Half the population hasn’t made a will. Surveys show that people put off making a will, often until they’re in their 50s. Three-quarters of the population have a will in place by the time they are 65, but that still leaves a sizeable number uncovered, not to mention those who die young. Around 60,000 estates each year are ‘intestate’ (ie there’s no valid will in place).
Making a will protects your heirs and ensures your wishes are carried out. Here are 10 reasons why you should make a will:
- A will lets you leave clear instructions about how your estate is to be distributed. Without a will, your estate is subject to the intestacy rules and may not go to the people you would have chosen.
- A will lets you choose your own executors. If you die without one, your closest relatives will need to apply for ‘letters of administration’.
- A will lets you appoint guardians to look after your children if they are under 18, until they come of age. You can also make financial arrangements for their benefit.
- A will allows you to make specific bequests to individuals. These can range from items of jewellery to sums of cash.
- If you have remarried, a will can ensure any children from your first marriage get a share of your estate.
- Unmarried partners may not receive anything from your estate, unless you have made a will in their favour.
- If your estate is divided according to the intestacy rules, your spouse or civil partner may not receive as much as you would have intended them to.
- If you die without leaving a will and have no spouse or children, your parents or siblings may inherit your estate, even if you’d prefer it to go elsewhere.
- The absence of a will can sometimes lead to family disputes.
- Without a will, your family could face a larger inheritance tax bill than necessary as a will can help with the tax-planning process.
I can help you write a will in a simple and straight forward way. Please feel free to call me on 01749 340 929 today.