In 2017 research from
Unbiased.co.uk suggested that over 60% of UK adults don’t have a Will and 37% of these 60% are aged 55+
Over 31 million could die intestate ie without a valid Will in place and their estate will be distributed according to the ‘Laws of intestacy’
Why don’t people make a Will? Here are some of the reasons:
‘I will do it later’
‘Will it cost a lot’?
‘I didn’t know I needed one’?
‘I don’t know how to get advice’?
‘Don’t think I have enough in assets to worry about it’
The cost of making a Will can be less than a few hundred pounds for a standard Will but can save thousands of pounds and will mean that your estate goes to those who you would like to benefit.
‘If you don’t leave a valid Will you won’t have a say ……..’
Dying without leaving a valid Will stating who should inherit your estate when you die will mean that you will die ‘Intestate’ and the intestacy rules will be used to decide who should inherit. This may mean that part or all of your estate will pass to those you did not wish to benefit or to the ‘Crown’ if you have no relatives.
If you lose mental capacity your family will need to apply to the court of protection to apply for the role of deputy to deal with your financial affairs. This can slow down any financial decisions you would like then to as they can only act within the restrictions imposed by the court. The deputyship process can be time consuming and expensive and ongoing court supervision fees must aslo be paid.
Lasting power of attorneyClick here
In 2016 citizens advice reported a rise from 1522 queries in 2011 to 3747 queries in 2015 about people who died without making a will. This can cause financial stress for loved ones at a time when they are also dealing with emotional stress.
Estate planningClick here
The cost of making a will can be less than a few hundred pounds for a standard will but can save thousands of pounds and will mean that your estate goes to those who you would like to benefit.
Speak to an adviserClick here
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