Insurance companies and other providers of financial services often offer a “free Will pack worth £x” (the value changes depending on the advert but typically the cost is quoted as £150 or so). What a great deal! Life insurance (or other cover) sorted AND the ability to write your own Will…
Sadly, however, this is often a short term saving and a long-term headache for the family left behind.
Financial arrangements are complex and require careful planning. Those who are financially savvy enough to put insurance cover in place in the first place are likely to be those who should plan carefully for their assets in the event of their death.
With tax, family, second families and wider family members to consider at the very least, there is huge risk in dealing with this “on the cheap”.
A lawyer’s job is to think “what if” and to plan around the otherwise unforeseen. They will also ensure that the document that is produced is actually executed properly so that it is valid. In addition, the involvement of a lawyer can be key in ensuring the Will can be defended if any later challenge is brought by someone who feels that they should have been provided for.
There has recently been a huge increase in the extent to which Wills are being challenged. That is in part a result of the more complex family structures that we are seeing now but it is also a result of the increase in the number of people going for a “DIY” Will writing option, thinking the process straight-forward and easy to do themselves.
Beware then the “Free Will Pack Included” – few investments will provide the long-lasting protection of a properly drafted Will and few of us can afford to be without one.