Why people don’t make a Will – and Why they should

Most of us know that it’s probably a good idea to make a Will.  However, an estimated three-fifths of adults in the UK have so far failed to put one in place. We look at the reasons why people don’t make a Will and why they should.

Making a Will is time-consuming and complicated

While it’s true that you will have to put some time aside to think about who you want to inherit your estate, most of the work is done by your chosen will writer. All you need to do is let them know what your wishes are and they will be able to draw up a draft for you to approve.

A good Will writer will make the process as simple and straightforward as possible for you.  Clearly explaining the provisions and ensuring that your assets are safeguarded and pass to your loved ones in the way that you wish. For those left behind, it is far more complicated to deal with an estate when someone has died without leaving a Will.

I don’t need a Will as my spouse and children will inherit everything

When someone dies without putting a Will in place, their estate passes in strict order of priority according to the Rules of Intestacy. If they are married with children, their spouse and children will inherit, but it may not be in the proportions they would have liked. The Rules of Intestacy state that a spouse will inherit the first £270,000 of the estate.  They also inherit all personal possessions and half of the remainder of the estate. Children share the remaining half equally.

It is important to note that stepchildren and cohabiting partners will not receive anything under the Rules of Intestacy.

I simply don’t want to think about making a Will

This is a very valid reason for avoiding making a Will and it is the underlying cause of many people not having a Will.  However, once a Will is in place, it can be reassuring and comforting to know that loved ones will be provided for in the future, should something happen.

I don’t know how to share my estate between my loved ones

Complicated family structures, with remarriages, children from former relationships and stepchildren can prove difficult to allocate.  It can be hard to know how to include everyone in the way that you want.  An expert Will writer will be able to discuss your options with you and ensure that your family are provided for as you wish.  Your assets are safeguarded against being left where you would not want.

Making a Will is expensive

In fact, making a Will is not expensive, but it could save your beneficiaries thousands of pounds. It ensures that your estate is structured in the most tax-efficient way possible.

Having a Will greatly reduces the risk of a dispute arising after your death. If a claim is made against your estate, your administrators would be bound to defend it.  This could mean a substantial amount of the money you leave would have to be used in legal fees.

Making a Will means that your loved ones have the reassurance of knowing what your wishes were and misunderstandings and disagreements can be avoided.

Contact Us

If you would like to speak to one of our experts about making a Will or any associated estate planning, call us FREE on 0800 781 6658 or email us at enquiries@estplan.co.uk