Approximately 70% of the UK population do not currently have a valid will in place. That’s 29.5 million people!!
Don’t forget if you made a Will 10 – 15 years ago, it does not necessarily mean that it remains valid now. Things change on a yearly basis in some circumstances. Perhaps the person you named as executor has since passed away, or you might have had more children or grandchildren.
Did you know that without a valid Will in place, step-children are not entitled to inherit anything under the rules of intestacy?
Many of us have a Will on our ‘To do List’, but it is always the one item that gets left till last, or transferred from one list to the next!
Making a Will is one of the most important things you will do in your lifetime. It caters for far more than just who will benefit from your belongings (your estate).
A VALID WILL PROVIDES FOR:
EXECUTORS – Who will you trust to ensure that your beneficiaries get the items you wanted them to have or the money you may have left. Professional executors, such as banks and Solicitors charge a percentage of your entire estate to handle these duties during probate. Your family can act as executors as long as they are named in your Will, and it doesn’t have to be one sole person. It can be two or three people acting together.
GIFTS or LEGACIES – You may have specific items that you wish to leave to specific people in your Will. For example, a family heirloom, or a classic car that you lovingly restored perhaps, a diamond ring or gold watch that you only want a son or daughter to have. You might wish to leave a gift to a charity that is close to your heart, or a church, or you may simply wish to leave a cash gift to children or grandchildren.
GUARDIANSHIP – The most sobering thought in preparing a Last Will and Testament. Who would be the most suitable people to look after your children if something were to happen to you. Parents do not automatically take custody of children in these cases. It can be left to Social Services to decide, especially if your parents are elderly. Would the named guardian be able to afford to raise your children? Perhaps they have children of their own, and don’t earn a great deal? These are all questions to be asked in making a Will.
YOUR ESTATE – You have decided on your valuable items, and who will benefit from any money or gifts in the legacies section of your Will, but who will benefit from the remainder of your estate? We call this the residue of your estate. Your home, your furniture, an investment portfolio perhaps, or maybe just the balance of your bank accounts. Who will be the beneficiaries of your estate and in what share? Will they be equal shares between children, or will the grandchildren receive a share? Will nieces and nephews be included, or brothers and sisters. You must be specific.
FUNERAL WISHES – Not a thought to be considered lightly. Do you have a preference over a burial or cremation. Would you like to be buried at sea, or given a natural burial. If you would prefer to be cremated, would you like your ashes to be scattered, and if so, where?
You can decide how your funeral should be conducted. The music you would like to be played, what flowers you might like, and what clothes people should wear? You may decide that you would prefer a non-religious funeral, or a funeral celebrating your life and not your death. These can be written into your Last Will and Testament, or you can provide a letter detailing your wishes that is referred to within your Will.
These are all important decisions that you will make during your lifetime, to make things easier on those left behind.
There are many reasons that people don’t make a will. Some believe that they have nothing to leave. Others simply don’t like the idea of talking about death. If you do die without making a will, your estate will be subject to the Rules of Intestacy. These rules decide who will manage your estate, and who will benefit, which is not always the person you might have intended, as it is typically your next of kin, in what is known as a fixed order. If this happens this is a costly exercise, and wherever your estate stands, it will be considerably diminished after this occurs.