Don’t Leave Your Future Finances to Chance – Part One

Why would you leave your financial future, your legacy to provide for those close to you, to chance after you die?

As part of a series of informative articles, the Wills, Probate, and Trust specialists at Winn Solicitors have put together a series of scenarios that highlight the dangers of leaving the future to uncertainty and fate and out of the hands of legal advisors who can help.

On this occasion, we introduce John…

The scenario

John created a homemade Will as he wanted to save money on the process but he’d never done this type of thing before and searched online for a how to guide. Perfectly understandable that he didn’t have the experience – who would unless you’re a legal specialist? – it left him vulnerable to errors and oversights.

What did he want to achieve?

He was keen to make a Will with an enclosed Trust, which adds layers of difficulty and complexity to the process, with numerous legal checks and inputs required, not to mention a methodical approach. When drafted successfully, it creates a legally binding approach to your financial legacy after you die, something John was eager to deliver with the best of intentions.

What went wrong?

Would you know the process? Unfortunately for John, he didn’t know how to draft the Trust properly, with the result a document that caused more uncertainty and conflict among beneficiaries, who should have been focused on grieving the loss of a loved one.

A barrister’s opinion was needed and possible Court action hung over the dispute as beneficiaries failed to agree. This cost those involved huge sums in legal costs to settle a disagreement that could have been avoided in the first place.

How can Winns help?

If John had come to us initially, our compassionate, diligent, and experienced team of specialists would have created a legally sound document that delivered the wishes and wants of the client and, importantly, mitigated the chances of conflict and disagreement when the time came to enact his wishes.

In cases like this we can also help navigate and resolve the dispute that arose. It would have been better all round if advice had been obtained at the outset to prevent the dispute coming to a head.

Thinking about leaving a Trust in your Will? You can provide decisive, comforting certainty in a time of grief for the loved ones around you. Make the call to Winns today.

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