While everyone is aware that making a will is necessary, most people leave it on their ‘to do’ list. Research shows that almost two-thirds of UK adults don’t have a will, which means their estate could go to someone they haven’t chosen after they die. An estate covers more than you think – it’s not just property and money, it also includes all possessions and even dependent children can be involved.
At Turner Little, we know how important it is to have a plan in place for after your death, and we also understand it’s not always a priority for people busy with day-to-day life. Here’s why you must start planning for your dependents after your death.
Lack of preparation
Macmillan Cancer Support carried out a survey of 2,000 people and found that 42% of people over 55 don’t have a will. The research also showed that around 1.5 million people may have made a will in the past, but don’t realise that it has become void after life changes such as getting married.
Marriage automatically voids any existing will previously drawn up, and means it is invalid. This is a common misunderstanding and can cause families a lot of stress and heartache if the worst should happen.
Common errors
Other mistakes with making wills were found during the research. These include mistakenly including an ex-partner, omitting a new relationship or still including someone they want removed. Making a will is not a one-time thing. It must be revised every time there are significant changes in your life.
A tenth of people surveyed said that they were planning to update their will but hadn’t got around to it. They wanted to make changes to include children and grand-children in most cases but didn’t understand the need to make these changes immediately.
Review every five years
While official guidance tells people to review their will every five years, and specifically after any life changes, such as bereavement, children being born or a relationship ending, 25% haven’t been updated for at least five years.
Experts at Turner Little advise reviewing your will at the same time very year. While the beginning of the year works for many people, it can be at any time to suit you. Think of your will as a work in progress and a document that needs to change as your life changes.
Why are so many wills unwritten?
Previous research, also from Macmillan, showed that the most common reasons for people not having a will include “just never got around to it” and the belief that they don’t have anything valuable to leave. Another common reason was the thought that they don’t need to write one until late in life.
No one likes to think about the end of life but looking ahead and ensuring preparations are in place should the worst happen is important. If you don’t take steps to ensure your final wishes are legally documented, then you could lose any control over your legacy after you die.
It’s never too early to write a will and while there are many free services available online, it’s always advisable to talk to experts as any errors unwittingly made can render it invalid.
For help drawing up your will and making the best choices for your loved ones, talk to the team at Turner Little. You can contact us here.
About Turner Little
Founded in 1998 in Yorkshire, UK, Turner Little is a specialist UK and offshore company formation, banking and corporate services provider. Our services include company formation, UK and offshore banking, asset protection, credit correction/repair, trademarking and trusts. Other services include Internet services, mail forwarding, wills and probate. Turner Little’s vision is to offer the best possible service, together with market leading products.
For more information, please contact us on 01904 783101.
