Recent figures show that almost two-thirds of the United Kingdom population have not made a will. So, why is this?
Firstly, what is a will and what will it do for you. A will is a legal document that sets out your wishes regarding the distribution of your estate and the care of any children. It is the only way to ensure that your wishes are carried out after your death.
However, the common reasons or excuses for not making one include –
- Having nothing worth passing on.
- Have not given any thought about it.
- Have been just too busy.
- I am too young, and it will all go to my partner anyhow.
Key reasons why you need a will.
A will makes it easier for those that you leave behind to sort out your affairs when you die. Without a one, the process can be more expensive and stressful.
Without a will, your estate (the value of all your assets such as property and money) will be shared out in a standard way as defined by law. This might not be the way you want.
A will can help reduce the amount of Inheritance Tax you might have to pay on your estate.
If you have children or other family members who depend on you financially, then making a will is important. Also, if you want to leave something to people outside your immediate family.
Common-law marriage myth.
Couples living together or in civil partnerships believe that they have legal protection. This is not the case. In the eyes of the law, they are seen as being just friends.
If your partner dies you are not automatically entitled to anything. The estate will move to the closest family member. Firstly, the children, then parents and then siblings (Brothers and Sisters).
If you have cohabited for a long time you could make a claim against your deceased partner’s estate. You will probably stand a good chance of getting something, but it can be very unpleasant and costly.
How Anstee & Co can help you.
There are many factors involved in writing a will, and the process may seem complex and time-consuming. Our expert financial advisers will support you in structuring your thoughts and help you to make sound financial planning decisions. We do not write wills ourselves but can introduce you to solicitors that do.
Remember that without one, the distribution of your estate will take much longer. This could cause unnecessary distress to the beneficiaries. Disputes can be avoided if a valid will is in place, so why not contact us today for financial advice?
We have offices and meeting rooms at-
- Kettering, Northamptonshire
- Market Harborough, Leicestershire
- Northampton, Northamptonshire
- Bedford, Bedfordshire
Also we make full use of video conferencing facilities such as-
- Zoom
- Microsoft Teams
- Facetime
We can also arrange a conference telephone call. The choice is yours. There is no need to visit an office as all work can be handled remotely. Meetings can be arranged at a time and in a way that is convenient for you.
If you have any thoughts or comments on this article, then we would love to hear from you.
Finally, the information contained in this article is for information purposes only and does not constitute financial advice. No action should be taken based on this information alone. Anstee & Co is authorised and regulated by the Financial Conduct Authority (FCA).
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