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Why do you need a will

10/11/20 Estate Planning

Making a will is important.... Erm yes? We all know that we should have one in place if we want to make sure our estate goes to our nearest and dearest....Right?

So how come 30 million adults in England and Wales don’t have a will? 

That’s 54% of adults in the UK and worse, “5.4 million people have no idea how to make one.” (Which.com, 2018)

So what is a Will and why is it so important? A Will is simply a declaration of your intentions so that when you die it is easy for others to understand who should inherit your assets. They are usually in a prescribed form with some legal wording to ensure that your wishes are carried out. There are also some legal formalities that must be followed and the person making the Will must have the necessary capacity.

Sounds simple, but why don’t people have them? For a whole host of reasons apparently! The most common ones are listed below:

  • Just haven’t got round to it 
  • Felt they were too young, so it’s not a high priority 
  • Maybe they feel they don’t need one...I mean who does?
  • If you make a Will you’ve got to talk about death...Right!
  • Didn’t feel the value of their estate was large enough to warrant it!
  • My estate will go to my family anyway?!
  • How much will it cost?
  • Where do I go to get one?

But here’s the thing, If you don’t make a Will the Government (under the Rules of Intestacy) will make one for you. Now that might be fine and be in accordance with your wishes but it probably won’t be. 

So if you (amongst a long list of other things) want to:

  • Make provision for your children, especially those from a previous relationship
  • To provide for people who rely on you
  • Leave your estate to your common-law partner
  • To appoint Guardians for your Children
  • Prevent your Children inheriting large sums of money at too young an age
  • To leave a legacy to Friends or Charities

You need to make a Will

 

Here are some of the benefits:

  • Peace of mind - you know that your loved ones are taken care of.  Your assets are distributed exactly how you want them to be.
  • Guardians - children under 18 - You make it clear who you want to look after your Children....Not the local authority!
  • Protect your assets from your spouse remarrying after you pass

But what are the catches:

  • Depending on the complexity of your situation they can be expensive
  • You might have some difficult decisions to make....which
  • Can cause conflict between family members
  • May be subject to challenge

So, if you’d like to know more about our New Will Writing Service just give us a call FREE on 0800 043 8341 or email your enquiry to letstalk@fathomfinancial.co.uk

The cost of a single Will starts from just £120