The consequences of failing to organise your Estate can be significant and irreversible for you and your loved ones, and with over 60% of Britons without a valid Will in place, the majority of people are leaving it to the Government through the Rules of Intestacy to decide how your Estate is distributed.
Over 60% of Britons don’t have a valid Will in place!
As expert Will Writers with over two decades of experience in Estate Planning, we have heard just about every conceivable reason why people have not put a Will in place. Here are the Top 6 ‘Excuses’ we hear from people for not having a Will and our myth-busting responses!
1. I don’t have enough assets to leave anyone
Many people assume that they do not have enough assets to justify writing a Will. However, there is no minimum or maximum asset valuation required to create a Will.
Furthermore, many people are often surprised to find that they have more assets than they think, not realising the wealth they have accumulated over time through savings accounts and workplace pensions or assets like property, cars and furniture.
We always recommend a regular review of all your possessions and consider how they can be organised and handed down when you pass away.
Our free Estate Planning Healthcheck Report is a great tool to help start this process.
2. I’m too young to have a Will
It is very easy to assume that a Will is something that you only need in your later years and it’s an expense that is just not required in your young adult life.
As soon as someone turns 18 they should consider having a Will. While they may not yet have amassed a big Estate, they could well have young dependents who will need guardianship in their absence, some wealth, as well as physical and digital assets they would want to be protected.
Having a Will created as early as possible also sets strong foundations for future updates. We ensure our Wills are drafted to be easily updated to meet your ever-changing circumstances, so starting your Estate Planning journey in your early 20’s is a brilliant starting point for dividing your assets that can then be updated as you accumulate more over the years.
An Online Will is a great entry point for anyone currently without a valid Will in England and Wales who would like the security and peace of mind that they have protected their loved ones with a legal and valid Will.
3. There are no immediate benefits to writing a Will for me
There is a common perception that a Will is something needed in later life only, and faced with the prospect of considering their own mortality, people push the thought of writing a Will to the back of their minds.
However, it is important to think of a Will in the same way you consider taking out something like house insurance. You hope you will never need it, but the security of knowing it is there to protect your loved ones should the worst happen is reassuring for you and them. Unlike an insurance policy, a Will is a one-off payment rather than an annual renewal fee, and once in place, the only cost that might be involved at a later date is if you want to update or replace your Will.
Many younger people chose to live together in their younger years, and unless you have specifically stated so in a Will, an unmarried partner is not entitled to inherit anything from your Estate, regardless of how long you have been together. Without a Will, under the Rules of Intestacy, your Estate could pass to your young adult children, your parents or siblings who could choose to remove your partner from the property and sell it!
By writing a Will, you can ensure your partner will receive their fair share of your Estate and you can stipulate the right for them to occupy the property for life or another stated term, even if you bequeath the house to your children.
If you have children under the age of 18, a Will lets you appoint guardians for them in the event of your unexpected death.
People often worry about what will happen to their much-loved pets if they were to die. You can stipulate in your Will who you want to look after your pets and any allowances you want to make available for their care and upkeep.
Having a will ensures that your assets no matter how great or small are divided exactly as you intended, giving you and your loved ones some peace of mind at what can be a very stressful and emotional time.
4. Writing a Will is complex and full of legal jargon
Estate Planning can indeed be a complex process and far too many Estate Planning mistakes occur when people fail to take the right professional advice and guidance or attempt to do their own end-of-life Estate Planning.
There are many factors to consider when creating your Estate Plan, especially where there are likely to be Inheritance Tax issues and liabilities. You can legally draft your own Will in the UK but there are many steps to ensure it is legal and valid and DIY Wills are far more likely to be contested through the courts.
The safest way to draft your own Will is by using an Online Will Writing Service like the Redwood Online Will Writing Service. We have worked with our expert legal advisers to make sure that our Wills comply fully with the legal requirements of England & Wales.
Most solicitors use a standard Will template to take your instructions. The Redwood Online Wills software ensures we create a fully personalised Will for you and use easy to understand plain English terminology wherever we can or explain jargon whenever we can’t.
5. Writing a Will is too expensive
We have all heard the horror stories of people paying exorbitant fees to law firms and solicitors for legal work to be done. Thankfully they are the exception and not the rule!
We believe everyone should have access to affordable, professional and legally binding Wills, that protect them and their beneficiaries, regardless of their Estate Value. We have been providing expert advice on Wills, Trusts and Estate Plans since 2007 and we have made it as easy and inexpensive as we can for people to access our award-winning expertise in Will creation.
Treating our Clients fairly is at the heart of everything we do, and our Fee Structure is no different. We always charge Fixed Fees for our services, as we believe it is the only fair and unbiased way to deliver the best advice and service.
We do not like to work on a commission basis or charge hourly rates, as we believe you should always know in advance the full and final costs before you decide to proceed with any planning. The fees we charge are based on the complexity of your specific requirements and are not variable by the value of the Estate we are helping you with.
Our Online Wills start from just £49 Inc. VAT for a single Will or £79 Inc VAT for a Couples Mirror Will
6. I don’t know enough about Estate Planning to make an informed decision
We are passionate about helping people to grow, protect and enjoy their wealth and we believe that all starts with helping them to understand the important topics of Financial and Wealth Planning.
Our free Public Information Webinars are designed to provide an overview of the subjects each cover, in a fast-paced plain English way that uses real-life examples to explain the consequences of failing to plan and benefits when planning is put into place. You also have an opportunity to ask questions and seek clarification.
We also offer Initial Meetings to speak to an Adviser on a One to One basis to understand your own circumstances and opportunities, and we can guide and help you through the entire process of creating your plan.
Don’t Put off until tomorrow what you can do today!
Ready to start your Estate Planning journey? At Redwood, we offer FREE professional Estate Planning advice through our Online Wills, Trusts & Estate Planning Webinar, as well as a complimentary Will Review Service for those who need to have their existing documents reviewed and updated.
If you would like to know more or would like to speak to someone about your planning needs please complete our contact form and our team will be in contact soon!