Making a Will

In the light of the BBC Panorama programme about Will writers which was broadcast on 9th August, we thought it was a good time to review our advice on this matter. First of all I should make it clear that Arch Financial Planning Limited does not prepare Wills for clients. We leave this to those who are qualified and experienced in the legal field. We do encourage clients, however, to make a valid Will and to update their Wills where their circumstances have changed.

Should you only use solicitors?

Let me say straight away that there are many situations in which you would be foolish indeed not to use the services of a solicitor to prepare your Will and these are highlighted in our Guide: Making a Will (see below). The Panorama programme did highlight some of the possible disadvantages of using Will writing companies rather than a firm of solicitors. The main issue is that Solicitors are regulated when carrying out Will writing activities and so provide the highest level of security for yourself and the beneficiaries under your Will. The programme highlighted problems that have occurred with some Will writing companies such as hidden charges and even inheritances being stolen. 

As usual, however, such programmes tend to deal with a few specific instances rather than the bigger picture. This is because most of us are interested in people rather than issues. As a result our newspapers and television programmes tend to build their messages using particular instances to show how an issue has affected the lives of one or more people. This is fine and makes for more interesting reading or watching. However, it can mean that the bigger picture is often sacrificed and we get a somewhat overly focused view of an issue.

In this case, whilst taking nothing away from the problems that can occur with using Will writing companies, the fact is that if they did not exist then tens of thousands of UK citizens would not have made a valid Will. This is due to the fact that a great many of us shy away from making a Will for all sorts of reasons, or we simply never get round to it. We need encouraging by someone to get on with it. Whilst solicitors may be the best people to prepare Wills they are, for lots of reasons, particularly poor at marketing their services to us. You basically have to get in touch with them and ‘instruct’ them which is not going to happen if this is something you are shying away from anyway, or it is a very low priority for you.

We encourage our clients to make Wills

People think that the focus in making a Will is their own death, and that is not something that any of us like to dwell on. But that is far from the truth. The focus in making a Will is the long term security and happiness of those loved ones we must leave behind, and those organisations that we care about, after our usually untimely and unexpected departure from this life.

We cannot soften the emotional hurt that those close to us will feel at such a time. However, it is surely our duty to them to make sure that such property and assets as we own, or have an interest in, are distributed amongst our loved ones, and the organisations we care about, in such a way as to be of the most benefit.

For this reason we encourage clients to make a valid Will and to update their Wills where their circumstances have changed. The Personal Questionnaire that we ask new clients to complete asks “Have you made a Will?” and “Briefly indicate main provisions”. It is important for us to at least have this basic information when advising clients on their financial planning.

Where can you find further information?

You won’t be surprised if I direct you to our own website. We have updated our Guide: Making a Will and you can read, download or print a copy by going to www.arch-fp.co.uk/making_a_will.php. The Guide contains a very useful chart which outlines the rules concerning intestacy (if you die without leaving a valid Will). We would encourage anyone who does not currently have a Will to look at this chart as a matter of some urgency.

Please note that this information does not constitute personal advice and should not be treated as a substitute for specific advice based on your circumstances. If you are in any doubt as to whether you should make a Will, or whether the Will you have may need updating, then you should discuss the matter with a solicitor or other suitably qualified legal adviser. Any information given in this Guide relating to the intestacy legislation is based on our understanding of legislation and practice in force at the date of this Guide. Whilst we believe our interpretation of current law and practice to be correct in these areas, we cannot be responsible for the effects of any future legislation or any change in interpretation or treatment. Please note that The Financial Services Authority does not regulate the making of Wills.

If you would like to discuss the implications of your Will in the context of your financial planning please ask your usual Arch adviser, telephone 01483 204600 or email enquiries@arch-fp.co.uk.

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