Do you have a Will? 65% of UK adults don’t.

A study conducted by Beyond found that 65% of adults didn’t have a will, which rose to 76% for those under the age of 55.

What is a will?

A will tells your loved ones what should happen with your money, property, possessions and other assets such as a business or shares etc (collectively, called your ‘estate’) when you pass away.

What is an executor?

Your executor is the person in charge of organising your estate and following the instructions you leave in your will. You can name more than one should you wish, although this can cause differences of opinion.

Why should I have a will?

Having a will means you can leave your property, assets, possessions and money to those you wish to (including charities should you choose ), rather than the default laws in your country. This can prevent unnecessary stress after you pass away as it communicates your wishes rather than your loved ones having to second guess, including whether you’d like to be cremated or buried and any final requests.  

But I’m only young!

If you have any assets (sentimental or of monetary value) then you’re never too young to have a will. It’s always better to be safe than sorry, and without meaning to sound morbid, accidents can happen at any time during your life.

What happens if I don’t have a will?

If you don’t have a will when you pass away, your estate will be distributed according to the law in your country (not your wishes, even if a family member knows them). Your estate may be given to someone you hadn’t chosen or someone you want to pass things to may not get anything. For example, if you’re not married to your partner, your money and property could all go to your children, leaving your partner with nothing. Whilst you may trust your children to fund their lifestyle until he/she passes away, money can do odd things to even the most family-centric characters. Or, if you pass away whilst separated and not divorced, your previous partner may get all your estate, and your children could end up with nothing. Additionally, the inheritance tax might be higher if you pass away without a will. The most unsympathetic law seems to be that if you do not have any living close relatives, all your estate will go to the Crown or government. If this is your wish, then so be it, but if you have nieces and nephews or godchildren or a close friend you would like to leave your hard-earned estate to, then it might be wise to have a will in place. 

How do I make a will?

It depends how complicated your situation is; if you have children from different marriages or partners; are divorced or need to plan for tax consequences, you may wish to instruct a specialist lawyer. If the above does not apply, you can do a simple and much less expensive will online or buy a will template from a stationery shop and get two independent witnesses (non-familial and not related to anyone inheriting anything in your will) to witness your signature and vice versa.

If you don’t have a will, we hope you might now consider having one so that your wishes can be carried out when you pass away and leave your family in a good position.