Current statistics show that more than half of the UK adult population do not have an up-to-date Will in place. This is worrying, considering that we are all guaranteed to suffer the same fate.
Having a Will isn’t something to think of as a personal commodity, but something that should be put in place to ensure you do not leave loved ones with a complicated mess during an already difficult time.
From a personal perspective, I feel a sense of security and have peace of mind knowing that I have done everything I can to help protect my family. However, I fully understand that not everyone thinks like this.
To be honest, if I wasn't in the industry and aware of the problems that are caused and how difficult it is for loved ones I may be one of those people that say: “Its fine, the kids will deal with it”; “I don’t have much to leave behind”. Although conversions around death are more commonplace and far less taboo than they may have once been, I appreciate that what happens to mum and dad after they die is not the ideal dinner table conversation.
So, as someone who has helped write thousands of Wills, these are 5 points I recommend thinking about if you’re are thinking should I – or shouldn’t I - write a Will:
1. Consider the challenges you will leave for your children.
After losing a loved one it can be a very difficult time. More time spent on legal matters means potentially more stress. It has been known for children, particularly if they are beneficiaries and executries, to take time off work to come to terms with losing a parent and been ‘up to their eyes’ in trying to handle the affairs of the person who has passed away.
2. Increase in Costs.
The more work you leave a solicitor to do the more expensive it is likely to be. Dying without a Will means you die intestate. Most people understand they need a professional to help the family administer an estate and people are happy to pay however with the growing costs in this area people are getting unhappy at the overall cost which can reduce the amount that your beneficiaries receive. Money can be wasted when there is no Will in place.
3. Reduced Cost in Writing a Will.
I wouldn’t recommend a DIY Will, however expensive solicitors aren’t your only option. The IPW (Independent Will Writers) or the SWW (Society of Will Writers) can give you qualified recommendations on Will writers within your area. Some of these Will Writers and Solicitors may even write your Will for free during certain times of the year. It's worth contacting these professional bodies and calling around to see what prices they offer.
4. Convenience.Gone are the days that a solicitor ‘tells’ you what time you need to come into their office, during 9-5 working hours and Monday to Friday. This being one of the main reasons people are put off going to a solicitor as well as the atmosphere sometimes being un-welcoming. Now times are changing but knowing many solicitors large and small there not all changing quick enough. Nowadays you can have professionals come to your home, carry out your instructions at a time (evening or weekend, Morning, afternoon or evening) that suits you.
5. I don’t have much money to leave behind.
Often a statement to try and talk ourselves out of doing a Will however people do not often take into consideration the life insurance that our estate may receive. If still working and employed, you may have death in service benefits that your employer will pay out to your estate. It doesn’t need to be expensive but these days, any type of property will have a value ranging into the tens of thousands. These are often only realised assets when we do pass away and are forgotten about while we are alive because these riches are not tangible.
If you would like more information on why you should write a Will, why not reach out to one of our team for a free, no obligations discussion.