Having an up to date will is always important to be assured that your loved ones are taken care of. It is especially important for couples and cohabitants who have children from different relationships, as this can complicate matters when you die. Creating a will allows you to ensure that you can adequately provide for your children.
This issue has recently been highlighted in the case of Ubbi v Ubbi. In this case, a wealthy business man had fathered two children following an affair and was in the process of divorcing his wife when he died.
Unfortunately, the will that Mr Ubbi had in place when he died had not recently been updated and therefore made no provision for his infant children. This prompted the mother of the children, Ms Corrado to bring a claim on the children’s behalf under the Inheritance (Provision for Family and Dependants) Act 1975.
Ms Corrado was awarded £386,000 on behalf of the children; however Mr Ubbi’s estate was worth £3.5 million. Unfortunately, without an amended will, it fell to the courts to determine the amount awarded to the children. It may have been possible, had Mr Ubbi re-drafted his will prior to his death, that he may have wanted his children to inherit a larger sum.
This case highlights the importance of creating a will so as to ensure your wishes are followed. This case also demonstrates the importance of updating your will regularly to reflect any changes in circumstance. Whilst many couples feel uneasy about creating wills, it should be remembered that it is a simple and straightforward process that has long term financial benefits and gives you peace of mind.
At Ison Harrison you can create a straightforward single will for £125 + VAT or mirror wills (for couples) for £175 + VAT. Our experienced team would be happy to meet with you in the comfort of your home or in one of our 12 branches across West Yorkshire.
If you would like further advice or information, please email or telephone our wills, tax & estate planning team on 0113 284 5000.