Even with the growing amount of interest and coverage by the press, it seems the majority of us are still not making Wills. Of those that do, few are keeping them under review and updating them as regularly as they ought to.
These findings come from a study just released by the Co-Operative Group which reveals that 30 million adults in the UK have not made a Will, with the average age for writing one being 42. One in four left it until after they had reached the age of 55.
Many participants stated it was something they had simply not gotten round to doing. Let’s face it, contemplating our own mortality is something we are in no rush to do, and writing a Will is unlikely to ever make the top of our “to do list” in the busy lives that we lead today, and yet it is so important. The simple process could save loved ones much confusion and additional heartache at what is already an extremely difficult time, if we would only take a short while out of our busy schedules to put a Will in place.
Have you made a Will?
If the answer is “no” then perhaps now is the time. Some of the reasons cited by the participants in the study for finally doing it include (in order of popularity):
- Having grandchildren
- Reaching a milestone age
- Birth of a child
- Death of a relative
- Buying a property
- Health scare
- Marrying for the first time.
Each of these events is life changing, and the only way to ensure that your estate is distributed in the way that you would want is to make a Will. Without one, the law lays down what would happen to your assets and who would deal with your affairs. These rules may not reflect what you would want.
If you decide that now is the right time, or indeed whenever you choose to make your Will, it is vitally important to get it drawn up properly and take the appropriate advice. Sadly we are an increasingly litigious society and estate claims (whether or not there is a Will) and Will disputes are on the rise.
If you wish to discuss making a Will or would like more information, please contact our specialised and experienced Private Client team.