For a variety of reasons many people hesitate when it comes to preparing their Wills.
They may feel that it is something they will think about when the 'right time' comes or something they can deal with quickly with a ' quick and simple will'.
Whilst the advantages of a basic simple Will over no Will cannot be overstated , the idea of a "simple will" can be one fraught with danger if you are not conscious of the potential pitfalls.
When speaking of a "simple will" most people imagine what they would consider a typical distribution, for example everything for my spouse or everything for my children. Whilst undoubtedly these Wills can be extremely simple to prepare, their simplicity can be deceiving. There are in fact a number of situations where they simply may not be appropriate and indeed may be more costly to your estate, than a Will prepared by a competent lawyer ever will.
Depending on your wishes, some of the potential situations where a 'simple will' may not be appropriate include where:
You have been married more than once;
You have children from outside of your current marriage;
You are divorced;
You have children under the age of 18;
You have a 'blended family';
You have assets overseas;
You have specific wishes in relation to particular assets;
You wish to leave a specific bequest to a charity;
You hold assets in a company or trust;
You own or run a business;
You wish to provide for someone with special needs;
You own assets together with someone else;
You have a large estate;
You are planning to marry;
Debts are owed to you;
You owe significant debts;
Your beneficiaries receive or might receive a social security benefit;
You anticipate a challenge being made to the Will.
This list is obviously not exhaustive but it should help you to consider the variety of situations where a 'quick and simple will' may not be appropriate and where professional guidance may be required.
If you're unsure and wish to discuss your current estate plan or your future estate planning needs, you can book a free call with us to discuss.
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