Talking to loved ones about what happens to our assets when we die is not the easiest of topics to discuss. It can be emotional and uncomfortable, and a difficult conversation to initiate. So, it’s perhaps not surprising that many of us do not have a will in place for when we die – in fact, six out of ten adults in the UK haven’t made a will, according to Unbiased’s research. The reasons for this are often rooted in misconceptions about the process of making one, and the implications of not doing so.
For instance, some Britons might believe that you need a minimum number of assets to write a will. However, this is not the case, as there is no minimum wealth bracket when it comes to creating a will. Every individual can and should assess the entirety of their estate, regardless of its size.
Meanwhile, for a lot of young people, it often comes down to a lack of urgency. Understandably, putting together a will at a young age can be a morbid task that many may not even consider pressing. Yet, writing a will can not only ensure their assets go to the right people in case they die suddenly but also sets a strong foundation for future updates – it allows the person to easily update their will as their circumstances change over time.
It is equally important to consider the strain that not having a will can cause for loved ones.
Intestacy law
Failure to have a will can lead to major complications for loved ones further down the line. To die intestate (without a will) means that your assets will be distributed according 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, in a strict order of priority according to the law.
Unfortunately, this leaves unmarried partners and close friends out of the will, despite the original wishes of the deceased. It leaves the door open for disputes to occur, and ultimately means that a person’s true wishes for how their assets should be divided and used remain unknown.
Therefore, taking the time now to write a now can prevent a circumstance that causes a great deal of stress and upset among loved ones. A will clearly establishes how much an individual has in assets, including savings, pensions, and property, the beneficiaries, and who will sort out the estate – known as the executors.
The writing process
Uncertainty regarding how to write a will is possibly one of the biggest obstacles that deter people from beginning the process. This is understandable given the complexities that can occur with legal documents that appear overly technical and daunting.
But customers don’t have to struggle on their own.
At My Will Expert, our team of qualified will writers are on hand to guide clients through the process, whether they require a will update, the complete writing of a will, or even the writing of a trust. By making the process as simple as possible, My Will Expert removes one of the greatest barriers facing Britons when it comes to creating a will, empowering them to get their affairs in order.
Will writing is not likely to be at the forefront of people’s considerations during the festive period, but this time of year does provide the opportunity to reflect on what matters most: our closest friends and family. As such, Britons would be wise to challenge the misconceptions about wills and take advantage of the will-writing services available to them. By doing so, they can provide peace of mind to their loved ones, and themselves, in the knowledge that their possessions will be left to the right people.
Disclaimer – Our will writing service operates under the trading style My Will Expert. Please also note that will writing is not a regulated service.