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Planning for the future – Have you written a Will?

Writing a Will ensures that your assets are distributed according to your wishes and that your loved ones are protected after your passing.

Have you thought about writing a Will yet?

Despite its importance, a shocking number of people in the UK have yet to write a Will.

Research from insight agency Opinium reveals that 51 per cent of adults in the UK have neither penned a Will nor are they in the process of doing so.

Even more concerning, 13 per cent of individuals have declared that they have no plans to undertake this task in the future.

This statistic becomes even more alarming when considering the older demographic.

30 per cent of those aged 55 and above are without a Will, including nine per cent who have decisively chosen not to create one.

This leaves a large portion of the population vulnerable to the consequences of dying intestate – without a legally binding Will.

Will misconceptions

One of the primary deterrents for many people is the perception that they lack sufficient assets or wealth to warrant writing a Will.

According to the Opinium research, 26 per cent of respondents cited this as the main reason for not having a Will.

This highlights a widespread misconception about the necessity of a Will.

Regardless of the size of your estate, a Will ensures that your assets, no matter how modest, are distributed according to your wishes.

Without one, the law dictates how your estate is divided, which may not reflect your intentions.

Ensuring your wishes are honoured

A Will is the only legal document that ensures your wishes regarding the distribution of your estate are followed after your death.

Without a Will, your assets are allocated by law and could result in outcomes that differ from what you would have chosen.

For example, unmarried partners and stepchildren are not automatically entitled to inherit under intestacy rules, potentially leaving them without financial support.

Protecting your loved ones

Writing a Will provides clear instructions on how your estate should be divided, helping to prevent disputes among family members.

Without a Will, your estate may become the source of contention, leading to costly and prolonged legal battles.

If you have children, your Will allows you to appoint guardians to care for them in your absence.

Failing to do so could leave this decision in the hands of the courts, which may not select the person you would have chosen.

Minimising Inheritance Tax liabilities

A significant financial implication of not writing a Will is the potential for higher Inheritance Tax (IHT) payments.

The current IHT threshold in the UK is £325,000, with anything above this subject to a 40 per cent tax rate.

A well-drafted Will can help to minimise the amount of IHT your estate will have to pay, ensuring that more of your wealth is passed on to your beneficiaries.

Without a Will, your estate may not be distributed in the most tax-efficient manner, leading to a larger portion being lost to the taxman.

The implications of dying intestate

Dying without a Will – known as dying intestate, can have far-reaching consequences.

Under the intestacy rules, your spouse or civil partner may not inherit all of your estate if its value exceeds £322,000.

The remainder could be divided among your children, which might not reflect your wishes.

If you have no living relatives, your estate is passed to the Crown as ownerless property.

The absence of a Will often results in delays and additional legal costs, reducing the value of the estate left to your loved ones.

Take control of your future today

The importance of writing a Will cannot be overstated. If you are considering writing a Will but are unsure about the process or have any other worries, we are here to help.

Our expert team will guide you through the process, ensuring that your Will reflects your wishes and provides maximum protection for your loved ones.

Don’t leave your estate to chance – contact us today to arrange a consultation and take the first step in securing your family’s future.