Unfortunately, family disputes on the death of a relative are all too common, particularly in cases where the deceased did not leave a valid Will. Even where the family structure is simple and seemingly have a good relationship, the stress of losing a loved one can mean that individuals are not in the right frame of mind to make clear and logical decisions.
Inevitably, such a disagreement can lead to each party appointing their own legal representation which can delay the distribution of the estate over a number of years and result in a high level of legal costs, sometimes running into hundreds of thousands of pounds. Such costs are frequently paid for by the estate meaning the end distribution is significantly lower as a result.
Taking the time to put a properly drafted Will in place along with a letter of wishes should remove any uncertainty regarding the distribution of your estate and avoid any potential beneficiaries fighting for what they deem to be a 'fair share'.Once a Will is in place, it is equally important that it is reviewed on a regular basis and in particular at any 'life events' such as marriage, divorce or the birth of children/grandchildren.
For advice on drafting a new Will, updating an existing Will, inheritance tax planning or assistance with probate, please contact your local Perrys branch.
Article written by Craig Harman
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