An article I came across recently about a research that was undertaken, and sadly the outcome did not surprise me - it was revealed that 3 in 4 people are likely to experience a Will, inheritance or probate dispute in their lifetime.
The research also revealed that siblings are the most common form of dispute.
It is important that your legal advisor takes full instructions from you to understand family dynamics, whether there are any deliberate exclusions, and so on. All this is to ensure that disputes are less likely to take place upon your passing.
In addition, allow your legal advisor not only takes your instructions but also to describe the role of the Executor to you properly so that you can decide who your Executors are and also discuss how you feel that the Executors (if more than one) will work together and if they are a good match.
As much as I keep repeating myself, it remains critical to ensure that your Will is correctly drafted, this is the first thing you can do to avoid any disputes likely to happen.
Speak with your legal advisor to ensure that your Will is worded correctly, and is legally binding while representing your true wishes.
Be very careful when preparing a DIY Will as this could be a disaster waiting to happen. Remember, the price you pay for something usually equals its quality.
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The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
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