A 2017 survey showed 60% of the UK populace are without a will.
There is a misconception that if you are married, everything will either transfer to your husband or wife on death. This is simply not true.
Only the fust £270,000 will transfer to the surviving spouse. The remainder will be split with children or even distant relatives. See the following flowchart for more information on how your estate can be distributed if you don’t have a will in place.
There are many excuses for not putting a will in place – the most common being:
- They are waiting until they are older to make a will,
- They do not believe they have sufficient assets to warrant a will,
- It simply did not occur to them to have a will,
- They believed they could not afford to set up a will,
- They did not know how to set up a will.
A valid will can save your family, and those most important to you, a significant amount of time and stress during a period where they are likely to be grieving.
A will also act as your final wishes enabling you to:
- Decide where your money and assets go,
- Including any philanthropic efforts, you wish to make.
- This can help alleviate any potential conflicts which may arise between loved ones as it will be incredibly clear what you intended and what should happen.
- Appoint a guardian for your children,
- Choose the person to carry out your final wishes,
- Provide a home for family pets,
- Provide funeral instructions.
Taking the above into consideration, wills are inexpensive compared to the value they will add to you and your loved ones.
If you are interested in arranging a will, please reach out to your adviser.Back to blog