Wills by nature are not something people think about a lot and are often associated with the later part of life. Recent research carried out by Royal London, YouGov, IRN Research and Orchard has revealed some interesting statistics about wills, including:
- 4 million adults do not know where to begin when it comes to writing a will.
- Around 54% of adults do not have a will.
- Six in 10 (59%) parents do not have a will or have one that is out of date.
Every adult needs to make a will even if you do not have any assets of value to leave behind, because a will deals with much more than leaving your possessions. Your will can set out funeral arrangements, appoint guardians for minor children and you can be assured that whatever possessions you have, will be passed to the people that you wish to benefit.
So, why do you need a will? Here are our 5 top reasons you need to make a will:
- Writing a will is vitally important if you have children or other family who depend on you financially. Unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner.
- A will can set out your funeral arrangements and appoint guardians for minor children.
- Sorting out your estate can be very stressful and time consuming for your relatives at a time when they are still grieving. A will means that it is much easier and quicker for your family to sort things out after you have gone.
- A will allows you to decide exactly what you want done with your possessions. If you haven’t left a will, everything you own will be distributed in a standard way according to the law.
- Writing a will can reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind.
A will is one of the most important documents you will ever make so we would advise you to do everything you can to make sure it is done properly. If you would like some advice on Will Writing and how we can help you, you can call Sara on 01304 577998 or email firstname.lastname@example.org.