Making Your Will Saves in the Long Run

08/08/2016

Around 70% of people in the UK fail to make a will. Reasons for this a varied, but generally it falls into two categories; the cost and finding the time to do it.

Failing to make your will can have serious consequences. This is especially true if you’re a parent or you have specific wishes about where you want your assets to go.

The official term for dying without a will is ‘dying intestate’. In this situation, it makes no difference if you’ve promised certain possessions, property or money to specific people, the law decides who benefits from your estate, so loved ones who aren’t blood relatives could inherit nothing.

For example, if you’re unmarried and die intestate, by law your partner would receive nothing. If you’re estranged from your spouse and living with someone else and you die, your ex inherits while your current partner doesn’t. Having children can complicate the situation further and if you have children from a previous marriage, they could be passed over altogether.

Equally, you may not want particular blood relatives to gain from your estate, but without a valid will it’s a very real possibility. Perhaps worst of all, however, is if you have no relatives when you die, your estate could automatically pass to the government regardless of how close you are to non blood relatives.

Drafting a simple will is usually a fairly straightforward process, but even these can fall foul of the law if they’re not drawn up by properly. Unlike solicitors, will writers aren’t regulated so they can promote themselves as experts without having any qualifications or accreditations at all. Whilst it’s not always the case, it could potentially leave your loved ones dealing with a legal minefield after you’ve gone if things have been overlooked or the terms of your will aren’t set out according to the law. Some people decide to draft their will via online websites, but these don’t take into account the complexities of the law so your family could also end up having to pay to rectify things retrospectively.

If you have children under 18, a will helps you to plan for their future by allowing you to nominate their guardians in the event of your death. Similarly, you can state who your executors will be so they can make sure your wishes are carried out. You may also want to leave items or amounts of money to certain people who aren’t a blood relative. Without a will to specify this, your possessions will automatically pass to family members.

While making your will is a great step forward, do make sure you keep it up to date. You may remarry or change your mind about who you want to inherit your estate, but if your will doesn’t reflect the changes in your life, your original will remains legally binding. While this may appear obvious, it’s a sad fact that affects many people’s loved ones. And once you’ve gone, it can be a long and costly process to contest your will.

If you’re thinking about making or changing your will, Russell and Russell can help with all aspects of wills and probate. We offer a free consultation where we can talk through your circumstances and advise on what’s best for you.