The importance of writing a will

A survey conducted by Canada Life has revealed that half of UK adults do not have a will.

A will plays a fundamental role in ensuring your wishes are honoured and your loved ones are taken care of when you're no longer around. Without one, the distribution of your assets and estate can become a complex and potentially contentious process.

So why don’t more people spend time on creating this important document? The research, based on 2,000 UK adults, highlights various reasons for this, with some startling statistics to ponder:

1. One in three (33%) of adults aged 55 and over do not have a will in place, potentially leaving their assets and affairs in disarray.
2. Scotland stood out as the region with the highest proportion of people without a will, where a staggering 64% have not made this essential legal provision.
3. The belief that they do not have enough assets or wealth to warrant making a will (24%) and the belief that loved ones will automatically inherit their wealth regardless (17%) were the top two reasons for not having a will.
4. Other reasons included not being able to afford to make one (15%), the belief that they have plenty of time to make one (15%), and not knowing how to write a will (14%).
5. Shockingly, one in seven (13%) do not want to think or talk about death - a reason that lands outside the top five, but remains a significant barrier.

Making a will shouldn’t be a challenging process

It’s a vital step that everyone should consider, regardless of age or perceived wealth. Here's why:

1. Protect your loved ones: At a time when they may already be vulnerable and struggling to cope with your loss, the absence of a will can lead to legal complications, financial stress, and emotional turmoil.
2. Ensure your assets are handled as you wish: A will allows you to specify exactly how you want your assets and possessions to be distributed. This ensures that your estate is divided up according to your wishes, rather than being subject to default legal rules.
3. Financial and digital assets: In the modern age, it's not just physical assets that matter. Digital assets such as social media accounts hold significant value. A will can help outline how these assets should be managed, ensuring they don't get lost in the digital realm.
4. Reduce stress and paperwork: Over a quarter (28%) of UK adults worry about leaving their loved ones with lots of paperwork when they don't have a will. Writing a will simplifies the process for your family, reducing their stress during an already difficult time.
5. Promote open discussions: Half of Brits have never discussed making a will, but open conversations about end-of-life planning can be crucial. Discussing your will with your family can help clarify your intentions and prevent misunderstandings or disputes later on.
6. Choose executors and guardians: A will allows you to appoint executors who will oversee the distribution of your assets and guardians for your minor children. Without a will, these decisions may be left to the courts.

Writing a will is a vital step to secure your legacy, protect your loved ones, and ensure your assets are distributed as you wish. Regardless of your age or perceived wealth, making a will should be on your to-do list.

So don't let misconceptions, financial concerns, or procrastination prevent you from taking this essential step in safeguarding your family's future. Writing a will is not just about wealth; it's about leaving a legacy that reflects your values and provides peace of mind to those you care about.

Please get in touch if you’d like to discuss this.

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