Welcome to our new Blog

This is our way of communicating some of our ideas. We are driven by one principle. That is that we give those that should write a Will an opportunity to do just that. They can talk to a Will writer face to face, to ask questions, and in the comfort of their own home or place of work. All this done at a price, and with skills that are the envy of many high street solicitors.

I hope you enjoy reading and commenting. FullSizeRender

Best Wishes

Donald Reevely

Understanding the value of assets

During your lifetime you may have accumulated a few bits and pieces. Some in the form of investments, savings or pensions. Generally they can be easily valued. However it may be important to understand the value of other chattels. For example you may unknowingly have an item of value that is included in your Will under your general chattels that may have great value. This is good news for the beneficiaries. However it may have unintended consequences whereby you are giving substantially more to some rather than others, simply because you didn’t value items during your lifetime.20511635_s

Most auction houses can prepare professional valuations for you which can help executors enormously. Sometimes the shock is in reverse where you thought an item had great value when in fact it doesn’t. Much better you know in advance so you can plan a sensible Will.

Has your family had a valuation shock?

 

Is your old Will a liability?

21384546_sGenerally, in any Will, there is no need to list assets. As an individual you may wish to keep a list of what you own. This can be really useful to your executors. In this digital age you may have investments or bank accounts that are invisible to your executors unless there is some evidence it exists.
Then there are other problems that may arise with an old Will, and not all of them are financial. We sometimes come across old wills created before all the children were born, and only the named children are beneficiaries. This creates unintended consequences. The answer is to get a new Will in place as soon as possible if the intention is for all children to benefit.
The classic “Don’t worry, I’ll change my Will soon” shortly followed by total inaction, results not only in an undesired distribution of the estate, but often a family in dispute that can last years and potentially strip the estate, as all its assets disappear in legal fees.
Has your family suffered the consequences of an old Will?