January 12, 2023

Are You In The Minority?

According to surveys less than 4 in 10 adults in the UK have a Will. Expectations that the pandemic would lead to an increase in Wills being recorded and stored seems to have not materialised. So why is it important you have a Will? 

A Will is a document that ensures that your assets (money, investments, property) and personal possessions are divided up among the people you want to inherit them. If you have young children, it also can also record your wishes for who you would like to look after them. A Will provides protection for those you love. 

So why haven’t over 60% of UK adults got a Will? Some of the reasons perhaps are because:

  1. Only rich people need a Will. WRONG. Whatever your financial worth you should have a Will. If you have any wishes for anything you own, or if there is a specific person who you do not want to benefit from your inheritance then you need a Will. 
  1. Unaware of what happens if don’t have a Will. If you die without a Will, you die ‘intestate’. This means that the Government will decide where you estate will go including property, bank accounts and personal possessions. You have worked hard for your estate, don’t leave it to a stranger to decide your legacy. 
  1. I’ll do it tomorrow. Don’t put it off! Unless you have a time-machine no-one knows what the future holds so please do not put off what should be done today. 
  1. Cost of the Will. Rather than what a Will costs think of what having a Will saves! Proper estate planning can save literally thousands of pounds in inheritance taxes. 

If you are married, then you should consider having a reciprocal Will that mirrors your wishes. These allow you both to leave assets to each other in the event of death. 

Once you have created your Will, you can revisit it as often as you need, following major life events such as marriage, buying property or having children. Even without major life events personal circumstances change and so you should review your Will every three years. 

If you would like an initial conversation on writing a Will, or updating an existing Will, please contact info@eplegal.co.uk and arrange a no-obligation conversation. 

EP LEGAL LTD is a limited company registered in England and Wales under registration no. 09437411 and is authorised and regulated by the Solicitors Regulation Authority SRA no. 660186
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