Hot topics such as inheritance tax, powers of attorney and Wills were covered in Advice Hour on BBC Radio Wales by Lisa Davies.
The Blake Morgan Private Client Partner gave expert advice on the Behnaz Akhgar show on Wednesday 22nd November. Lisa answered questions from the host and listeners to help with future planning and private wealth matters.
Behnaz has made a Will but with Lisa’s presence in the studio, it was a helpful reminder that it could do with being reviewed. The recommendation was to review your Will every five years as major life events and changes in the law will impact on your Will. Life events such as having children or getting married could affect your Will, and unless stated otherwise, your marriage will revoke your Will so you would need to write a new one.
The pair discussed online Wills and solicitor-drafted Wills, with the major benefit of speaking to a solicitor regarding your Will being that you receive specific advice on what would be best for your personal circumstances.
If there is a problem with a badly-drafted Will, it could end up costing more to resolve those issues when you are gone, than it would have cost to seek advice from an experienced solicitor regarding your Will in the first place. Lisa warned:
If there is any ambiguity, we see people spending a lot of time and money arguing over Wills, it leads to false economies.
The pair also touched upon the importance of having a tax efficient Will. Lisa commented: “Tax planning should form part of your Will, especially if you have more assets, so your Will can be tax efficient.”
Powers of Attorney were also discussed. You can listen again on BBC Sounds here if you have a BBC account. The introduction for Advice Hour starts at about 36 minutes into the programme.