How do we value our lives? What is it that we place the most importance on? For example, the average value of a small car in the UK last year was just over £12,000. The average car insurance for comprehensive cover is £480.00. The average house price according to Zoopla is £308,000. We spend on average £350.00 for buildings and contents insurance. We in the UK pay these bills often without question as they are important and rightly so. Yet we are so reluctant to pay money towards things that are just as important, but we avoid trying to save money. Two fifths of holiday makers leaving the UK will not have travel insurance, leaving their loved ones at home to try and raise money if problems arise. Yet the cost for holiday insurance is nominal. Research also shows two thirds of people in the UK do not have a legally valid will, meaning families are left fighting over the estate on death, or the estate does not pass to whom the deceased would have wished it to have gone too. We insure the house but so often do not prepare a will that will ensure the smooth transition of the house on our demise. We all make assumptions.
- My spouse will automatically inherit everything.
- My children’s god parents will look after them on my death.
- My children will all automatically inherit everything on my death.
- My life partner will inherit everything as we have been together for years.
None of the above are strictly true. If you die without a will, your spouse only automatically inherits the first £250,000 of the estate if you have children. The law does not recognise god parents; you need to appoint guardians in a will. Many people raise their partners children as their own, but the law does not recognise stepchildren. You need to name them in a will. The law does not recognise common law husband or wife on death for inheritance or taxes.
A single will costs as little as £130.00 and a will for a couple is as little as £210.00. This is not an annual fee. These are a one-off fee that protects the whole of your estate on death to ensure it goes to your loved ones or places that you have chosen. It is so much less then you spend on protecting something of much less value.
It is preferential for solicitors and probate companies to deal with people who do not have wills, as it creates problems which they can then charge significantly higher fees to deal with, all of which are removed by having a will in place.
Through a will you can ensure your share of the property you have invested so much time and money into will go to who you wish and not who the state dictates. You can protect your home to ensure it goes to your children regardless if you should die young and your partner re-marries later.
Making a will is a lot less painful than people imagine. People tell us they have not made a will as they cannot decide who they want as guardians. They have not made a will as they believe talking about something can make it happen. They have not made a will as they are not sure how to divide the estate as they each have children from separate relationships. All these reasons are given to us daily. My argument is if you cannot decide who the guardians will be, how do you think the state will fare? Social services will be responsible for making this decision on your behalf. The state may well choose someone who would be the last person on your list. You need to commit and decide. Talking about something does not make it happen. We have been dealing with difficult situations for over 20 years. We will give advice on how to deal with everything including children from other relationships.
Making a will is important, it is also very affordable in comparison to other things you pay to protect. Please, make the right decision for your loved ones and family and make a will.
To arrange your Will, contact Pembroke Will Writers today https://www.mjpconveyancing.com/Will.aspx