What’s the delay in making a Will: 5 reasons why people put it off

While most people understand the importance of making a Will, the National Wills Report 2023 found that 56% of adults have not made one. We ask ‘Why delay making a Will?’ and the 5 main reasons why people put off the task.

Having a Will is your opportunity to ensure that your estate passes to those whom you want to benefit from it in the future. As well as giving you peace of mind and ensuring your loved ones have the help you want them to have, it can also help prevent family disagreements from arising. Some of the main reasons why people don’t have a Will include:

1. They haven’t got around to it

This is a major reason for many of those without a Will. While they know they ought to, the delay in making a Will is because they haven’t taken the time to sit down and decide what provisions they want to make. There may also be an element of not wanting to think about such a difficult topic. However, once made, a Will gives peace of mind knowing that loved ones will be looked after in the future, should anything happen. Making a Will is not difficult.  A qualified Will writer will discuss everything with you and ensure that you wishes are clearly stated.  Then all you need to do is read, approve and sign the document in the presence of witnesses.

2. Few assets to leave

Even if you don’t feel that you have a sizeable estate, making a Will that leaves your possessions to your loved ones can be of comfort to them. They will know your wishes and that you were thinking of them. You can include other requests in your Will, such as what will happen to pets and who will receive personal items that are of sentimental value to you.

3. My partner will automatically inherit everything from me

Unless you have a Will, your estate will pass under the Rules of Intestacy. This does not mean that your spouse will necessarily inherit everything. If you live with a partner but are unmarried, they do not automatically inherit anything unless they are included in your Will. When making a Will, the Will writer will discuss how your assets can be passed on and what will happen to any property you own. If you own your home jointly with someone else, it is important to understand what will happen to it in the future. This is dependent on the type of joint ownership you have and the implications of each.  A qualified expert will discuss these implications with you and ensure you have the right structure in place.

4. Making a Will is expensive

In fact, making a professional legal Will is relatively inexpensive, when compared against potential future costs faced without one.   Making a Will is helpful in saving money later, particularly in avoiding disagreements and legal disputes.  Legal costs can reach considerable amounts. Your chosen Will writer can advise on structuring your estate more efficiently, ensuring that your assets are protected and passed on in the most effective way possible.

5. Children are not ready to inherit money

You may feel your children are not yet ready to manage an inheritance, due to financial immaturity. They might be facing divorce or bankruptcy, which could mean that some or all of the money is lost. There are ways of dealing with these issues. For example, a trustee could look after the money until your children reach a certain age. If you have concerns about how family members will deal with an inheritance, explain this to your Will writer.  They will be able to set out your options to ensure that the assets are safeguarded in the way that you want. Always speak to a professional Will writer who provides a regulated will making service when deciding to make a Will.

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