When having a homemade will can go really wrong!

When using a homemade will, you need to understand the implications for your estate when you have gone, as this case shows only too well.

Estate Planning

Estate Planning

“Widow goes to court with stepson over late husband’s do it yourself Will”.

A property tycoon Ian Wooldridge died in a helicopter crash in Northern Ireland, back in 2010. He had amassed a fortune of some £10 million, gross, but had written his own Will to divide up his estate.

His Widow inherited their £4.25 million property along with a further £1.6 million in other assets. However, Mrs Wooldridge has made a claim for a further £3.75 million on the basis she needs £372,000 per annum in order to continue with the lifestyle she has been accustomed to. The other principal beneficiary – her stepson, who works in the deceased’s business – has objected and aims to prevent a redistribution of assets, with his representing lawyer stating that the widow’s claim is far too extravagant: Mrs Wooldridge has claimed she requires £178,000 a year for social events and clothing, jewellery, etc.

Her lawyer, however, has proposed that the additional sum is appropriate based on the couple’s lifestyle, and that she was instrumental to the development of her late husband’s business.

Countering this argument, the stepson’s representative has argued that Mrs Wooldridge already had assets in excess of £10 million, and to redistribute the deceased’s estate would require changing the very company structures which the stepson is currently employed in, simply to support Mrs Wooldridge’s extravagant lifestyle.

The case has been adjourned and a ruling is expected at a later date.

This case shows how seeking the advice from professionals such as Assured Wealth IFA Altrincham and talking to one of our Altrincham financial advisers. Making valid well thought out will can ensure your loved ones are left what they are entitled to.  Why leave people in limbo after your death for the simple cost of £168 inclusive of VAT.

Call either our Altrincham or Wilmslow estate planning team today and book a FREE review to get the legal documents you need to ensure your estate is passed in the correct way.

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