Tamasin Perkins writes for IFA Magazine on what financial advisers need to know about The Law Commission’s recent report: Modernising Wills Law
As the Law Commission unveils landmark proposals to bring Victorian-era Wills law into the 21st century, Tamasin Perkins, Private Wealth Disputes Partner, writes for Investors Chronicle on what these reforms could mean for financial advisers and their clients.
From electronic wills and revised capacity tests to the end of automatic revocation on marriage, Tamasin highlights how and why the changes signal a fundamental shift in estate planning – and one that advisers must be ready to navigate.
The report rightly acknowledges that the current legal framework is outdated. With longer life expectancies, rising asset values, and the impending Great Wealth Transfer, reform of wills and estate planning is not only timely but essential.
So, what will this all mean for Wills going forward? There are several different ways in which these reforms could impact the current landscape, including:
- Wills are no longer revoked by marriage
- Changes to testamentary capacity
- An Uptick in Undue Influence Claims
- Increased Applications to “Rescue” Invalid Wills
- Disputes over Electronic Wills Are Inevitable
The Government will consider the Law Commission’s recommendations, with an interim response due within six months and a full response expected within a year. In the meantime, financial advisers would be well advised to stay closely engaged with these developments – and to work hand-in-hand with legal professionals to ensure clients’ testamentary intentions are properly protected.
Read the full article in IFA Magazine here.
