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Read moreThe Kindness of Exclusion
I’m sure many professionals regularly encounter misconceptions about their industry, or field of expertise, and wills and probate work is no exception. We certainly encounter a few at Straight Talk Estate Planning but some have more sticking power than others.
One of the more persistent misconceptions we encounter is that people exclude potential beneficiaries from their wills for negative reasons. Whilst, certainly, a significant falling out over a period of time can lead to exclusions, this is not always the driving reason.
There are situations where parents with multiple children have already given significant financial support to one child over and above the others so, with the child in question’s blessing, exclude them from receiving further in the will so that the remaining children may benefit from the family estate equally.
Similarly a family may mutually agree that some potential beneficiaries may have more means to outside financial support than others. Better paid work for example, or marriage into other more wealthy families, and there is a wish to ensure the estate will pass to those that need it most.
Decisions like these are made out of practicality and kindness and are the sort of considerations that would be railroaded by the process of intestacy (passing without a valid Will in place).
Similarly circumstances can change over time which would mean you need to review your will with regard to exclusions. Perhaps that wealthy family a child has married in to falls unexpectedly on hard times so they need to be brought back in to the will, for example.
Whatever the reason, if there are people who may reasonably expect to benefit from your estate and you would wish them not too, a valid and up-to date will is a must.
The views and opinions expressed are those of the individual and do not necessarily reflect those of APS Legal and Associates Ltd itself
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Read moreREMINDER: Last call for pre-registration for the Webinar Thursday 30th November 10am Pre-registration link is here: https://event.on24.com/wcc/r/4415548/1FE19490B28856477CC82CC544A090D0 N.B. The webinar will be recorded, so if you cannot attend but.
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