According to the latest research by unbiased.co.uk, a huge 60% of UK adults do not have a will. There are a number of reasons for this such as not wanting to think about it, thinking they can’t afford the legal guidance to make a will, assuming they don’t have enough assets to make it worthwhile or just that they simply ‘haven’t got around to it yet’. If you fall into any of these categories, please stop and take a moment to read this article, as you really can’t afford NOT to have a will.
Do You Need a Will?
Making a will is one of the most important things that you can do to protect your family. It sets out your exact wishes for all of your estate so you can look after the people you care about. Here are just a few reasons why you should have a will:
- A will makes it so much easier for your family (or whoever you choose) to sort everything out when you die.
- If you don’t write a will, everything you own will be shared out in a standard way defined by the law which most likely is not the way you would like to do it.
- A will can help reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind.
- Writing a will is especially important if you have children or other family members who depend on you financially, or if you want to leave something to people outside your immediate family.
What Happens if You Die Without Writing a Will?
Dying without a valid will is called intestacy or dying intestate. If you don’t have a will in place when you die, the law decides how all of your property and possessions will be shared out. The law decides who gets what and how much, and your personal relationships with these people are not taken into account at all. This can cause a lot of distress for the people you leave behind and it can mean that the people you care about the most get literally nothing at all. Here are a few of the common problems of intestacy:
- If you’re not married and not in a civil partnership, your partner is not legally entitled to anything when you die.
- If you’re married, your husband or wife might inherit most or all of your estate and your children might not get anything. This is true even if you are separated!
- If you have children or grandchildren, how much they are legally entitled to will depend on where you live in the UK – but if you make a will you can decide this yourself.
- Any Inheritance Tax that your estate has to pay might be higher than it would be if you had made a will.
- If you die with no living close relatives, your whole estate will belong to the Crown or to the government.
How Much Does it Cost to Make a Will?
The costs of making a will all depends on the complexities of your estate and your wishes.
A single, straight forward will costs only £90 with us! For couples, a simple joint mirror will would be £180. If you would like to add trusts, there would be additional charges, but we can talk you through absolutely everything.
When writing a will, it’s vitally important that all of your wishes are documented and protected. You need to make sure that this is carried out properly by a business you can trust to look after you. We have over 30 years of experience in estate planning and will writing, so we are best placed to guide you through the process and ensure all of your wishes are carried out, and that your assets and family are protected.
We will listen to exactly what you want, talk to you in a language you will understand, and we will make the entire process easy for you. People don’t always want to discuss what happens when they die, but it is something that every adult needs to do.
Please give us a call to discuss any questions or concerns you have, and to start putting those plans in place today to protect your family.