Making a Will is a vital and basic part of financial planning. However, you need to think carefully about who you select to be the Executor (the person responsible for ensuring the Will is properly implemented). Sadly, Anita Border’s choice of her neighbour wasn’t a good choice.
Anita died in 2015 and her Will names two beneficiaries. However neither of these received a penny as the nominated Executor, one Mrs David Loveday used the proceeds of the estate to buy himself a new car, some holidays and settle some of his debts. The Court case T20190613 at Woolwich Crown Court saw Mr Loveday plead guilty to fraud by failing to transfer funds to Mrs Gibbs, one of the beneficiaries. Whilst sentencing will happen in November, Judge David Miller has stated that it is likely that Mr Loveday will serve time in prison.
Thankfully you do not have to appoint a random neighbour to be an Executor, you can select anyone you wish. I always suggest having three to ensure a majority decision can be taken should the need arise. I am also pleased to report that Alexandra Truesdale has written a piece on this very subject for our latest Spotlight magazine, which should be with you very shortly, if not already.
Constructing a Will can be complicated due to complex families. It can also be straight-forward for, you guessed it, straight-forward ones. Understanding what is important and what is essential is the skill of a solicitor and not something that you should ever leave to chance or a knock off do-it-yourself Will.
Check Spotlight October 2019 for more information. Alex can be found here.
You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email firstname.lastname@example.org
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