Research by Will Aid has found only half of UK adults have made a will and shockingly over two-thirds of UK parents have not named a guardian for their children should they die. You may be under the impression that once your family know about your ‘wishes’ they are respected after death, but sadly this isn’t the case unless you make a Will.
With so many affordable and straightforward ways to create a Will, plus October being Free Will’s month, there’s no reason to put it off.
October: Free Will’s Month
Each year, October is Free Will’s Month, offering free simple Will writing for those over 55. Will Aid – The Charity Will Writing Scheme also offers the same service to anyone over 18 in November each year.
If you miss the deadline for both of these, many charities offer free will writing all year round for those over 18. More details here: How to make a will for free – Which?
The suggested charitable giving in return for the service is normally £100 for a single will and £180 for a pair of mirror wills. If your situation is complex, such as a blended family, there may be an additional charge but you can discuss this in advance with the Solicitor. Follow the links above to find your nearest participating Solicitor.
There is no excuse – But, in case you need a last push over the line, here are our top 10 reasons to have an up-to-date Will in place.
1. Your wishes
Without a written plan detailing how you want your estate divided and who should benefit, your family may be left uncertain and overwhelmed during an already difficult time. It’s an act of kindness to make these decisions clear and straightforward, ensuring they don’t face unnecessary stress when it matters most.
2. Protect your children
If you have children under 18, you must have named guardians for them in your Will. Without a Will, the court will decide who takes custody of your children. Imagine leaving such an important decision to someone else. Just think about that for a moment.
3. Who will be your executor
Being an executor of a Will is a big job! An executor’s role is to follow your wishes and distribute your estate to the beneficiaries according to the terms of your Will. They manage the assets, pay debts, and keep records, but ultimately act as facilitators to ensure your Will is respected. I recommend speaking to a trusted friend before naming them to ensure they are up for the job, and by doing this in advance you can discuss your wishes fully with them.
4. Charitable giving in your Will
Not only does giving to a charity feel like a great thing to do, but it can also reduce the tax you pay and the rate of inheritance tax you pay in certain circumstances, under current legislation. Our government website also covers tax relief when you donate to charity.
5. If you’re not married, specify your partner’s inheritance
As outdated as it may seem, if you’re not married, the distribution of your estate after your death isn’t automatically defined by law. Even if you’ve lived with your partner for years and have children together, your estate won’t automatically pass to them. To make matters worse, inheritance tax will be due on anything you leave to your partner, unlike in the case of a married couple.
While I hope that one-day unmarried partners will be given equal recognition under the law, for now, it’s crucial to have a well-drafted Will in place. This will ensure your wishes are honoured and your partner is protected in the event of your death.
6. Prevent family arguments
This is a big one. Even the closest families can experience conflict in the stressful aftermath of death if plans aren’t made in advance. Without a Will, individuals you never intended to benefit could apply to the courts for a share of your estate. Avoid uncertainty by clearly outlining your wishes in a Will.
7. Small details matter
You can specify who should receive particular items, like family jewellery or artwork. Without these little details, those meaningful possessions may end up with whoever claims them first. Make sure your wishes are clear to avoid confusion.
8. Keep your Will updated
Update your Will whenever your circumstances change – whether you have a child, move in with a partner, or go through a breakup. Failing to do so could mean your ex-partner inherits your estate instead of your current partner – imagine that scenario!
9. Specify when beneficiaries receive their inheritance
For instance, if you’re leaving assets to your child or younger relatives, you can specify that they won’t have access until they turn 21 if you feel 18 is too young.
10. Tax planning
Inheritance tax is a complex matter and even small changes in your choices can significantly impact the amount of tax owed. It’s essential to seek advice from a qualified professional and include any relevant details in your Will.
So no more putting it off…even if you don’t have time to get to a Solicitor’s office many offer online services. We even work with a firm that can help with online Will Writing via Zoom meetings. Wills Solicitors – Talbots (talbotslaw.co.uk) >.
Ensuring your family’s safety and providing for them – whether you’re here or not – ranks high on most clients’ financial wish lists. Don’t allow an outdated Will or the absence of one to create additional challenges for your loved ones during a difficult time. Protect their future by updating your Will.
The concepts and suggestions in this article must not be viewed as advice. As always we recommend you approach a financial adviser who will take your circumstances into full consideration before providing advice.
Have we convinced you now is the time to make a Will? Let us know by adding a comment below.