{"id":26007,"date":"2021-07-17T05:34:45","date_gmt":"2021-07-17T05:34:45","guid":{"rendered":"https:\/\/www.outsourcedacc.co.uk\/?p=26007"},"modified":"2021-08-19T15:22:08","modified_gmt":"2021-08-19T15:22:08","slug":"wills-will-outlast-you","status":"publish","type":"post","link":"https:\/\/www.outsourcedacc.co.uk\/blog\/wills-will-outlast-you\/","title":{"rendered":"Wills will outlast you."},"content":{"rendered":"

Wills will outlast you.<\/u><\/em><\/strong> During the COVID-19 pandemic, an increasing number of people are finally getting Will writing off their To-Do list. Writing a Will is a task that most people know is important. We know that putting a Will in place saves our family and loved ones from a great deal of anxiety and trouble after you have passed away. There is never a situation where not having a Will is a better plan than having one.<\/p>\n

Am I too young?\u00a0<\/strong><\/p>\n

Over 60% of adults don\u2019t have a Will, and this is across the US, UK and Canada. This means one out of two adults is woefully underprepared for their own death! On a daily basis, not many of us like to think about our inevitable demise, it\u2019s morbid and something that most of us don\u2019t want to think about. Like going to the dentist or sitting an exam, there are some uncomfortable scenarios that we put off for as long as possible. Writing a Last Will and Testament should not be one of them. However, there comes a time when we need to face the cold hard reality that we won\u2019t live forever and you need to write a last will and testament. Granted, writing a Last Will and Testament isn\u2019t the most fun you can have, and when you\u2019re young there are a million and one exciting things you would rather do but it\u2019s really not such a long and laborious process as you might think. To help you see the benefits of having a Will we have outlined the reasons why you\u2019re (almost) never too young to write one.<\/p>\n

The Young Ones<\/strong><\/p>\n

In 2014 Rik Mayall, a star from the popular \u2018The Young Ones\u2019 TV series passed away unexpectedly\u00a0without leaving a Will<\/a>. This resulted in extra fees and expenses for his surviving family, never mind the added turmoil of not knowing how he would have liked his estate to be shared. But this happens all the time. If you took just musicians, you could form a supergroup of Prince, Jimi Hendrix, Amy Winehouse, Billy Holliday, Bob Marley, Barry White\u2026the list goes on. It is examples like this that remind us that death won\u2019t wait for us to have our affairs in order. Death also doesn\u2019t care if you\u2019re 21 or a ripe old 98 and that means you should be prepared. If you\u2019re under 18, don\u2019t worry about a Will just yet but once you are 18 or over, it is your responsibility to outline how you would like your assets to be distributed after death or that privilege will be taken from you. In England and Wales, if you die without a Will but are married or in a civil partnership (without children), everything goes to your spouse or partner. If you do have children, the division of assets becomes more complicated, and it depends on if the property was jointly held or not. For couples that simply live together, there is no entitlement under the current UK intestacy rules and to pursue a claim could involve costly legal action. If there are no surviving blood relatives at all, the whole estate goes to the Treasury.<\/p>\n

But I\u2019m not worth anything!<\/strong><\/p>\n

Traditionally Wills were both expensive and inconvenient to prepare. The process involved making an appointment with a solicitor, which would usually have to be coordinated with a spouse. Knowing that a simple change in your personal or financial circumstances would render the document out of date. As a result, people would write a last will and testament as a once-in-a-lifetime activity. Rather than preparing a document that is written and updated throughout your life. The thing is, you have absolutely no idea how much your estate will be worth when you die. The chances are you will not die today even if you write a Will. If you did die today, it may be as a result of an accident, somebody was negligent and is ordered to pay compensation to your estate. Your estate can easily be worth much more after you have died than it ever was when you were alive.<\/p>\n

Wills are not just for the wealthy<\/strong> You don\u2019t only\u00a0write a last will and testament if you are rich,\u00a0as it simply declares your wishes and provides instructions for your family. Even if you don\u2019t have many assets to bequest, a Will can outline the guardians for your children; set out health care wishes, and even disinherit people. Therefore, even if you\u2019re fairly young and healthy, you may want to consider putting together a Will if:<\/p>\n