There has been a steady rise in more complex family structures and in multi-family households. Alongside this, there has been an increase in assets held in the UK and overseas as people increasingly live, work and invest more diversely than previous generations.
Even so, statistics show that two thirds of British people still don’t have a valid Will. Those who have often haven’t reviewed them or changed their will for years, and they may no longer fit for purpose or family may not even know where a will is stored.
Of course, there are rules in place to say what happens if you die without having a will (think of it like the Government has made a will for you!). These rules include the following:
- If you are un-married, your partner will not inherit your assets
- If you are married, your spouse may still not inherit everything
- If you have children from a previous relationship, they may be cut out of your inheritance
- Step-children will not inherit from you
- Your business could be at risk if no estate planning is made
- Any gifts you plan to leave to friends, wider family or charity, will not happen
- Estranged family members may receive all or part of your estate
- Family conflict and breakdown may be the result
- The process of dealing with probate can take much longer and be more costly without a will
There are over 31 million adults in the UK who run the risk of dying intestate (without a will) and having their estate distributed solely according to intestacy law. This is especially a problem for those with step families, or who live together unmarried.
Most people at some time in their lives consider putting their affairs in order, but the thought often passes without further action. For many people the reason they have not got around to making a Will is because they are not fully aware of the severe consequences to their family if any thing was to happen to them.
Common reasons for not making a will include the following:
- I’ll do it when I’m older – I don’t need one now
- I don’t have many assets so I don’t need a will
- It will pass automatically to my spouse/family anyway
- It’s all a bit complicated in our family, and I don’t know where to start
- I trust my partner to deal with all that
- I plan to do it after…..I’m divorced / had another child / moved house / got married / we’ve paid for the new kitchen / next year
No more excuses!
- Unexpected events DO HAPPEN – at any age.
- It’s not always in our hands what happens in our future.
- If we don’t have our paperwork in place already, it may be too late.
- Prevention is better than cure.
- Death is inevitable. Financial turmoil and family conflict is not.
You don’t need to have decided everything to include in your will. A good legal specialist for estate planning will discuss your own personal situation and offer advice, suggestions and options that will fit with your family and your wishes, including suggestions you may not have thought about. It needn’t be expensive, or even take very long. You’re family will thank you for it!
So, what are you waiting for?
Contact me now for more information and a quote.