Have you made a will? Did you know that half of Britons have not made a will, meaning they have no say in who their assets will be passed on to when they die – according to new figures from the charitable initiative Will Aid.
While young people are the least likely to have made a will, almost 1 in 5 (19%) of people aged 55 and over haven’t made a will either.
US founding father Benjamin Franklin quipped, in 1789, that “In this world, nothing can be said to be certain except death and taxes.”
Well, there’s never a bad time to start thinking seriously about how you can provide for your loved ones after you’re gone, as we all will one day. And it needn’t cost as much as some might think.
Every November Will Aid enables anyone, whatever their age, who wants to secure the financial future of their loved ones to make a basic will for a low price.
It’s a UK-wide scheme in which Will Aid enlists over 1000 solicitors to provide basic wills for a lot less than it would normally cost, waiving their fee but inviting their clients to make a donation to Will Aid, helping to fund life-changing charity work at the same time.
In theory it is free, as there is no set fee, but in practice Will Aid request a donation of £95 for a single will or £150 for a couple.
To register – fill out your details on the Will Aid website or call them on 0300 0300 013.
Why do I need a will?
- If you don’t leave a will, it’s up to the law to decide where your estate goes – and the results might not be what you would have wanted.
- With a will in place, it’s easier to sort things out at a time when your family doesn’t need any additional stress or hassle.
- It could help reduce the amount of Inheritance Tax liable on property and money in your estate.It ensures that the money you leave goes to the recipients who you feel need it or deserve it, especially those outside your family that others might not know about.
More useful information on Wills can be found on Money Advice Service’s pages.
(original post 26 Oct 2015, updated 25 Oct 2016)