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Excuses for Not Making a Will
Helping clients create, acquire and grow businesses is the basis for the firm’s business transactions practice, but our representation extends beyond selecting the best type of business entity.
1. I don’t have the time: Making a Will doesn’t have to take up a lot of your time, If you use a professional Will Writer they will do the work for you and by getting a Will made It will save your family and friends much more, time, trouble and expense after your death.
2. I’m too young to make a will: Wills are not just for older adults. If you have children under the age of eighteen, you need a will to ensure those assets go to your children and more importantly who should look after your children in the event of your death. Accidents and illness happen when you least expect, often nowadays I hear the phrases like “live today like it is your last” or “you only live once” this is a positive statement to remind us to get the best out of life as we don’t know what’s around the corner. With a Will in place whatever is around the corner you won’t leave your families inheritance to fate.
Also, the unexpected could happen at any time such as winning the lottery or receiving an inheritance. If you are involved in accident where you receive a lot of compensation, then die a few years later. Their mother may have looked after them, but their estranged father gets all the money.”
3. My circumstances are about to change: Life is constantly changing; you may be getting Married, Divorced, moving House or having more Children, whilst these events could affect your Will. They should not stop you from making a Will. Often Wills can be written to cater for things that are about to happen, for example in contemplation of marriage, or to give everything to children who survive you by referring to them as your children in general as opposed to naming them individually. It’s a good idea to review your will after every major change in your life to ensure your Will still expresses your current wishes. You can change your Will any time you want; as you grow older you accrue more assets and therefore increase potential inheritance tax liability. You would be very surprised on how straightforward the process is.
4. It costs too much to make a will: People often over estimate the cost of a making a Will. It is more affordable than you think to put your mind at rest knowing that your loved ones will be taken care of. Dying without a Will can cost much more in the long run, both financially and emotionally.
5. I haven’t got much to leave: Often when people take time to sit down and work this out they find they own more than they think. But even if you do have relatively little, but you have minor children, the most important reason for making a will is to select a guardian for them should you and your spouse, if any, die at the same time. Your assets are also likely to increase as you accumulate more throughout your life, a Will can ensure these future assets go to the right people and cause less emotional stress at the time of your death.
6. I don’t need a Will – My partner will automatically get everything:This is not always the case; partners who are not legally married may receive nothing. Without a Will the laws of intestacy determine who will benefit from your estate. For example, If you die without making a Will and you are separated but not divorced, your spouse will still inherit regardless of your intentions however an unmarried partner would get nothing as your estate would be open to claim from bloodline relatives. Also consider what would happen if you both die at once.
It’s sometimes true that property and investments would go to your spouse or civil partner, but what about any personal possessions that you might wish to pass on? Your grandmother’s pearls might only go to the daughter who has always loved them if you set your wish out formally.
A will also goes further than just dealing with property. It allows you to appoint executors to deal with paperwork, organize funeral arrangements, and give to charity.
7. My family situation is too complicated: It is rare nowadays for family situations not to be complicated, however this only highlights the importance of making a Will, It is vital to discuss the areas that you feel may complicate matters and get the correct advice, most Will Writers offer a free initial meeting or consultation so that you can consider all of your options and make an informed decision. Without a Will in place your wishes cannot be carried out this will pass the complications on to your bloodline.
If you’re not married but living with someone, your assets will automatically go to blood relatives – not your partner – in the event of your death.
The intestacy rules determine who will benefit from your estate if you die without making a valid will. If you are separated but not divorced, your spouse will still inherit regardless of your intentions.
If you have no Will, two things happen: First, it’s much harder for your grieving relatives to get control of your assets; second, rigid rules step in to fill the void and decree who gets what. A painful, practical consequence of that is usually a higher tax bill. Unmarried partners are the biggest losers.”
8. I can’t decide whether to make a basic will or use Wills and Trusts: A basic Will is an absolute gift to a chosen beneficiary or beneficiaries and is fine if your wishes are straight forward and you don’t want to protect your estate from timely and costly probate, debt collectors, bankruptcy , inheritance tax and divorce settlements, A Trust can also help you Protect your home from being sold to pay for care, the trust acts like a safe deposit box for your assets and instead of the estate going to probate the proceeds of your estate are directed to the trust and are afforded protection by the trust.
9. I don’t want to think about dying: Nobody wants to think about dying, as the saying goes “life is for living” but what happens if you put off making your will? At the very worst the people you care about most will receive nothing and the state will get it all. Spending a little time on planning and making your will can ensure those that your loved ones and bloodline are protected. When you make a will, everything you have worked hard for is protected; your assets will go to exactly the people you want to have them.
None of us likes to think about dying, but what happens if you put off making your will? At the very worst, the state could keep everything you own and loved ones get nothing.
When you make a will, everything for which you have worked so hard (including your home) is protected; all your hard-earned assets will go to exactly the people you want to have them. An up-to-date will, therefore, completes the circle of all the financial planning you’ve undertaken”.
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