Many people believe that you only need to make a Will if you have a significant amount of money, property or other assets. But everyone should make a Will, regardless of age or financial status. Here’s why…
Approximately 56% of UK adults do not have a Will, according to Canada Life. In addition, a survey conducted in September 2024 revealed that 11% of UK adults have wills that are outdated according to a will writing charity. In essence, this means that 67% of adults either lack a will or have one that is no longer relevant for their situation.
It’s even more important if you have children under the age of 18. Read on and find out why you should make a will or consider updating your existing one if you’ve made one and your situation has recently changed.
It’s the only way to ensure your wishes are met
If you pass away without making a Will, you’ll ‘die intestate’ – a legal term meaning the government asks the courts to decide who inherits whatever you’ve left behind, from your home, car and jewellery to furniture and other belongings.
The process of resolving who has the right to your possessions can take between six to 12 months, or even longer. Dying without a Will leaves space for family upset and arguments – not a legacy most of us would wish for after we’ve gone.
It’s crucial to protect the welfare of your children
Without a Will, if you have children under 18 and your partner also dies with no Will, they have no legal guardians. It cannot be assumed that grandparents or other next of kin will automatically be given the right to care for your children. The local authority will take responsibility, and your children will be taken into care while they decide who your children will live with. This process can take many months.
Your circumstances may have changed
A Will is legally binding, but can be changed if circumstances change. For example, if you’re married or in a civil partnership but split up and your ex-partner now lives with someone else, you can change your Will so that your assets don’t go to them in future.
You can review your tax situation
By putting a Will in place, you have the opportunity to discuss tax liabilities – it’s possible that you might be able to reduce the amount of tax payable with estate planning.
Making a Will is easier than you think
People often put off making a Will, believing it will be a complex process. This is not the case. Our trusted partners make the process as smooth as possible by carefully guiding you through, highlighting areas for you to consider and talking you through all the options, making recommendations for you to consider. Your will will then be ready within three to four weeks.