Recent figures suggest that almost 60 per cent of Britons have not made a Will. This figure means that one in every two adults has not made a Will, with a fifth of people believing they do not have the required assets to justify making a Will.
Wherever you are in your life, we appreciate you are likely to have many other priorities which seem more pressing than making a Will; or, quite simply, many other things to spend your hard-earned money on.
What excuses do people give for not having a will? There are many.
“I will make a will…I just haven’t got around to it yet.”
The classic procrastinator’s response! It doesn’t matter whether you’re young or old, rich or poor – a Will is a vital part of planning for your future as no-one can predict what’s around the corner.
Many people have misconceptions as to why a Will is needed and assume that they do not have the required assets to write a Will. The fact is, there is no threshold or requirement for particular assets. Very Important matters, such as how you will be buried, who inherits your house and the legal guardianship of your children are all decided by your Will; these are essentials issues which need to be addressed. Should they not be, you are leaving very important issues to be decided by others.
Your Last Will and Testament, is a legally binding document that explains how you want to divide up your assets when you die. This may not seem very important at the moment, but your Will can make a huge difference to your family after your death.
Why Do I Need A Will?
The short answer is; yes. If you die without a Will, your estate will be dealt with by the laws of intestacy. These laws are a strict set of criteria which decide who inherits from your estate and how much they inherit. Should you die intestate (without a valid Will) you have no say in how your assets are distributed and whom stands to inherit the same. Intestacy laws will not always be in accordance with your wishes and someone you did not wish to inherit from your estate may stand to.
If you are married, your spouse will only inherit a percentage of your estate, whereas with a Will, they would inherit it all if that was your wish.
Not only does a Will protect your family, it also guarantees that parts of your estate are not given to anyone you do not wish it to go to; for example, an ex-spouse. If you do not make a Will and you are divorced, your ex-spouse may be entitled to some of your estate.
Furthermore, having a Will can ensure that your estate is as tax efficient as possible, meaning your family won’t pay a penny more in inheritance tax than they need to.
How can Bindman & Co help me?
At Bindman & Co, we pride ourselves on being straight forward when it comes to talking about the law. Making a Will does not have to be complicated and we cover all areas and details that affect you and your family to make sure you have a comprehensive Will in place.
Contact Us Today
If you would like a free no obligation discussion with us then please call us on 0191 488 4950 and we’ll be happy to assist.
If you would prefer to contact us online, send us an e-mail here and we’ll come back to you as soon as possible.