“Haven’t got around to it…”19/01/2018
This is one of the most common phrases we hear as to why many individuals do not have a Will.
When life gets busy, a Will is often the last thing on our ‘to do’ list. Some take the view that whilst it is important to have a Will or to update it, it is not as urgent as other tasks.
Almost two thirds of the UK population do not have a will, meaning that in the event of your death, your estate will be distributed according to the Intestacy Rules. This sets out who inherits from your estate, based on relatives that you have at the date of your death, and to a certain extent, the value of your assets.
Even if you are married, it is not guaranteed that your spouse will inherit the whole of your estate, if they survive you. If you are not married to your partner, they will not receive anything from your estate regardless of how long you have been together. Clearly, this would be unsatisfactory for many and could create financial problems for your loved ones, at an already difficult time.
By making a Will, you will have peace of mind that you have planned for the future and your estate will be administered as per your wishes.
If you already have a Will, when was the last time you updated it?
It is recommended you update your Will every 5 years, and after any major change in your life such as:
- getting separated or divorced
- getting married (this cancels any Will you made before)
- having a child
- moving house
- if the executor named in the Will dies
For many, the thought of writing a Will can be daunting. However, our friendly team are here to help make the process as smooth as possible for you. We promise you will be glad you did it!