Do you have a Will?
‘The Will writing industry in 2018 report’ found that 6% more of the population made a Will in 2018. Encouragingly, 45% of people in Great Britain now have a Will, this figure has increased from 39% recorded in 2017. However, this still means that the majority of people still have not made a Will.
75% of people aged over 55 now have a Will, on the other hand, only 12% of people under the age of 34 have made a Will.
People cited shifting family circumstances as attributing factors to their reluctance in making a Will, with second marriages and children delaying people’s decisions and only 26% of parents with children under the age of 4 have a Will, therefore it is vitally important for anybody with young children to make a Will, because in your Will you can state who will act as guardian if you, or anybody else with parental responsibility, have died before your children reach the age of 18. Whilst, it is hopefully unlikely that you will die with young children, it does sometimes happen.
Furthermore, if you have children from previous relationships, it is potentially important to consider carefully how you should balance any competing demands for provision from your estate. There is also a misconception that you only need a Will if you are wealthy. Even if you consider you do not own much, it will still make it much easier for your family if you have stated in your Will how you would want your estate to be distributed and who your Executors are to deal with it.
The report also highlights an increase in people using unconventional methods in drafting a Will, including using an online template and other DIY means to make their own Will. DIY Will writing is risky as we have seen many instances where Wills are badly worded meaning that your intentions are not accurately stated or the Will is inaccurately executed meaning the Will would be held to be invalid. DIY Wills also fail to take into account issues which professional advice would have highlighted. As any problems tend only to become apparent after the person who made the Will has died, it can be a lot of bother or at least much more expensive to correct the issue than if advice had been taken at the time.
We are pleased to assist you, both in relation to planning your Will, dealing with probate issues after death or estate planning. We are on hand to help with any queries you may have in regards to Wills, Probate and Estate Planning issues. Our solicitors are based in Wakefield, Dewsbury, Selby and Horsforth. Feel free to call us on 0330 300 1103 or request a call back.