Wills & Probate
WILLS SOLICITORS CAMDEN & PROBATE ADVICE CAMDEN
Why wills are important
A will allows you to make your intentions legally enforceable after you have passed away. If you do not create a will, your estate will be distributed according to government laws (dying without a will is known as dying intestate), meaning your loved ones might not benefit in the way you intended. Even if your loved ones are able to benefit from your estate, the extent to which they benefit will not be as great as they will miss out on ways of making inheritance tax savings.
If you have young grandchildren or children, a will allows you to create trusts in order for them to benefit from your assets. In addition, wills also allow you to appoint legal guardians for young children, decide on your own funeral arrangements and make sure family heirlooms are passed down according to tradition.
As most wills can be created on an affordable fixed cost basis, the benefits of making a will clearly outweigh the small financial cost. You should also consider how tax savings will also more than makeup for the small initial outlay.
Ways of making a will
There are three main ways of making a will: by yourself using a do it yourself will kit, by using the services of a will writer or a wills and probate solicitor. Using a DIY will kit is a risky option if you do not understand the ins and outs of the law as you risk missing certain key legal requirements. Failure to comply with any validity requirements will literally make your will worthless. Whilst professional will writers will help ensure your will is valid, they are not as well placed to understand the law as solicitors are. Wills and probate solicitors will help you understand all your legal options, including ways of lessening the burden of inheritance tax and the variety of trust mechanisms that exist. In addition, a wills and probate solicitor will help you choose executors who are needed to put your will into action, make sure your will is properly stored and provide advice as to how particularly complicated estates can be distributed.
What is required for a legally valid will
Our professional wills and probate solicitors will ensure your will is legally valid and are covered by professional indemnity insurance in the extremely unlikely event that any key requirements are missed. A legally valid will must be made in writing, witnessed by two persons who are not beneficiaries under the will and possess sufficient mental capacity and signed by the person the will applies to. In addition, the person the will applies to must sign the will without pressure from third parties and must possess sufficient mental capacity to understand the legal consequences of the will. Please bear in mind that this is a broad overview of what is required.
Other services
We provide a full range of wills and probate services for our clients in Camden, including advice for executors, advice on how to obtain a grant of probate (which is required by financial institutions before assets are released) and advice for family members who are having a dispute related to a will.
Wills and probate advice in Camden
If you are based in Camden and need sensible, practical and cost-effective advice regarding any aspect of wills and probate, please get in touch at your earliest convenience to find out what we can do to help.