There are many reasons people give for not having made a will, these include:

  • A perception as to the cost of making a will through a solicitor.
  • An assumption that everything will just go to their “next of kin” in any case.
  • A belief that they don’t have sufficient assets to bother with a will.
  • The belief that a will is something to do when you are older.
  • Simply it is a case of not wanting to discuss the possibility of death.

Whatever the reason, not doing a will can result in increased legal bills, potential delays in administrating the estate, money going to those that you did not wish to inherit and, subject to your assets, potentially money going to HM Revenue and Customs!

A will, when professionally drawn, can ensure that the people whom you wish to inherit actually receive the assets after your days, can include inheritance tax planning to avoid tax being paid unnecessarily and bring great peace of mind.

A will can also deal with such issues as to whether you would wish to be cremated or buried, and if so where. For those with young children you are also able to appoint a guardian to look after children should the worst happen. If there are children, a will can also avoid the difficulties that can be caused by the rules of intestacy. In particular, subject to your assets, if there is no will then part of the estate may end up being tied up in a life interest instead of passing to the surviving spouse with part of the estate then being released to the children when they reach 18.

It is of course possible to undertake a home will, however, due to the intricacies of a will and the formal necessities required, it is often a false economy to save a little bit of money by doing a homemade will as, if the will is not properly drafted the cost to the estate and potential beneficiaries can be very large.

Should you wish to discuss making a will please contact us in order that we can assist.

Leave a reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.