Most people do not like to think about the consequences of their estate once they die. For someone who is in their 60s or 70s, such an issue would possibly be completely outside of their day-to-day thoughts.
However, it is not a good idea to avoid the subject of the will, as it is a vital document that is required to distribute your wealth in exact accordance to your wishes.
One way to think about it is this: How would you like for someone to gain access to your money, property and assets without your permission right now? How would you feel if the same happened upon your death?
According to statistics, more than 29.5 million Brits do not have a will, and other recent findings by Unbiased.co.uk showed that one in five will leave at least £10,000 in savings when they pass away. This indicates that there could be loads of cash that could potentially end up in the wrong hands, just because of a lack of a will.
It is highly likely that you will want your children or other close family members to gain benefit from your estate. Even if it means that you are making their retirement a bit more comfortable, you could still be missing out on an opportunity to help your loved ones.
For those who don’t have a will, one in ten haven’t even considered the importance of having one, and a further 10% believe that their possessions will go to the right people automatically. This however is not the case as your estate could be distributed by the rules of intestacy and you may risk your own wealth by not writing a will.
The good news is that as long as you are ready to write your will, there is a number of options available.
One of the cheapest options would be to get a DIY will kit. The kit will allow you to exactly stipulate what you are leaving and who the beneficiaries are, in an easy to read manner. This minimal investment is very worthwhile if you are not looking to put in a more substantial effort into making your will.
The next option would be to visit a lawyer and have them draw up one for you. The downside of this is that lawyers charge a substantial amount for their services and you may end up with a large bill, but this is a worthwhile option if you do not have the time to create a DIY will.
If you do go down the solicitor route, it would be a good idea to inquire their fixed rate prices for will-writing services and then shop around to find the best price.
Whichever option you choose, it is worth remembering that if there is one thing to not be compromising on is having the will in the first place. Whether you do it yourself or hire a solicitor, you need a physical document for your wishes to be carried out after your death.