Why is
Writing a Will
Important?
In light of the recent YouGov survey 63% of the UK
adult population don’t have a valid Will. This figure
is down on the statistic that we have previously
seen bandied around (circa 2011) which suggested
that the figure was closer to 67%. simply that, advice. You don’t have to take them up
on their suggestions and the accompanying price. It’s
definitely worth speaking with a trusted and honest
trader to understand what estate planning you should
be doing.
What does this mean? According to S.7 of the Wills
Act 1837 you have to be 18 (a UK adult) to write a
valid Will. With an ever increasing population this new
stat shows us that more adults have a Will than ever
before. Consider also that the average salary is on the
increase and that the value of someone’s estate is on
average increasing there is the ever present need to
understand why writing a Will is so important. Some of the simple reasons why writing a Will is
important are listed below:
Getting down to the nitty gritty of writing a Will is where
we start to see why people don’t write them. When it
comes down to it people really don’t like to consider
their own mortality, and are only too happy to put off
the subject until a life event such as the death of a
family member means that it raises its ugly head again
with an urgency that forces them to act. Then there
are those people that simply don’t understand. The
subject of inheritance can be incredibly murky at times
and it is a common misconception that everything will
simply pass to your nearest and dearest. The laws
of intestacy can often catch ou t those who do little
to prepare for their own passing, and we encourage
anyone to sit down and talk about their estate plan
with a professional Will Writer.
For those people who haven’t yet written a Will for
the reason that they are cost conscious then we
have advice for them as well. Sitting down with an
Estate Planning consultant doesn’t have to be painful
to you or your wallet. In accordance with our Code
of Practice (S.4.3), members are required to give
specific information to prospective clients like the
cost of their service, their advice and a summary of
the main characteristics of the service. This advice is
1.
With a Will you can choose exactly who you would
like your estate to be handled by when you pass
away. This is the person (or organisation) who will
draw in assets, pays liabilities and distributes the
estate in accordance with your Will.
2. Many people support a charity or good cause
during their lifetime. They may wish to leave a gift
or sum of money to said charity in their Will. This
is one of the only ways to ensure that they leave
a lasting legacy.
3. If you remarry and have had children with both your
new spouse and your previous partner there is a
strong likelihood that you would not want children
from the former relationship to be excluded. Not
having a Will could mean that your children from
the former relationship could be disinherited should
something happen to you. Whilst we are sure that
many spouses would never do this, money or
greed often brings out the worst in people and
we’ve heard stories where children have been
disinherited when they were sure that their parents
would have wished for part (not necessarily all) of
their estate to pass to them. A Will is the only real
way to ensure your family are cared for.
Whilst the latter of our examples do make the subject
sound somewhat contentious it really isn’t that bad
and the whole process is quite simple. To find a Will
Writer in your area either give us a call on 01522 68 78
88 or visit our ‘find a member’ section of our website
and search for your town or city.
The Society of Will Writers
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