Parents - Don't Neglect Making a Will
It always staggers me, the number of famous people that seem to die without a will. From Cilla Black to Caroline Aherne - even the legendary Prince passed without his final wishes being documented. It seems shocking because of the expectation that these people would have their stuff together, especially considered their net worth.
Yet it should come as no surprise that only 45% of UK adults have wills, which has actually increased slightly over the last year.
Essentially a will allows you to ensure that any assets you have go to who you want it to, as well as who would look after your children. If you don’t make a will the government will decide what happens and it is unlikely that this will be what you want to happen with your assets. This can be especially true when it comes to children.
The hardest decision for me in making a will was who would look after the kids if something were to happen to both of us. There is also likely to be sizeable assets so we had to consider who we want to look after this. It’s a big responsibility.
Wills are one of those areas that people know they should do something about but either they put it off or think it isn’t important. It should be a priority to make sure your personal affairs are in order and once it’s written it is something you have to review occasionally.
I would strongly recommend using a professional to write your will as they can help you navigate some of the complexities and help you talk through your decisions. A simple mistake can have a big impact. Depending on your circumstances your will may not need to be particularly complex now, and you can always review it as life develops.
The priority is to have a will that reflects your wishes and ensure those most important to you are looked after should the worst happen.
More details on wills are included below.
What is a will?
A will is a legal document that contains the wishes of a person (the testator) as to how their money, property and possessions are to be distributed in the event of their death. A will contains the name of one or more persons to whom your assets will be left in the event of you passing away.
Why are they so important?
There are two main reasons why they are so useful:
They make it much easier for your family or friends to sort out all of your possessions once you pass away.
If you die intestate (without a will) your assets are distributed according to intestacy laws written by the government. This means your assets may not reach the people you want them to go to or they may be distributed in the wrong way.
If you have dependant children, think about who you would want to look after them should anything happen to you. Not a pleasant conversation to have but very important. If they will be left with sizeable assets like a life insurance policy consider who you would like to look after the financial affair. The person who is looking after your children may not be the same person you want looking after your finances.
Who is my executor?
Although this sounds daunting, the executor of your will is simply just a person or people that you trust enough to make sure that your wishes are satisfied when you pass away. They will do their best to ensure that your wishes are met, as long as this doesn’t involve breaking the law!
Where can I get a will?
It is true that you could write your wishes on a bit of tissue paper and this could count as a will, if done properly. However, the safest way to get a will while avoiding mistakes, time-wasting and ambiguity is to contact a solicitor and get their professional help. You will also need to have two adult independent witnesses present when declaring a will.
How do I start?
The best thing to do is to make a list of all of your possessions and assets, who you would like them to go to and any other wishes you have, for example, instructions for your funeral. Then contact your trusted solicitor who will get everything drawn up and can even store it for you to keep it in a safe place if you would like them to. Also make sure that any life insurance policies you have are written into trust.
This blog is for information purposes and doesn’t constitute financial advice that should be based on your individual circumstances.