What You Need To Know About Wills

Wills

Wills and everything to do with them can make for a difficult topic to approach and discuss. There are a lot of aspects tangled up with something like a Will. There are the emotions surrounded by thinking about the passing of a person, the awkward discussion of money and how it all affects those left behind.

You don’t want the person to think you’re just viewing them as money, so tact is especially important, but it is a conversation that needs to be had. Quite frankly we need to break down these uncomfortable borders so that we can make sure Wills are accurate, funerals pay the best tribute, and any estate and assets left behind to go to the right people fairly.

Here is what you need to know about Wills, including some statistics, and why you should consider contacting a good solicitor for expert advice.

Facts and Figures about Wills 

Around a third of people pass away without leaving a will, meaning certain wishes may not be respected or even known after they die. This could mean a funeral the person wouldn’t have approved of, or their estate not being divided the way they intended.

Research shows that three in five adults in the UK have not written a Will yet. This means 31 million people or 59% of UK adults without a Will. More than half of parents don’t have a Will to protect their children and family.

Writing a Will doesn’t need to be a difficult or complex process and doing so can prevent significant problems down the line. For expert advice, consider contacting a solicitor who can help.

If you are based in the Essex area, then Google solicitors chelmsford for THB Legal, we highly recommend them for all your legal needs, especially Wills. They also have offices in Suffolk and Norfolk.

How Solicitors Can Help

Solicitors can help by assisting you with creating and writing your Will. They can also help you look into other options such as trusts and provide inheritance tax planning to make sure your loved ones aren’t left missing out and are taken care of properly.

Inheritance tax planning is especially important to consider. With the rising value of properties and assets, this tax (which was originally intended to redistribute wealth for the benefit of all) is becoming increasingly unfair and affecting average people who wouldn’t be considered “wealthy” by any means.

The threshold is becoming relatively low in comparison to the cost of entire estates (£325,000 – a lot of properties alone are above this now). Those you leave behind could easily fall victim to the brutally high (40%) tax. This could devastate struggling families and is a double blow alongside the loss of a loved one.

Solicitors in the Wills, trusts and probate sector can expertly assist with:

  • Preparation of Wills and Codicils (which means to modify a Will)
  • Creating and managing trusts
  • Advising Executors or acting as professional Executors
  • Inheritance tax planning
  • Asset protection

People Aren’t Getting Wills (But Really Need to)

Surprisingly, the research revealed that out of those without Wills; 22% are over 75, with a third of those over 75’s have not even thought about writing a Will yet.

On the younger scale, out of those in their middle age and over (45-54 years olds), 65% have not written a Will, 62% have not even started to think about writing a will for the first time, and only 35% have a Will in place. With only 41% of all UK adults having a Will in place.

These are very worrying statistics from a report from September 2020, as if there’s anything that these first few years of the decade have taught us, it’s that anything could happen at any time. A dark lesson but one nonetheless that should inspire more of these UK adults to get a Will written.

Wills are important things, after all, they protect your loved ones and make sure your wishes are respected posthumously.

Don’t Put Off Writing a Will

Hopefully, some of the information above has convinced you to think about getting a Will put in place, it’s not just for the sick or elderly, it’s to protect everyone in case the unthinkable happens. For more information contact a local solicitor today.

Read also: The Difference Between a Will and a Trust: The Complete Guide

What You Need To Know About Wills
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