A recent survey conducted by Standard Life highlights some interesting figures. 61% of those surveyed do not yet have a Will and more than 50% of those who fall into the 55-64 age bracket don't have one.
The reason given by 1 in 3 of the respondents was: "I just haven't got round to it."
None of us intends to die suddenly but the sad truth is that some of us will. On the basis of the poll's results, even those in the middle age bracket are putting off signing a Will.
The results of dying intestate (ie without a Will) can be dramatic. The commonly held assumption that "my wife/husband will inherit everything, anyway" is simply not correct. Not only will it usually incur substantial additional expense, but an intestate estate may result in the deceased's assets being divided up in a way which would never have been intended.
We have direct and recent experience of cases where quite distant (and estranged) relatives inherited from estates, at the expense of the surviving spouse.
What if you are unmarried but cohabiting with a partner, or are in a second (or subsequent) marriage? What rights will you and your partner or spouse have in these circumstances? How will any children be affected?
Even if you have one, when was the last time you revised your Will? Does it reflect your current personal and financial circumstances? Is it tax efficient?
Giving instructions to your Solicitor to prepare a Will is not difficult, traumatic, or expensive, and it could be one of the most important documents you ever sign.
Disclaimer
The material contained in this article is of the nature of general comment only and does not give advice on any particular matter. Recipients should not act on the basis of the information in this e-update without taking appropriate professional advice upon their own particular circumstances.