It is an interesting fact that over 2/3 of the UK population do not currently have a will. Although it can be said that during the recent full lockdown people were more aware all their own mortality, these figures are still accurate. We did see the number of inquiries rise considerably during the spring and summer months of 2020, but it is still puzzling as to why many people leave such an important document unwritten.
In many countries especially in Asia it is considered bad luck or a temptation of fate to have a will written. People fear that if they have their will written then it will speed up the process of their end of life. Although that is not the consensus in the UK, you still must wonder if some of our population consider that as a factor to avoid having their will written.
A will of course is a very important document that will allow your assets to be passed specifically to your loved ones and ensure that as minimal fuss as possible happens at the time of death. Probate, which is a process that must be adhered to for most people, is something that can be made much easier with a valid will in place. Without a will, probate can take a long time and in some cases several years. This means that during this time the deceased's estate remains in limbo and nothing will be passed to any of the potential beneficiaries.
The reason why many people do not make a will is usually because they have known it is something that they should do, but have just not got around to doing it. If they realised the consequences of their inactions, then they would most certainly make it more of a priority during their lifetime.
It is sad fact that many people do not have their will prepared until soon after receiving diagnosis that they are near end of life.
This can make the process more emotional and very difficult. People often forget things, such as bank accounts, pensions, investments, and other assets, meaning that not everything maybe directed in the way they may have wished.
During lifetime, having a well written will, can be a very straight forward process. At My Family Legacy we help our clients by providing clear information of protection that is available so that they can make educated, informed decisions about directing their assets and estate to their loved ones. We take into consideration everything that may be used to calculate probate and help our clients reduce the risk of their assets being accessible to undesirable third parties and help minimise the risk of inheritance tax.
We can even help our clients ensure that their documents are safely stored until they are needed.