No Will.

At a time when the newspapers buzz with austerity measures and belt tightening, it might come as no surprise to find that recent research indicates that over half the population has no will.  But then, as a population, we are supposedly becoming more financially aware, particularly as over the last quarter of a century, house ownership has continued to increase, along with house values, meaning that the consequences of dying without making a will can have serious financial implications for ones heirs, particularly from a taxation point of view.

The research, which was carried out by Standard Life, found that nearly two thirds (60%) of 35-44 year olds did not have a will whilst two fifths (38%) of 45-54 year olds, a third (32%) of 55-64 year olds and more than a fifth (22%) of over 65 year olds were also without a will.

Interestingly enough, the main reason given for not having a will by those who took part in the survey, was simply not having enough time or getting around to doing it.

The research also found that nearly a third of those who did have a will had not renewed it in the past 3-7 years, with 1 in 10 not having reviewed their will in over a decade, despite changes to the Inheritance Tax rules being introduced in 2006 and 2007.

When considering whether you should make a will, there are various issues to consider, not only the additional potential burden and stress put on grieving family members, but also the additional costs and legal fees in untangling estates and potentially incurring higher inheritance tax bills.

When weighing these issues against the actual cost, both in time and money, of visiting a qualified lawyer and getting a properly executed will, it seems like a relatively straightforward decision.

If you would like to talk to FDC Law about either making or updating a will, then get in touch with us for an initial, no obligation, chat about how the process works.

FREBA (Frome Rotary Education Business Alliance)

Last month, FDC Law took part in a mock interview day at Frome Community College. Brian Noctor spent a day at the College taking part in student interviews together with the Store Manager from Asda in Frome.

The event was organised by FREBA (Frome Rotary Education Business Alliance), an informal alliance between education, in the form of Frome Community College, and local businesses, with Frome Rotary Club in a facilitator role.

Frome Rotary Club works with Frome Community College to promote business links within the area and, specifically, in trying to provide work experience placements for the students and to give them a glimpse of a real business environment through mock interviews and work experience.

In March 2010, the 350 students in Year 10 were invited to submit job applications and from these 100 students were selected for interview. Students were interviewed by panels of 2 interviewees made up of local employers.

Each student underwent a 50 minute interview followed immediately by a feedback session in which they were able to discuss their reactions and feelings towards the interviews.

It was a very worthwhile and enjoyable day and really encouraging to see how positively the students engaged with the programme. It was also clearly evident that each of the students benefitted from the experience which, hopefully, will help to equip them to deal with their real life interviews in the not too distant future.

At FDC Law, we have always recognised the importance of engaging with local school groups and over the years have given work experience places to students at schools in both Frome and Midsomer Norton and university students from the local area who are looking to work within the legal sector. In 2011, we have already confirmed work experience placements to 3 students over the summer months.

Hopefully, the mock interview programme will continue over forthcoming years as this is a very worthwhile addition to the students’ educational programme, particularly for those that may be entering the jobs market in an uncertain economy.