a single 25 year old with no pension in rented accommodation is unlikely to be right for a home owning 60 year old with say four children by two marriages, four grandchildren and a sizeable pension.
Only 1/2 of Britain’s have an up-to-date will – are you 1 of them?
According to research carried out in 2022 by Solicitors For the Elderly (SFE), just 53% of the British adult population have a will which has been updated within the last 5 years.
That leaves 47% with a will that is probably out of date. And a surprisingly large 21% haven’t updated their will for over 10 years.
Why do you need to update your will? Is one single will going to last my lifetime?
That is highly unlikely. Why? Because as you grow older, your circumstances change. What might have been entirely suitable for a single 25 year old with no pension in rented accommodation is unlikely to be right for a home owning 60 year old with say four children by two marriages, four grandchildren, a sizeable pension
And with society becoming more complex, and with divorce at an all-time high, it has never been more important to make sure that your will is up-to-date and reflects your current circumstances. In fact even the UK government recommends that people review their will every 5 years.
Here at Bonallack & Bishop we offer a FREE Will Review service – so why not call us now on (01425) 652110 to book your appointment
Can I prepare my own will ?
Yes you certainly can – there’s nothing legal from that and you can pick up cheap Wills in many shops – or download free Wills online.
But is it a good idea?
Creating a DIY will to save money in the short term might seem attractive, but cutting corners in this way often proves very expensive in the long run.
The risks involved in DIY Wills are significant. The will not may not be validly created are executed, it may cost your estate much more tax and could give rise to inheritance claims.
Using specialist wills and probate solicitors to draw up your will doesn’t need to be expensive, and here at Bonallack and Bishop, as at February 2020, basic will start from as little £265 plus VAT. Not much to pay for peace of mind.
Don’t take unnecessary chances with your will. Make sure that not only do you have a will, but that it’s up to date – and drafted by a solicitor who really knows what they are doing.
Want to know more about making or updating your Will?
Click here to read our Will Writing FAQs
6 additional ways our private client solicitors can help you.
- The creation of a lasting powers of attorney – unlike a will, and LPA will probably last a lifetime and usually only needs creating once
Click into read more about why you need to make a Lasting Power of Attorney
- The creation of trusts – for wealth protection and tax planning purposes
Click into read more about our Trust Solicitors
- Administration and management of existing trusts
Click into read more about our Professional Trustee Solicitors Administration Service
- Court of protection work – both an application to the court of protection and our appointment as professional deputies to manage the affairs of people who have lost the capacity to do so themselves
Click here to read more about the work carried out by our Court of Protection Solicitors
- Inheritance tax planning – see above
- Wills to provide for those with learning disabilities and made by those with learning disabilities themselves
Click here to read more about Wills for the Learning Disabled
Live in Verwood? Looking for Specialist Will Writing Solicitors? Call Us Now
Whether you need advice with wills or probate in Verwood, contact our expert team today for a FREE no obligation initial phone chat or book your Free Will Review.
- Call us on (01425) 652110 OR
- E-mail us using the contact form below
5, Provost Street,