There are many reasons why you should make a Will. Not least to ensure that all of your assets and personal possessions are distributed to the people that matter for example your family and relatives.
If a Will is not in place when you die, your estate and assets will be dealt with and distributed by the courts, and potential beneficiaries may not receive what you had wished.
' explains the importance of making a Will, and some of the reasons that people put off Will writing.
Why should we make a Will?
Article added Tuesday 28th July 2009
Wills are important legal documents. Everyone should be advised to make a Will.
As a solicitor I hear every excuse under the sun as to why people haven’t made a Will. The most common (and difficult to understand) is the belief that “once we make our Will we will die”. Making a Will does not bring forward mortality it just means that you will be putting your affairs in order for when you do eventually die.
Other reasons people put off making a Will are:-
"We do not have time to make a Will". Making a Will is very simple and can be extremely quick and easy. There is no need to put it off because of lack of time. Wills can be prepared very quickly and efficiently by Solicitors. Alternatively there are solutions for Wills online which are very cheap and easy to use.
"We cannot afford to make a Will". It is not expensive to make a Will. Solicitors usually charge around £100.00 - £150.00 for mirror Wills. Alternatively online Wills can be obtained as cheaply as £30.00.
"We don’t have anyone to leave our money to". Most people can think of someone to leave their money to even if it is a distant relative. Alternatively people make Wills and leave their money to charities which is better than leaving money to the Crown (the ultimate recipient) where people do not make Wills and there are absolutely no beneficiaries.
"We don’t have any money". Most people do have money or assets which justify making a will. People often forget the value of their properties. It is important to remember that where people die without Wills their assets and money do not always go to the people they believe will benefit.
As from 1 February 2009 the statutory legacy (being the amount passing to a surviving spouse on the first death) is £250,000.00 where there are children and £450,000.00 where there are no children. The surviving spouse only receives a life interest in the balance.
As you can see there is no reason for people not to make a Will which, although important legal documents, are quick, easy and cheap to put in place.