Making a Will won’t kill you!
More than 30 million Brits don’t have a will, research from Unbiased.co.uk reveals. However, 92% of people say they know who they want to receive their assets when they pass away. This poses a problem because unless you do something about it, your money could end up somewhere you really don’t want it to go. No one likes the idea of creating a will because it’s an unfriendly reminder of the inevitable. The fact remains if you die without a will your loved ones may get nothing.
Worryingly, the research shows that 70% of Brits with children under 18 don’t have a will in place. Under current rules, children who aren’t named in a will are only entitled to an inheritance if there is no surviving spouse or if the deceased’s estate is worth more than £250,000. Furthermore for co-habiting partners, where property is held in the sole name of one of the parties, should that party die without a will, their partner could find themselves not only homeless but without a share in their partner’s Estate, which clearly might not be what was intended.
Why the hesitation?
Apparently, 36% of people say that they haven’t got around to it and 8% reveal that the idea never occurred to them. Another 18% don’t think that they have anything of value to leave behind. Perhaps you think your possessions will go to your family by default – but what you might not realise is that if you were to die intestate (meaning without a will) the government will determine who receives what and potentially 100% of your assets can go to the government if you have no next of kin. Your possessions would be distributed according to strictly defined legal rules, potentially subjecting your family and loved ones to financial hardship at a time when they are already vulnerable.
A will gives you the opportunity to distribute your assets and possessions according to your wishes avoiding confusion and potential conflict between family and loved ones. Furthermore you may wish a particular family heirloom such as a watch to pass to a child, but without a will all possessions pass to a spouse who may not know your wishes. If you have young children, you have the benefit of appointing guardians for them in your will. The benefits of making a will are truly endless. For more information or to discuss your will, please contact us on a no obligations basis.