This week (October 23rd – 27th) is National Will Week, a week dedicated to getting people to think about something we’d all rather not; what happens when we die. This might seem a bit morose but making sure that we’ve thought about the practical and financial implications for those people we leave behind is vital.
Research from Lawpack, shows that 65% of people in the UK have not made a will. When we look at younger people this figure unsurprisingly rises steeply, 92% of people aged 18 – 29 have no will drawn up should anything happen to them.
This might seem like a pretty trivial matter but without a will you have no guarantee that your money will go to the people that you most want it to. It is often presumed that money is passed down to the next of kin such as a spouse. However the law states that in a case where there is no will (an intestacy case) £125,000 of the estate goes to the spouse and then the rest is divided up between the spouse and the children.
In the modern era where it is far more common for people to have been married more than once a will is absolutely vital in ensuring that any money you leave goes to the people you want it to and that there is no need for recriminations or legal disputes after you die. If you don’t leave a will clearly stating where you want your estate to go then the chances of this are much increased.
Writing a will can be a daunting prospect if we don’t know where to start but it needn’t be a complicated or expensive process and it is certainly an invaluable one to ensure your peace of mind and your loved ones' futures.
Chris Tapp Associate Director
Tel: 0207 636 5214