Over half of Britons don’t have a will, leaving them no control over passing their assets on when they die, according to the charity Will Aid.
Figures show that 19% of people aged 55 and over are currently without a will. 35% of those without a will have children aged under 18.
Dying without a will (intestate)
The majority of people know they need to make a will but find the thought of doing so too overwhelming; others simply keep putting it off and many believe - incorrectly - that all their possessions will automatically pass to their next of kin. Using a solicitor or will-writing service to draft a will may help to make the process a little less daunting.
If you die without a will, your estate will be divided according to intestacy law, meaning it may not go to the people you intend. Although the rules for intestacy differ between England and Wales, Northern Ireland and Scotland, the principles remain similar: Married couples and civil partners have the greatest access to estates followed by parents (or grandparents) and children (or grandchildren).
Why should you make a will?
There are five main reasons why you should make a will:
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Peace of mind
A properly written will is the only way to be sure your possessions (your estate) go to the people and causes that you care about.
- Looking after your loved ones
You can put in place formal plans to ensure your loved ones are financially secure. People often assume that if they are married their spouse will inherit everything, this is not the case. If you are not married and do not have a will, your closest blood relative (children, parents, siblings) will inherit your estate, not your partner.
- Protecting your assets for future generations
A will can ensure assets are kept within the family and are passed through the generations. Ring-fencing your estate so that ultimately it passes to your children on the death of your partner/spouse is an important aspect to consider.
- Saving on Inheritance Tax
A carefully planned will can ensure that the Inheritance Tax payable by your estate on your death is no more than is necessary.
- Avoiding family disputes
A carefully considered will should clarify your wishes and avoid any disputes over what you intended to happen to your estate.
Who should use a solicitor or will-writing service?
It is particularly important for those listed below to use a solicitor or professional will writing service:
- Those with children or step-children under 18.
- Unmarried couples.
- Divorcees.
- Pet owners.
- Business owners, patent owners and intellectual property owners.
- Joint owners of UK property.
- Owners of overseas property.
Get in touch
At Omnium we can advise on your estate planning and are able to put you in touch with experts in will writing who may be able to give preferential rates.
Give one of our advisers a call today on 01483 205890.