Around 70% of adults in the UK don’t make a Will
Many of these people really should have done so because it would have saved the people closest to them, typically a wife or husband and children from a lot of stress, heartache and often acrimony. It can also save money in a lot of cases.
When you make you get to decide who will get the benefit of your estate (all your worldly goods) and in what fashion. this is important when it comes to children there are ways of ensuring that your children do not inherit when they are too young to handle the sudden influx of money or acquisition of a property. It also helps prevent squabbling between family members who have a different appreciation of what is rightfully theirs.
So why wouldn’t you make a Will?
Many people simply put it off until they are older. There is so often a feeling that it is only in your seventies that it matters.
Well sadly too often this is wrong because many younger people are taken from us through misfortune or illness. We all know of someone who died from cancer in their 30s or 40s or who was killed in a road accident or at work. It happens and the thing is we don’t get to know when in most cases.
On top of that anyone with children under 18 would be well advised to appoint Guardians in a Will. If there are no guardians appointed Social services take charge until a court decides who gets to be the Guardian. It can take quite a while.
Parents who remarry are at risk of disinheriting their children
Not on purpose mind you but because they have bought a house with their new spouse as joint tenants. This cannot be passed in a Will so if your mum has remarried and bought the house like this thinking she will be leaving it to you it might not happen. It can be rectified – just ask?
So get your Will in place sooner rather than later. The cost involved is minimal compared to the issues that might confront your nearest and dearest without one.
The choice of ways to make your Will are wide and varied from simple DIY will forms to using lawyers to advise and draw up the Will.
Make your choice wisely as a badly drafted Will can be a bigger headache than not having one at all.