Discussions about wills and death are an uncomfortable yet necessary part of life. As such, the topic of will writing cannot be ignored. They are a vital tool that ensures that an individual’s assets are divided exactly how they want when they die.
Yet, almost three in five (59%) Britons still do not have a will in place. It is vital to understand the crux of the issue and ease people’s nerves about creating a will.
What is causing the widening will gap?
There are numerous reasons which could influence a person’s decision to create a will.
Firstly, some people may simply be unaware of the consequences of not having a will, creating a distinct lack of urgency. Indeed, figures from Unbiased suggest that over a quarter (26%) of Britons plan to write a will “later in life”.
However, failure to have a will can lead to major complications for loved ones later down the line. For example, if an individual dies unexpectedly without a will, their assets are subjected to intestacy laws. This essentially means that an individual’s assets can only be divided between close family members, including spouses, parents, siblings or children. Unmarried partners and close friends are consequently left out of the will, despite the original wishes of the deceased.
Another leading reason for not having a will is the misconception that an individual must have a minimum number of assets before writing one – shockingly, a fifth of UK adults believe this, according to Unbiased’s aforementioned figures. This feeds into the somewhat dangerous misconception that wills are only for the wealthy few. This could not be further from the truth. There is no minimum when it comes to wills; every individual can, and should, assess the entirety of their estate, regardless of its size.
What’s more, people will inevitably have more assets than they think, from pensions and savings accounts to investments and illiquid assets such as properties, cars, or art. So, even if one assumes that they have very few possessions or assets to divide between loved ones, conducting an inventory and creating a will is always a valuable exercise. After all, it could save individuals from unnecessary stress later down the line.
A helping hand with will writing
For many individuals, one of the leading deterrents for producing a will is simply that they don’t know where to start. Luckily, however, they needn’t muddle through the process alone.
At My Will Expert, the will writing service from My Pension Expert, our team of qualified will writers are on hand to guide our clients every step of the way. From helping clients review their assets and create a will from scratch to will reviews and drafting lasting power of attorney documents, the team can offer expert insights to place clients’ minds at ease and set their affairs in order.
The idea of writing a will might seem like an overwhelming process, whilst various assumptions and misconceptions about wills will further feed the British reluctance to bite the bullet and create a will. However, Britons would be wise to make use of the expertise available to them, like My Will Expert, and kickstart the process of dividing up their assets. In doing so, they will provide welcome peace of mind to their loved ones later down the line.