Figures tell us that over 60% of the population do not have a Will. Of those people, over 80% have minor children.
Why are so many people without Wills? For the majority of people, it’s likely that we just don’t like to think about death. However, it may also be because of financial reasons, a perceived lack of urgency or just not being able to make our minds up about what we would like to happen to our estate or who we would wish to care for our children without us.
Sadly, the one thing which is certain in life is that we will die but we have no control over how or when this will happen. Whilst this may appear to be a harsh statement, it highlights that a Will at any age is extremely important for a number of reasons.
The main reason is to have control over what will happen to our assets. Many may believe that their assets will pass automatically to those they want to receive their assets, even in the absence of a Will, but this is not necessarily true. Here are some of examples:-
What if you are not married? Your partner will not inherit you estate in the same way as they would if you were married.
What if you are going through a divorce? Until such time of your Decree Absolute, you remain married and your spouse can still inherit even after separation. There are also other situations where your former spouse could inherit which is unlikely to be in line with your wishes.
What if you have step children? Your step children could inherit if you are married because your spouse would inherit your estate and the assets then pass down their line. Your own children could theoretically miss out depending on the value of your estate.
A carefully drafted Will can avoid these pitfalls. It can also allow you to provide your wishes in terms of cremation/burial, appointment of a guardian for your children and charitable donations as well as crucial tax planning.
From as little as £130 plus Vat and disbursements it will ensure that you can provide for the people who matter most to you in the way that you intended. A Will can also make the process much easier for your loved ones to deal with your estate during a difficult and upsetting time for them.
To arrange an appointment with our private client team, please contact Paul Aynsley or Kim Busby on 01942 206060.