Do you fall into the 60% of the population who do not have a Will? ?A survey found that the majority of those who didn't have Wills knew it was something they should do, but had just ?not got round to it?. If you fit into that description, why not start the New Year by ticking making a Will from your ?to do? list?
What happens if I don?t make a Will?
Many people delay making a Will as they believe their affairs are straightforward and that assets will simply pass to their 'next of kin' on their death. In fact, the term 'next of kin' has no legal effect and, in the absence of a Will, a person's assets will pass in accordance with the rules of intestate succession on their death. Depending on family circumstances, this could mean assets being divided between relatives with whom the deceased may not have had a close relationship during their lifetime, e.g. cousins and other more distant relatives.
Many people also delay making a Will as they fear the process involved will be complex and expensive. In fact, with the help of a solicitor, the process is usually straightforward and can be completed fairly quickly. Once completed, your Will only needs to be reviewed if your circumstances change.
Why make a Will?
Making a Will should be something which is on all of our 'to do' lists, but there are some who should be moving the task to the very top of those lists. This includes those with children, those who live with a partner but are not married and those who are married but have children from a previous relationship.
Making a Will is the only way to ensure that your assets pass to who you wish them to on your death. Having a Will also saves family members a lot of unnecessary stress at what is already a distressing time. Those two reasons alone should be enough to spur on the 60% of you who haven't quite got round to making a Will yet!
How do I go about making a Will?
We have a wealth of experience in advising clients on Wills. If you, or someone you know, wish more information on the options available to you, get in touch.