Research from the Law Society published last week has revealed that the majority of Britons have not yet written a Will. 73% of 16-54 year olds do not have a valid Will, and only 64% of people over the age of 55 have completed one.

The Law Society report that the most common reasons for people writing a Will are realising the negative consequences of not having one, and ‘feeling old enough’, and that almost half of people who draw up a will, do so for one of these reasons. Young people may not be compelled to write a Will, or have not considered it, while many people, young and old, do not feel they have assets that are worth writing a Will for.

Often people do not realise what happens to someone’s assets if they die intestate; many assume that they will automatically go to their children or spouses. Assets are shared by the rules of intestacy however, which may not be in accordance with the wishes of the deceased. Intestacy laws for example, do not recognise a ‘common-law’ spouse, so do not protect cohabiting partners.

Kerry Brundall, Solicitor in the Wills and Probate Department, based in Redcar, commented “Despite the recent changes to the Rules of Intestacy I strongly recommend that everyone should make a Will. It really is the only way to ensure that your estate is distributed as you would like”.

There may be unnecessary financial and legal complications for loved ones of those who die intestate, and problems to resolve after your death. When drafting a Will it is important to have the help of a qualified legal professional, which will ensure that it does not include anything that may become problematic in the future.

Source:
Law Society