Is your Will up to the job? Put your Will to the test with our Free Review Service
With our free Will Review Service we at MVL get to see a lot of wills; our clients are after the reassurance that their hard-earned wealth and property will still pass seamlessly to their loved ones after they’ve gone. However, the sad fact of the matter is the majority of the wills we see are not up to the job.
Many of the wills we encounter are as old as the century and the various events in the testators’ lives have made the documents invalid or, at least, out of date. Remarriage is one of the biggest issues but other ‘life events’ such as divorce, a new addition to the family, the death of a family member or the receipt of an inheritance can all render the will not fit for purpose.
Even the rich and famous can make the same mistake. Actor Heath Ledger’s will was made before the birth of his daughter and when he died his huge wealth went to his parents and siblings. Fortunately, little Mathilda Ledger has loving grandparents and they gifted her the entire estate. It’s not advisable to rely on such familial generosity, however, and we advise any client to review their will every five years or whenever there’s a ‘life event’.
In addition, many wills feature no protection for the estate after it’s passed down. Your child could lose half their inheritance to divorce… or all of it to bankruptcy. Other threats include the inheritance tax or care costs your child could face in later life. Simply leaving your estate in trust for your loved ones protects against these threats, keeping it safe from attack.
Ultimately, it’s worth having a professionally-prepared will and reviewing it regularly. After all, where there’s a will, there’s a way of getting it wrong…