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.