There are many responsibilities which we, as human beings, overlook, for whatever reason, usually a lack of responsibility! But one vital responsibility that people in the UK tend to brush aside as something that isn’t necessary until you’re old and decrepit is making a will.
Seven out of 10 people who die in the UK do so having not made a will. Someone who dies without writing a will can leave a burden on their family and has a direct effect on loved ones as the distribution of assets will be delayed, which in turn can delay the funeral process, and in turn the process of letting a loved one go through grieving.
If you’re a single twenty something still living at home with student debts and no assets then there is no real necessity to make a will just yet, but if you have a mortgage, have savings, no matter how little, and especially if you have a civil partner or are married, it is essential to get your wills sorted.
Will writing isn’t as laborious or morbid a task as some people would think. It isn’t that expensive either. You will have to sit down and really think hard as to where you would like your assets to go when you die; this may be quite easy a decision if you are married and have children as most people will leave most of their estate to their wife or husband and/or children.
For those that aren’t aware exactly what is involved in making a will, I will break it down for you. Wills are legally binding documents that give clear and concise instructions as to where you would like each and every asset in your estate to go. Of course any debts and liabilities that you may have will be taken from your estate.
In England and Wales the legal age for making a will is 18, but in Scotland a will can be written for anybody who is 12 years of age and over, although why a 12 year old would find it necessary to make a will is beyond me, other than if he was heir to an oligarch.
Other than your estate, a will also contains concise instructions regarding other vital decisions that need to be made in the event of your death. These include who will be your executor (an individual who will take on administrative duties of your will); who you would like to act as guardian of your children if you have any; funeral details i.e. if you would like to be buried or cremated, what music you would like played and any other personal requirements including whether you would like to donate your body for medical research or purposes.
Your executor is a responsible job, so you should put a lot of thought into who you select to execute your will. The executor is responsible for making funeral arrangements, getting valuations for any fixed assets such as property, taking care of any debtors and other outstanding bills, declaring inheritance tax to the inland revenue, organising pension entitlements that may be passed down to the deceased’s partner and making sure assets within the will go to the desired recipients.
Wills are not a legal requirement but they really are a mark of responsibility, especially if you have a family.
Shaun Parker is a solicitor with many years of experience drafting wills. Find out more about wills at willdraftersdotcom
