Reasons why not to delay writing your Will

So many of us put off writing our Wills, perhaps because we feel uncomfortable talking about death or simply believe it’s something to tackle later on in life. But making a Will is one of the most important and beneficial things you can do for yourself and your family. After all, life doesn’t follow a set timeline. There are many moments along the way which present great opportunities to put a Will in place – you could be starting a family, buying a home, or simply planning for the future. Creating a Will while you’re younger ensures the ones you care about most will be protected, whatever happens and whenever it happens, so that your assets go to the right people. In this blog, we explain why you shouldn’t put off making your Will, as well as the serious implications of dying without one.

What is so important about a Will?

A Will is a legal document that sets out your wishes for how your Estate – the legal term for ‘everything you own’ such as property, savings and personal belongings – should be shared after you pass away. You name your beneficiaries – the people you want to receive things – and you can also specify certain preferences, like what sort of funeral arrangements you would like.

In a Will you nominate your Executors, who are legally responsible for carrying out the instructions and handling your Estate after you die. They sort out your finances, apply for probate (the legal right to deal with your Estate) and ensure that your final wishes are respected and carried out.

The National Wills Register states that only 44% of UK adults have made a Will, yet people who die without a Will can often at times create all sorts of complications and costs for their family. Often this results in sometimes unnecessary amounts of money being taken in Inheritance Tax.

Without a valid Will, strict rules decide how your money, property, and belongings are shared and in what order. These are called the Rules of Intestacy.

These rules do NOT recognise cohabiting partners as well as step-children. As such, without a Will that specifies the beneficiaries, unmarried couples will NOT inherit their partner’s assets. Even if you’ve been in a relationship with someone for several years and reside in the property (but are not a joint owner), they would not be entitled to receive anything from your Estate after you die.

If this is your situation and you wish to provide for your cohabiting partner or step-children, it’s imperative that you make a Will and include them as a named beneficiary. Citizens Advice provides useful further guidance on what happens if someone dies without a Will and the Rules of Intestacy.

If you have children under the age of 18

If you have children under the age of 18, have you thought about who should take care of them in case something happens to you and their other parent? Through your Will, you can you can make your intentions clear as to who you would wish to be your child’s legal guardian in the event that there was no surviving parent with parental responsibility. Without a will, the Courts have no indication as to your wish to assist them with this important decision.

When exactly should you make a Will?

Many people mistakenly believe that a Will is something you start thinking about in old age. But what does “old” really mean? Is it how you feel, your actual age, your current state of health, or how others see you? The unfortunate reality is that we all should be prepared for the unexpected. You don’t have to reach a certain age to face death – illness or accidents can happen to anyone at any time in life.

Some people also believe that Wills are only for people with significant assets. Even if you think you don’t own a lot or you consider your assets to be fairly modest, it’s still important to have control over where they go. And if you have children, your Will is about much, much more than just ‘assets’.

Legally, to make a Will, you need to be over the age of 18 and of sound mind. When it comes down to it, it’s not really about your age at all; it’s about protecting what matters to you. You can leave things to the people that you love or to causes that are important to you.

Here are just a few examples of key moments when you might think of making your Will:

• Buying your first home
• Getting married or entering a civil partnership
• Having children
• Getting divorced
• Starting a business
• Beginning a new job

… but, remember, no time has to be the right time to write a Will - it can never be too early, but it can definitely be too late!

Why use a Solicitor for writing a Will?

• Family Affairs

Family structures and financial situations are becoming increasingly complicated. Today there are more second and third marriages, stepchildren, adopted children and blended families than ever before. This brings increased potential for dispute. Our solicitors are experienced at advising on such matters and drafting Wills even for the most complex family arrangements.

• Inheritance Tax, Trusts and Powers of Attorney

A Solicitor can advise you on issues like Inheritance Tax to ensure that more of your estate goes to the people you care about. They’ll also tell you about matters you may not have considered, like Lasting Powers of Attorney (LPAs) and Trusts. Having someone who is knowledgeable and compassionate to help you understand legal issues such as these will ensure that you are fully informed when making decisions about how to live out your life and what should happen after you pass away.

• The Will Writing Profession

A well-prepared Will ensures that your family has a clear understanding of your expressed wishes. there are a number of online ''quick fix'' Will-writing services available, but the UK Watchdog for Consumers (The Competition and Markets Authority) has raised concerns about consumer protection. ‘Independent’ Will writers are not regulated by a sector-specific body in the same way as other legal professions like solicitors and barristers are by The Law Society, so it is therefore important to exercise caution when selecting a professional to write your Will.

At K J Smith Solicitors, we believe in the importance of safeguarding your future. We offer expert guidance and support to you and your family to see you through the life planning process.

Will Aid 2024

We also believe in supporting those in need, which is why K J Smith Solicitors have proudly donated £1000 to Will Aid this month. Will Aid offers a special partnership between solicitors and seven of the UK’s best-loved charities, including The British Red Cross, Save the Children, NSPCC and Age UK. It offers you the opportunity – throughout the month of October– to have your Will written by a professional, while donating to charity at the same time. This offers a meaningful way to get your affairs in order, while also giving back to the community.

Conclusion

Writing your Will is not something to leave until later in life. By writing one now, you’ll ensure that when your time comes, whenever that may be, you ‘have your say’. Waiting until it’s too late will lead to unnecessary stress for your family or unforeseen circumstances.

K J Smith Solicitors take the time to fully understand your circumstances and wishes. No matter what stage of life you are at, our experienced Estate Planning and Wealth Management Team is here to guide you. We make the Will-writing process simple and stress-free.

Each Will is unique and every matter is assessed on its own merits, there is no one-size-fits-all approach so, don’t put your Will off any longer – get in touch so that you can plan ahead and protect your loved ones.