Making a will – why do we put it off?

Why is making a will something we love to avoid? According to new research, over half of adults in the UK do not have a will in place. It is not just young people who are avoiding it. Over a third of adults over the age of 55 in the UK do not have a will in place. Astonishingly, 22% of adults over the age of 75 have yet to make a Will.

Common reasons and misconceptions

So, what reasons do people give for not making a will?

• I don’t have enough money or assets to warrant making one
• I believe my wealth will pass to my loved ones automatically when I die, so I don’t need one
• I can’t afford to make one
• I don’t need to do one just yet – I will wait until I am older
• I’m not sure how to go about writing one
• If I make one, it’s like I am wishing the worst will happen

Why you should make a will

There’s a common misconception that if you die intestate (ie without a will) then your assets will automatically pass to your spouse or partner. This is not necessarily the case. There are specific intestacy rules. Added to that, the rules do not take into account modern family structures.

Sadly, many people don’t realise that making a will is the only way you can have an absolute say in how your assets are distributed. If you want to ensure that your assets pass to your loved ones in accordance with your exact wishes, then a will is essential. Within the will you can choose:

• how your possessions will be distributed
• who will handle your affairs – your executors
• who will look after your children
• who will look after any money that you put in Trust for beneficiaries
• any specific gifts you wish to make, whether cash or possessions
• whether you wish to be buried or cremated and even the type of funeral you would wish to have

Losing a loved one is a stressful time. There are often differing views and expectations that can easily lead to disputes. Contested wills are increasingly common. So, the need for a correctly drafted and legally binding will is paramount.

Beware of online will writing

There has been a huge rise in cheap will-writing services. But do be careful. You may not be dealing with someone that is fully qualified or capable of dealing with your specific circumstances. A lack of face-to-face advice and personal attention can lead to poor advice. Poor drafting and clerical errors can render a will invalid. Using one of Bird & Lovibond’s specialist wills solicitors means you get personalised care from a reputable local firm. We will ensure your will is accurately drafted and appropriately stored.

None of us like to think about our mortality. But if there is one thing that the pandemic has taught us, is how quickly life can change and the need to plan and prepare for the future no matter what age we are.

Put making a will firmly on your to-do list!