While most people understand the importance of making a Will, the National Wills Report 2023 found that 56% of adults have not made one. We look at some of the reasons why people put off the task.
Having a Will is your opportunity to ensure that your estate passes to those whom you want to benefit from it in the future. As well as giving you peace of mind and ensuring your loved ones have the help you want them to have, it can also help prevent family disagreements from arising.
Some of the main reasons why people don’t have a Will include:
1. They haven’t got around to it
This is a major reason for many of those without a Will. While they know they ought to put a Will in place, they haven’t yet taken the time to sit down and decide what provisions they want to make.
There may also be an element of not wanting to think about such a difficult topic. However, once a Will has been made, it is generally as though a weight has been lifted and it can give peace of mind to know that loved ones will be looked after in the future, should anything happen.
The process itself can be relatively straightforward. A Wills solicitor will discuss what you want to happen and ensure that this is set out clearly. Then all you need to do is read, approve and sign the document in the presence of witnesses.
2. You don’t have many assets to leave
Even if you don’t feel that you have a sizeable estate, making a Will that leaves your possessions to your loved ones can be of comfort to them. They will know that you were thinking of them and what you wanted to happen in the circumstances.
You can also include other requests in your Will, such as what you want to happen to pets and who is to have personal items that are of sentimental value to you.
3. My partner will inherit everything from me
Unless you have a Will, your estate will pass under the Rules of Intestacy. This does not mean that your spouse will necessarily inherit everything. If you are not married but you are living with someone, they will not inherit anything unless they are included in your Will.
When you make a Will, the solicitor can go through how your assets can be passed on and what will happen to any property you own. If you own your home jointly with someone else, it is important to understand what will happen to it in the future. This will depend on the type of joint ownership you have and we can discuss the implications of each with you and check that you have the right structure in place.
4. Making a Will is expensive
In fact, making a straightforward Will is relatively inexpensive and can save money later, particularly in avoiding disagreements and legal disputes. Your solicitor may also be able to suggest ways of structuring your estate more efficiently, ensuring that your assets are protected and passed on in the most effective way possible.
5. Children are not ready to inherit money
It may be the case that you feel that your children are not yet ready to manage an inheritance. This could be because you feel that they are too young to inherit a large sum or because they might be facing divorce or bankruptcy, which could mean that some or all of the money is lost.
There are ways of dealing with these issues. For example, a trustee could look after the money until your children reach a certain age. If you have concerns about how family members will deal with an inheritance, explain this to your solicitor and they will be able to set out your options to ensure that the assets are safeguarded in the way that you want.