Have you written a will yet? If not, have you ever asked yourself, ‘Why not?’
Planning for what happens when we’re gone is a topic that a lot of us don’t like to talk about, but it’s really important to think about being prepared for the future.
According to a recent study, only 35% of adults in the UK have made a will and of those most are over 65.
Reasons people gave for not having a will included: not getting around to it yet; feeling like they were too young; and feeling like they didn’t have any assets to leave.
These are all really relatable reasons! However, it’s actually really important to consider writing a will, regardless of your age and assets.
Who should write a will and when?
Everyone! Lots of people think that wills are just for the wealthy or the elderly, but that's a misconception.
If you're an adult (18+) with any assets (think cars, savings, personal belongings) or family responsibilities, you should have a will. It's also important if you have specific wishes about who should inherit your assets or if you want to leave a legacy through charitable giving.
There is no best time to write a will (the earlier, the better!) but key times when it’s important to write or update your will include:
- Buying a home
- Getting married or entering a civil partnership
- Becoming a parent or guardian
- Significant financial changes
- Changes in relationships, such as a divorce
“If you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed.” - Citizen’s Advice
Benefits of writing a will
There are lots of benefits to writing a will, including:
- Peace of mind: simply knowing that your assets will be distributed according to your wishes can bring you peace of mind.
- Protecting loved ones: outlining your wishes in a will helps to prevent confusion and legal complications, reduces stress, and can help make sure your loved ones are cared for as you would like.
- Protecting your partner: unmarried partners who are not in a civil partnership cannot inherit from each other, so making a will can ensure they are protected.
- Planning for your children: creating a will means that there’s a plan in place for your children and their care in the event of your death.
- Planning for your funeral: your will can include your preferences for your funeral, making it easier for loved ones to carry out your wishes.
You can also include plans for your pets and digital assets too!
Consider giving to charity in your will
Leaving a legacy gift to charity means you can continue your support even beyond your lifetime. Here’s how your gift can make a meaningful impact:
- Continuing to make a difference: your gift can continue to support and make a difference to the causes close to your heart.
- Tax: as well as helping the charity, leaving a donation can actually have tax benefits too. Your gift will be deducted from the value of your estate before inheritance tax is calculated and it can also reduce inheritance tax for your beneficiaries, if 10% or more of your estate is left to charity.
- Inspiring others: your generosity can encourage and inspire others and may even lead to more charitable giving.
Write your will for free
Writing a will doesn’t have to be a stressful or complicated process, and you can even do it for free through our partner, Octopus Legacy.
Whether you want to do it yourself online, face-to-face with a solicitor, or by telephone, there are plenty of options to choose what suits you best.
Whatever your wishes for the future, why not be proactive, get ‘write a will’ ticked off your to-do list, and give yourself that peace of mind.