According to research published in October 2017 there are currently 31,000,000 UK Adults who will die without a Will. From this data, only 16% of 18-34 year olds currently have a Will.
Yet, with society continuing to evolve, the importance of making a Will is still as important as it has ever been.
There are a number of reasons why 84% of 18-34 year olds have not consulted a Solicitor to make a Will. However, from a legal point of view these reasons can be questioned:
- They plan to make a Will when they’re older– It’s a matter of fact that we all do indeed get older with every second and step we take on this earth. What is also a matter of fact is that we have no idea when our last step will be and when our last second will be. We can’t plan for when we die, but by making a Will, we can make sure all our wishes are carried out correctly when we are gone.
- They don’t believe they have any estate/assets to make it worth writing a Will– Most of us have assets which we would like to leave to someone. This could be a particular heirloom that has been passed through the family or an amount sitting in savings. You can also choose a guardian to look after a child. A Will can provide clarity for your family and prevent stress and worry at an already difficult time.
- It has never occurred to them– Life’s busy and simple matters can be overlooked. In the short time it takes, by making a Will, you are creating a legal document setting out instructions for who will inherit your estate. This is particularly important if you are cohabiting with your partner.
- They can’t afford it– Cost is always a factor of buying behaviour. What most people don’t realise is that a single Will can be created from as little as £195 + VAT and £295 + VAT for a Mirror Will. It’s advisable you instruct a regulated Solicitor as you’ll have more rights than going with an unregulated business.
If you die without making a Will, the laws of Intestacy will apply and your estate will pass according to these fixed set of rules. This means your estate might not pass to beneficiaries the way you expect, or want.
The process of making a Will is quite simple and the most difficult part is deciding what you leave to who. At Spire Solicitors LLP our process is the following:
- After an initial enquiry, we will send you a simple Will Questionnaire which will enable you to answer some important questions in your own time before we start preparing your Will. To make it easier, this can be done by filling in an editable PDF.
- Once you’ve filled in the questionnaire and sent it back to us we will arrange an appointment for you to meet with one of our accredited lawyers.
- The meeting will provide an opportunity for you to ask any questions and for your lawyer to clarify any points from the information you provided. If necessary, they will give you advice on how you can protect your estate/assets further.
- After the meeting, your lawyer will start preparing a first draft of your Will. This will then be sent to you and you will need to check it expresses all your wishes correctly. You will be able to make further changes at this point should your circumstances have changed from the initial questionnaire.
- Once you’re fully satisfied with the Will, it will need to be signed by you in the presence of two witnesses. After this is done, your Will is now complete. You should review your Will if a significant life event occurs or at least every five years to check it still corresponds with your wishes.
For more information on making a Will, please feel free to call one of our offices, or email Wills@spiresolicitors.co.uk to make an appointment.