A recent report has found that more than half of UK adults don’t currently have a will. This figure amounts to more than 30 million Brits and comes despite ongoing campaigns like Free Wills Month and Will Aid Month.
The survey results, published by FTAdviser magazine, found that 57% of us don’t have a will currently, including 33% of over-55s.
Yet, a will is vital for ensuring that your wishes are known. Dying without a will – known as dying “intestate” – means that you have no control over your assets. It can also cause undue stress for your loved ones at an already traumatic time.
Keep reading for three reasons why you need a will in place now.
Myths persist and they’re preventing people from taking the important step of making a will
FTAdviser reports that of those Brits that have no will currently, 12% have no intention of making one in the future.
Reasons for not having a will include:
- Having insufficient wealth to make a will necessary (25%)
- Believing there is plenty of time left to make a will (22%)
- Not knowing what to do with the proceeds of their estate (16%)
- Thinking that their loved ones will inherit automatically (15%)
- Not knowing, or not understanding, the process (14%).
These stats are concerning for several reasons and highlight some common misconceptions.
3 reasons why myths around wills are wrong and why you need a will in place now
- A will is about making your wishes known, not the value of your estate
Writing a will is how you make your wishes on death known.
It doesn’t matter how much your estate is worth or the assets you have to distribute, only that the wealth you do have is passed to the people you choose.
Whatever the value of your estate, your wealth was hard-earned, so sit down and think about who you would like to pass it to.
This might mean asking yourself some difficult questions and it might be the first time you have seriously thought about your mortality, but it’s a crucial step.
- Without a will, the rules of intestacy apply and your loved ones might not inherit
If you are married or civil-partnered, your partner will usually inherit on your death.
But if you live with a partner that you’re not married to, or you would like your assets to go to step-children or foster children, there are no guarantees that they will automatically inherit your wealth.
Dying without a will means that your funds become subject to the rules of intestacy. These are effectively a list of relatives, ordered with the first to receive your wealth at the top.
This is likely to be a married partner or biological children and will then move on to your parents, siblings, or aunts and uncles.
Even if you have explained your wishes verbally, without a will in place these won’t be considered.
This means your money could go to relatives you didn’t want to inherit, leaving those you wanted to benefit without a penny of your estate. This could lead to animosity and disagreements.
- The process isn’t difficult and saves undue stress and worry for those you leave behind
The best way to decide how to distribute your estate is to sit down and think about it. This is the hard part.
Once you know what you want to do, be sure to communicate your wishes to all involved. That might mean explaining your decision not only to those due to inherit, but to those you have left out of your will too.
Openly discussing these things now could save unpleasantness later on and lower the possibility of your will being challenged after your death.
With your wishes known, you simply need to create your will and sit back with the peace of mind that your affairs will be looked after when you die.
You’ll also have confidence that your loved ones won’t be left dealing with the difficult task of administrating an estate without a will.
Exizent’s 2023 Bereavement Index found that 20% of bereaved individuals are tasked with administrating the estate of a loved one who has died intestate. What’s more, the report found that 62% of bereaved individuals said the process of administrating an estate took longer than expected.
By putting a will in place, you’re not only putting yourself in control but making a difficult time easier for your loved ones too.
At Murphy Wealth, we can help ensure your estate plan leaves as much as possible to those you love
Estate planning isn’t something to think about only later in life. It’s a crucial part of your long-term plans that should be built into those plans from the outset.
This will ensure that you manage your money tax-efficiently and mean you pass on the legacy you want.
To discuss your tax-efficient estate planning, please email us at beyourself@murphywealth.co.uk or give us a call on 0141 221 5353.
Please note
This article is no substitute for financial advice and should not be treated as such. To determine the best course of action for your individual circumstances, please contact us.
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