More than half of British adults do not have a Will, with nearly two-thirds of those in the 35-44 age range without a Will in place.
The new research from Standard Life found that even many older people have not made sufficient plans for their estates, with 22% of over 65’s without a Will.
The most common justification for not having a Will was people not having got round to doing it yet. Others felt it was too expensive to have a Will prepared or were happy to rely on the statutory default rules.
Dying without a valid Will in place, known as dying intestate, can create serious financial problems for your family and other beneficiaries.
The laws of intestacy result in the value of your estate being shared out according to a specific set of rules. If you are married and have children, your partner will inherit the first £250,000 of your estate and a life interest in half of the balance.
This is often not the desired result on death for a married couple. Putting a Will in place enables you to ensure your estate is distributed in line with your wishes, rather than an ancient and inflexible law.
We often find that people delay getting a Will due to a lack of understanding of their current and future financial positions.
By spending some time with a Financial Planner, it is possible to then meet with a solicitor fully armed with a statement of assets and liabilities, along with a better understanding of your estate planning wishes.
We can even accompany you to a meeting with your solicitor (or recommend a suitable local solicitor) to help you to get your Will drawn up.
Photo credit: Flickr/Martin Bamford
