In a recent article for the Financial Times Claer Barrett wrote about the importance of writing a will. She highlighted the astonishing fact that it is estimated that more than half of UK adults have not made a will. The results of not doing so can be unpleasant and dramatic as the new ITV drama Saving Alice may demonstrate.
Claer Barrett said that she had been advised by lawyers that January is traditionally a time when many resolve to make a will. The COVID-19 pandemic must also be a spur to getting this task done.
The process of writing a Will can still, for some people, conjure up images of intimidating and expensive lawyers.
In fact, writing a Will can nowadays be a simple, quick and inexpensive process. And it can be done on-line.
The penalties for not making a Will, or dying intestate, should be avoided. It is the descendants who suffer as they spend a lot of time and indeed money in sorting out the affairs of the deceased. A thankless task.
And because the deceased has not left instructions about what should be done with his possessions it is the Law and not the family who decide how assets should be distributed.
There are plenty of complications with intestacy. For instance, if someone is not married nor in a civil partnership, but just in a common law relationship and the partner dies intestate, the survivor is not entitled to any of the deceased’s estate unless property is jointly owned. This can be a fertile source of financially and emotionally draining argument amongst the descendants.
Partners can protect each other by simply both making a will.
In summary, it is just so much better for everybody, in all circumstances, whatever their marital status, to make a Will.
For more information, please visit our sister site Policy Direct.
Of course, another way of protecting your loved ones should the worst happen is to obtain quality life insurance. Pulse can assist people who are declined Life Insurance and other covers by other insurers.
For more information, please contact our team:
[email protected] or call the team on 01280 841430.