Why you need to make a will

Thinking about what will happen to your estate once you die might not be something that is at the front of everybody's mind. In fact, until you reach your 60s or 70s, it could easily be an issue that escapes your attention entirely.

But it simply doesn't pay to avoid the subject of a Will, as it is a crucial document that will see your wealth distributed in exactly the way you want once you have passed away. 

Put it like this, you wouldn't want somebody to get their hands on your money, property or assets while you are alive without your permission, so why should you in death?

Worryingly, more than 29.5 million Britons do not have a Will and recent findings by Unbiased.co.uk published by the Express showed that one in five will leave a minimum of £10,000 in savings when they die. This means that there is plenty of cash that could easily end up in the wrong hands because you have not bothered to make a Will.

In all likelihood, you will want your children or close family members to benefit from your estate. This could be enough to make their own retirement a little more comfortable, but you risk them missing out if you do not act.

Of those people who do not have a Will, one in ten have never even considered the importance of having one, while another ten per cent believe their assets will end up with the right people automatically. Simply put, this is not always the case, as your estate could be distributed by the law of intestacy, and your wealth could be at risk if you do not write a Will.

The good news is that if you feel you are ready to make a Will, there are plenty of options at your disposal.

For instance, the cheapest option is to make a DIY Will. This will allow you to explain exactly what you are leaving and to whom in an easy-to-understand manner. It is well worth the minimal investment, should you not be prepared to make a more substantial effort to create a Will.

Another alternative is to visit a solicitor and ask them to draw up a Will for you. Of course, you must be wary that solicitors do not come cheap and you could end up with a hefty bill, but we still think it is a worthwhile option if you do not back yourself to form a DIY Will.

Should you be looking for a legal expert and want to save a little money compared with using a standard solicitor, you can take advantage of our own tie-up with Irwin Mitchell, who will create your Bespoke Will at a much lower cost than the majority of solicitors. Indeed, the fixed price nature of this service means that you will know what you will pay before any work is done.

Whatever option you think works best for you, the one thing you shouldn't be compromising on is having a Will in the first place. Whether your budget allows a solicitor or not, making sure there is a document expressing your post-death wishes in evidence is a must.

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Published on: October 30, 2012

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