four common mistakes when writing a will
Are you certain your wealth will go where you want it to after you’re gone?
Here are some common misunderstandings that could trip you up, and a video in which our experts answer client questions.
four common mistakes when writing a will
Are you certain your wealth will go where you want it to after you’re gone?
Here are some common misunderstandings that could trip you up, and a video in which our experts answer client questions.
1.
taking the easy way
‘High Street wills’ are all the rage. You take them off the shelf, fill them in and file them. Job done. Alternatively, many solicitors simply listen to your wishes and produce a will that reflects exactly what you said.
But everybody’s life is different and there isn’t a one-size-fits-all way to leave your wealth behind. The more complicated your wealth, the more important it is to have a tailored solution. To make sure you get a will that reflects your exact wishes, you should consider having a specialist estate planner create one based on your needs.
2.
assuming your circumstances won't change
It’s crucial to keep your will up to date. It’s not a ‘once and done’ thing. When you write one, it tends to be based on that particular moment in time. But things change – for you and the people you care about.
It’s a harsh fact of life that people get divorced, fall out or pass away. But it’s a happy fact of life that people reconcile, have their own families or re-build their lives. As your life changes, it’s well worth thinking about changing your will too.
3.
leaving it too late
leaving it too late
Wills are for older people, right? Wrong! In our experience, a lot of people in their 20s think they’re too young to worry about them. Many of our clients only start considering it in their 60s.
But a will is not exclusively for your twilight years. After all, death doesn’t care how old you are. It can come at any time. And if it comes to you as a single twentysomething with no will, your assets could go to your parents in a way that creates difficult, unwanted bureaucracy for them.
4.
failing to explain your decisions
Your will is a way of speaking to your family even though you’re no longer around, which can be extremely powerful. This gives you the opportunity to explain how you’ve decided to distribute your assets when you die.
Life’s complicated. Family’s complicated. You may well leave people out of your will. That’s your right and your choice. But in our experience it’s good to explain why as it’ll help your family heal after you’re gone.
here to help
Our experts understand all aspects of wills - including how to use them to protect your family, for tax planning or to support a charity. They offer a full, bespoke will writing and estate planning service, talking you through the process and helping you avoid the pitfalls. Coutts could even act as the executor of your will if you prefer. Fees apply to these services.
"flexibility to tweak things is key"
Three of our wealth planning experts answer common questions about wills from Coutts clients.
FOR MORE INFORMATION ON HOW WE COULD HELP YOU WITH YOUR WILL, SPEAK TO YOUR PRIVATE BANKER OR CONTACT COUTTS 24 ON 020 7957 2424.
Advice and product fees may apply if you decide to progress your financial plan following your free consultation.
This information is based on our understanding of current tax law and practice as at November 2020.
Tax reliefs and other matters referred are those applying under current legislation, which may change, and the value and availability of any such reliefs depend on your individual circumstances.
Trust-worthy wills
From protecting your children to keeping your wishes private, here are four reasons to consider using trusts in your will.
1. Protection
Parents often worry about ensuring their children ultimately receive their estate if it goes to their partner first. What if their other half remarries or falls out with one of the children? One option is to use a trust to ring-fence the estate so that your partner benefits, but you keep what they don’t need to one side for the children.
2. flexibility
Using a flexible will trust and detailing your specific requests in a side letter make it easier for you to update your wishes without having to go through all the steps of having to change the will itself. A will trust can also provide more flexibility when it comes to actually sorting out your estate when you pass away – making things a little easier for your family at a difficult time.
3. Privacy
When you die, your will becomes a public document. Anyone can see it for a small fee. This means that anyone who wants to know can see or work out who might be inheriting from you, including their names and addresses. This can be resolved by writing a confidential letter of wishes alongside a flexible trust, which remains private at all times.
4. tax efficiency
Using flexible trusts could make passing on your wealth more tax efficient in a number of ways. For example, you could make use of tax reliefs for business interests or agricultural property, give to charity, or pass assets directly to your grandchildren or great-grandchildren, skipping a generation.
For more information, speak to your private banker or contact Coutts 24 on 020 7957 2424.
Advice and product fees may apply if you decide to progress your financial plan following your free consultation.
This information is based on our understanding of current tax law and practice as at November 2020.
Tax reliefs and other matters referred are those applying under current legislation, which may change, and the value and availability of any such reliefs depend on your individual circumstances.
Contact Us
Become a client
When you become a client of Coutts, you join a network of exceptional people. Get in touch online or call +44 (0)20 7753 1365 to find out more about our services.
Already a client?
Contact your private banker at any time or call +44 (0)20 7957 2424 for more information.
All calls with Coutts are recorded for training and monitoring purposes.
News & insights
Interest rates and mortgages – which one could be right for you?
Coutts’ approach to investing
