Concerning Number of Over 75s Found to Have Not Made a Will
New research has been released, that shows that a large number of the older generation in the UK have not made a will. While it may seem that writing a will may be fairly complex, the right legal support can make the process very straightforward.
What Were the Research Findings?
Overall, this new research has found that around 2 million retirees have not yet made a will. Carried out by Just Group, the research covers around 12% of those over 75’s and 22% of 65–74-year-olds who were found to not have a will in place.
What Exactly is a Will?
A will is a legal document that allows you to put down in writing what you want to happen to your assets after you have gone. In your will, you can say what you want to happen to:
- Your money
- Your property
- Your investments
- Your possessions
- Your young children, if necessary
Making a will gives you security for the future and allows you to:
- Appoint people you trust to be the guardians of any children that you have under the age of 18 years
- Appoint people that you trust to carry out the terms of your will (these are called executors)
- Appoint beneficiaries for your estate
- Leave gifts of specific items or fixed sums of money (these are called legacies)
- Create trusts to help protect your assets for future generations, protect against residential care costs or help vulnerable or disabled beneficiaries
- State your funeral wishes
What Happens if You Die Without Making a Will?
A will is one of the most important documents that you will ever sign. If you die without a valid will in England and Wales, then the law can decide who has responsibility for any children under the age of 18, and also who receives your money, property, cars, pets and all other belongings that you may have.
How to Write a Will
While it is possible to write a will for yourself, it is useful to have a specialist will and probate solicitor to help you to understand all of the intricacies of wills, probate and inheritance laws. Additionally, any more complex needs that may need to be included into a will are best handled by a professional. It can be difficult to know at what point to write a will, and it is understandable that many people put it off as they don’t like to think about it. A sensible thing to do is to write your will after an important life event, such as getting married or having children. This is because your circumstances are likely to have changed, and you may want to leave money to different people. Once it has been sorted, then you can put it out of your mind, safe in the knowledge that everything will be accounted for after you are gone. If there are any later changes in your life, then it is important to always update your will in line with those changes.
Here at Cartwright King, our specialists can help you throughout the process of writing a will. Get in touch today for expert help and support.
All advice is correct at time of publication.