3. All adults with any family or any assets should
have a will written.
Wills become out-dated and inappropriate so
they need to be reviewed periodically.
5. It is worth noting that there are about three times more
legal challenges to wills in the present day than there
was 20 years ago!
There are of a number of reasons for this increase in
challenges to wills.
6. • Individuals are more switched on to the fact that they can be
challenged than they were previously
• People’s lives and relationships are much more complicated now and
this leads to many more issues than there used to be
• Wills written years ago are often not updated and so when required
are found to be out-dated.
• Assets left in wills may no longer exist, or family relationships may
have changed since the will was written
• There is much more information about how to challenge wills
now, especially online
7. If you are over the age of 50 you would be sensible to
have your will reviewed every 5 or 10 years.
Wills drawn up prior to 2006 that include a ‘trust’ or any
form of property living arrangements need reviewing as
changes in the law mean that many of these older wills
are no longer tax-efficient.
Trusts were very tax efficient, but in recent years the
government have introduced a lot of paperwork and
oversight on trusts which mean that they are not
appropriate for all situations.
8. Anyone on their second, or even third, marriage and
family should seek professional advice if they have not
already as these situations are very complicated and
unless the will is water-tight is open to a multitude of
challenges.
A will is usually the only thing that describes your wishes
when you pass away – many family members and
relations are shocked at the extent to which the law and
state have a say in who gets what when the will is either
absent or not fit for purpose.
9. Full Disclosure
It is important to be honest with your solicitor about your
intentions and the reasons behind them.
For example, if you intend to leave one of your children
out of your will your solicitor would need to know about
that child and the reasons for excluding them.
If your solicitor is left unawares of this then they cannot
take any steps to pre-empt a challenge to the will making
it more likely that any such challenge will be successful.
10. Choosing an executor for your will
It is also important to be realistic about the executor of
the will – beneficiaries can personally sue the executor so
the person chosen needs to be capable.
11. Generally they will also be a major beneficiary, but it is
worth considering timescales – the time between
selecting a beneficiary and them actually having to carry
out the role can be many years, even decades!
This fact should be considered, as someone who is as old
as the writer may not be in a fit state to carry out their
duties when they are required to many years later.