Wills: Why you must use a solicitor you trust!
We know that making a Will can be a scary prospect for some. Like many areas of law there is a lot of jargon in and around Wills and the creation of your Will can quickly become a confusing and intimidating process if your solicitor does not help you through it. There have been stories in the past of incompetent individuals taking advantage of clients in these situations and signing them up to binding agreements that they do not really understand.
An example of such a scenario would be the case of Budai v. Milton in Canada where a man of ill health had a friend of his, a retired financial planner, create his Will. The financial planner named herself as Executrix of the Will and included a number a suspicious clauses which would lead to favorable outcomes for the Executrix after the death of her friend. One of the clauses included allowing the Executrix to control the distribution of the estate in any way she see’s fit after his passing.
The above case shows the importance of using a trusted, competent and professional solicitor when having your Will drafted and also the importance of understanding the implications of your Will after your passing. At MKB Law our Wills and Estate planning team speak in plain English and try to make your experience as straightforward and clear as possible. In the next section we will try to tackle some of the more common terms associated with Wills to help you along the way.
Executors – Executors are the people nominated by you to carry out the wishes outlined in your Will.
Probate – This is the legal procedure in which the validity of your Will is established.
Beneficiary – A beneficiary is any person or organisation that will receive a gift from your Will.
Testator – The testator is the person who has made the Will.
Intestacy – Intestacy refers to the situation where you die without having made a Will. Last year £8m was paid to the UK Government from intestacy.
Pecuniary Legacy – This is a specific amount of money that has been left to someone as a gift in your Will.
Codicil – A change or addition to your current Will is known as a codicil.
Legatee – A charity or individual who receives a gift as part of your Will.
Witness – A witness is someone who oversees the signing of the Will by the Testator. They cannot be beneficiaries or close family of beneficiaries.
Residue – This is the remainder of Assets after all debts and legacies have been paid out.
This month is ‘Make A Will Month’ so if you have not yet made your Will now is the perfect time to do so. MKB Law are participating in Will Aid this year meaning you can have your Will made in exchange for a donation to charity. To set up your appointment with our Wills and Estate Planning team contact us today!
Call: 028 9024 2450