What are your reasons for not having a Will? Last month Martin Lewis, the money-saving expert conducted a poll all about Wills. Over 60% of UK adults don’t have a valid Will. And the poll showed there are lots of reasons why. Andrea looks in more details about the reasons people gave for not getting their affairs in order.
Reason #1 – I’ve not got round to it
The top answer in reasons for not having a Will – it is the easiest thing to put off! No one especially relishes the idea of making decisions about what will happen after their day.
How long might a couple take choosing a new sofa? – visiting a couple of showrooms and sitting on quite a few – maybe a whole Saturday afternoon! How long might we spend choosing a film to watch on Netflix, or finding that perfect pair of jeans? A single Will only takes around 45 minutes to discuss, a Couples Will takes around 60-90 minutes.
The new sofa or jeans may last a few years, your Will could last a lifetime. Just call us and make an appointment. We can see you at home, in our Lancaster office or over Teams or Zoom. We can see you in the evening if you prefer.
Most of our clients say, when signing their Wills, that they now wonder why they ever put it off – that we made it far easier than they had imagined.
Let’s get the kettle on and chat over your wishes.
Reason #2 – Everything will go to my spouse or children anyway
This is such a common myth! And another of the main reasons for not making a Will! For many people, this is indeed the case, but for those with larger assets this is not true. Without a Will, only the first £322,000 passes automatically to the surviving spouse – with the remainder split 50/50 between the spouse and your children. In some sad cases, this has meant the surviving spouse having to sell their home to buy your children out.
With the complex families of modern life, we find more and more that not everyone wants to include all their children, or at least not the same share. Doing your Will means that what you actually want to happen will happen. Why let the government decide what happens to your hard earned money?!
Reason #3 – I don’t really know where to start
How about this… pick up the phone and ring Morecambe Bay Wills on 01524 571032. We will discuss a convenient time to meet and send you a ‘what to consider’ email. This gives you chance to think a few things over before the appointment. It really wouldn’t matter if you hadn’t done this in advance, we will carefully go through everything when we get together. And if you just want to have an initial chat, we offer a free 30 minute consultation too!
Reason #4 – I can’t think who or what to leave things to
Try to think of it like this…..who or what matters to you? Are there people you think fondly of, or are there charities or organisations whose work you value? We have Testamentary Freedom in this country. This means that as long as we provide for spouses, any children under 18, and those financially dependent on us, we can make our own choices beyond that.
Sometimes, by worrying too much about making the ‘wrong’ choice, we end up making no choice at all! Our best advice is this – make decisions based on what is right now, and if circumstances change you can change your Will down the line.
For a small annual fee, we offer safe storage for your Will. If you take this option, we provide FREE Will updates.
If you’re not 100% sure what to do, it’s better to have a Will that’s almost right than no Will at all.
Reason #5 – It’s too expensive
One of the many reasons for not making a Will is that lots of people think it is expensive. Or don’t see the value in doing it professionally.
A single Will costs £195 and it’s £350 for a couple – including VAT, a home visit and supervised signing to make sure it’s properly valid!
Our advice, for many, has been deemed priceless. What cost can you put on the peace of mind gained from having your affairs in order?!
Reason #6 – I don’t need one, I’ve nothing to leave
If you don’t own a house or have lots of money in the bank, you may well think this. However, if you have children you definitely need a Will. A Will sets out who you would want to name as guardian/s for your children should the worst happen. I know from personal experience how difficult it is having to even think about this. The very sad fact is that if guardians aren’t named, and opposite sides of the family can’t agree, it’s been known for children to be taken into care while the courts decide. Please don’t leave such an important decision to a stranger – make your wishes clear by doing your Will.
Reason #7 – My circumstances are changing soon
Often, one of the reasons for not making a Will is that they are about to move, or about to divorce, or about to get married. So, we will just wait until ….
Many Wills can be future-proofed. If you are moving soon, that doesn’t necessarily affect your Will. We can add wording to your will if you are getting married soon, to make your Will stand afterwards. If you are thinking of having children, or more children, we can add generic wording to include however many children (or grandchildren) you have. For those separating or getting divorced, it is crucial that you have a Will in place … to avoid your soon-to-be ex inheriting all your assets if anything happened to you before your legal paperwork is completed!
Reason #8 – I don’t want to think about dying
I don’t think anyone does. But it’s the only certainty in life – we are all going the same way in the end. Getting your Will in place doesn’t change any outcome – but it does give us peace of mind for however long we have. Many people say that not having a Will in place would bother then at random times – in the middle of the night, when going on an aeroplane or when poorly. It’s better to get our affairs in order and not really have to think about it again (unless you want to change something later of course).
Reason #9 – I’m happy to let someone else worry about what happens
This is one of the reasons for not making a Will that I dislike most! We say that doing a Will is one of the kindest things you can do for your family. If not for yourself, then do it for those you love. I don’t think anyone truly doesn’t care what happens to everything they have worked for.
Setting out what you want can save so much heartache and upset at an already difficult time. Doing the right thing for them will almost certainly help you in the meantime.
Rather than think of reasons for not making a Will, think of all the reasons you should! And tell your family, friends, neighbours, and colleagues too! Just call us on 01524 571032 or complete our Information request form on our website. And just get started!