Plan for tomorrow, live for today
Adapted from a Guardian Money newspaper article 26th February 2022 Write a will A will names your beneficiaries – the people you want to inherit your assets you die and appoints executors – the people who will manage the financial process. However, more than half …
The financial procedure that follows a death is referred to as probate and can – especially recently with COVID-19 – be a lengthy process. Probate is essentially about identifying the assets of person who has died, paying off any debts and sharing out the remaining …
It’s a worrying statistic, but according to a You Gov poll in 2017, 54% of UK adults do not have a will…
The reality is, that if you don’t have a will when you die, your money, property and possessions will be shared out according to the law instead of your wishes. This can mean they pass to someone you hadn’t intended – or that someone you want to pass things on to ends up with nothing.
So why do over half of us not have a will?
One of the biggest barriers to not sorting out your will is that essentially, people don’t really want to think about it. Because thinking about getting a will makes you have to confront your own mortality and for some, this is uncomfortable.
This is one of the many reasons as to why I’m so passionate about talking about death so that it becomes less uncomfortable to enable you to start to sort out your own affairs, and ideally spread the love in sharing your plans and prompting friends and family to do the same.
A lot of people can also be put off by the cost of making a will. There are a range of options out there which don’t cost the earth and the benefits of sorting out your will give you enormous peace of mind and crucially, ensures that your dependents are protected.
Having a will saves time and money and not to mention stress for those sorting out your estate after your death – consider it a great parting gift to your friends and family…
If you have children, it is even more crucial that you have a will so you can appoint a legal guardian for them. Whilst this is a really hard question to consider, the alternative is worse – a family court decides. The You Gov 2017 survey stated that 58% of parents with children under 18 still hadn’t considered who should act as guardians if they died – so it is so important to have the conversation and appoint someone in your will to ensure the children will be looked after by someone trusted of your choosing.
As more and more families are blended, a will can help provide
for children and step-children and crucially, for couples that are not married
or in a civil partnership, if a partner dies without a will, unmarried
partners won’t be entitled to anything.
So, if making a
will has been on your ‘to do’ list, set aside an evening to do 4 things:
Doing the above and making that first contact with a will writer will set you on a path to ensuring your affairs as you plan for the future.
In terms of recommendations, ask your friends and family who they have used – this in itself is a great way to start the conversation and ensure you are all aware of the importance of having a will.
Personally, in the Herts, Beds and Bucks area of the UK, I would recommend Camilla Judge at Will Writing & Estate Planning Limited.
Contact her directly at info@willwritingandestateplanning.com to discuss writing wills, updating existing wills, estate planning and many other services.