Why writing a will is so important
In the UK, almost 3/5ths of all adults don’t have a will. The exact number varies according to age but 78% of adults under the age of 35 don’t have one. Does it matter? We think so.
Here are 10 important reasons why you should make a will.
A will is a legal document that lets you determine what happens to any assets you own after you die. If you die without a will, important decisions are decided by our legal system. The outcome may or may not be what you would have wanted. You might be put off making one, thinking you are tempting fate, or maybe you assume that your loved ones automatically inherit anyway. However it isn’t as straightforward as this, there are many nuances and here’s why we recommend getting your will written.
If you have children under 18 and something happens to you, a will enables you to appoint a legal guardian for your children. Without a will, the Family Court will decide where they are to live and who is responsible for them.
A will is the only way you can make sure any assets that you have, will go to the right people - the people you want to have them. You have no say in this if you don’t write a will. Did you know a surviving partner who wasn’t married or in a civil partnership has no automatic right to inherit? If you die without making a will it is known as intestacy, and in cases of intestacy there is an order of family relationships which determines who will stand to inherit your assets. If for example, your assets are over £270,000 then the first £270,000 would go to a wife/husband or civil partner. After which, what remains would be split, with the wife/husband or civil partner receiving half, and the rest divided equally between your children. If you are married but without children, but have parents, brothers and sisters, nieces and nephews then after the £270,000 threshold, the remaining estate would be divided between your wife/husband and other surviving relatives.
It saves the family the stress in having to get legal advice if there isn’t a will.
It lowers the potential for family disputes and having to guess what you would have wanted rather than knowing your wishes.
It is only possible to give money for specific reasons to people who aren’t blood relatives if you have a will.
It enables you to support a good cause or favourite charity.
It enables you to determine what happens to any pets who outlive you.
It allows you to outline your funeral wishes
It allows you to choose someone you trust to administer and wrap up your estate – and the things you leave
And lastly you can appoint someone to be a digital executor – someone you trust with passwords and your online accounts so that they can wrap up your online presence. See our blog on Your digital legacy
