The Danger of Death Bed Wills
Death Bed Wills: The very real danger……
By Samuel Amer
Death Bed Wills, and also what’s known as “last minute Wills”,
are a very serious business. Like all things in life, it’s best to be prepared,
and the same goes for Estate planning and having a Will in place. But I am
afraid to say that many of us are leaving the creation of a Will to the very
last minute, and running what could be a
very serious risk.
Deathbed Wills, as the name suggests, are Wills that are
usually made shortly before an individual passes away. The last minute Will on
the other hand a is a Will that is usually made in a short timeframe, and this
can which can be for a whole host of reasons. Whether it’s down to you going in
for crucial surgery in a matter of days, or whether it’s just a precaution in
case something happens to you whilst on holiday, the number of people leaving
their Wills to the last minute is certainly on the rise.
You may not know it, but you too could fall into this
category of people whose Estates may be at risk due to not having a Will. Here
are just a few indicators that could mean you have to resort to a death bed, or
last minute Will:
-
Not
having a Will at all: most death bed Wills are made by people who don’t
have a Will. By having a Will in place, you’re much less likely to need one in
a hurry!
-
Not
having a Will that reflects your wishes: having an outdated Will is as bad
as having no Will. As your Will may deal with everything you own, why would you
want your Estate to pass to the wrong people, or worse still having a loved one
left out?
-
Being
diagnosed with a life limiting illness: a diagnosis of this sort can turn your
world upside down, and the last thing on your mind could be your legal affairs.
But at such a difficult time, the knowledge of having everything sorted for
when you do pass away is one less burden to carry.
-
Putting
off making your Will: the longer you put of making or updating your Will,
the more likely it is that you will need a death bed Will or last minute Will.
None of us know the future, but if you have put of making your Will, there’s a
good likelihood that if something bad does happen to you, you may not have time
to make a Will.
At this point you may be asking why are death bed Wills and last
minute Wills so risky? Well, here are just a few of the reasons why:
-
A greater
risk of challenge: life isn’t always straight forward and if you make a
death bed Will in which you don’t provide for your dependants, they may attempt
to challenge your Will so they get part of your Estate. By making your Will in
advance, we can discuss the ways of preventing someone successfully challenging
your Will and put measures in place to make sure that your Estate passes the
way you want.
-
Increased
cost: If you instruct us to make a Will on your deathbed or in a very short
time frame, there may be an higher cost.
This charge often covers the cost of having the Will turned around in
short space of time, or having to visit you at your home or at hospital. Everyone
likes a bargain, so why not make a Will today at a pace that suits you, leaving
you enjoy the savings that go with this smart approach?
-
Increased
stress to you and your loved ones: if you’re not in a position to arrange
the initial meeting to create a Will, this job may fall on your nearest and
dearest. At a time when they are having to contemplate losing a family member,
the thought of that person not having a valid Will is another unnecessary
worry. By creating your Will today, you guarantee peace of mind for you, but
also those people around you.
-
You can’t
tell the future: Sadly, none of us are crystal ball gazers and we can’t be
sure what’s going to happen to us. You may say you will make your death bed
Will “just before you curl your toes up”, but what if you’re involved in an
accident or an illness overtakes you before you can instruct us? By not having
a Will in place, the people who you want to benefit from your Estate may not do,
and your family and loved ones may well be put to greater expense and confusion
when thinking of what they need to do next when you pass away.
Having seen this many times before, it’s surprising how easy
it is for Wills to be put off and before you know it, it’s too late to make
one. Although you may say “I’ll get round to it later”, just take a moment to
think, “Can you really afford to take that chance?”
Here at Gamlins Law, we pride ourselves on being able to
offer an expedient and cost effective service when it comes to making your
Will. As well as offering early, lunch time and late appointments, our advisors
are on hand to help guide you through the process at a pace that suits you and
are often able to have the whole process wrapped up in 3-4 weeks.
If you or a loved one could benefit from having a Will in
place, contact one of the Private Client team today on 01745 343500.
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