“Everyone needs and should have a Will”, I’ve heard this so many times over the years that it now just seems to be an accepted fact. But yet only three out of ten of us actually have a Will. So perhaps not everyone does need a Will; after all so many, can’t be wrong, can they?
Ok, cards on the table I’m guilty of saying that we all should have a Will and in an ideal world, we all would. But life’s not like that and as much as having a Will in place is obviously sensible, it is true that quite a large section of the public don’t really need one.
Single, no relationship, no cash or property
Most have been in this situation at some point in our lives. And it is logical that if we don’t own anything and don’t have anyone to pass it onto we don’t need a piece of paper saying where it should go. Many young people fall into this category and so unsurprisingly the vast majority of young adults don’t bother with a Will. Still, if you have personal belongings that you want to pass to family members then it is worth drawing up a very basic Will.
Married, no children, no property, savings under £10,000
Another quite large section of society is married, rent and have few savings. For them, not having a Will in place should not cause too much heart-ache. Probate (the process of administering an Estate) shouldn’t be required and provided it can be quickly established that no Will exists, the spouse should receive their widow’s money quite easily. Especially, if the assets are held in a joint account.
The ‘I Don’t Care’ People
If you don’t care what happens when you die to those left behind then you don’t need a Will. Fortunately, few of us really don’t care what happens to loved ones. If you have money, property and a family, then by putting at least a basic Will in place you are showing how much you care about their future, when you are no longer around.
So there you have it, its true not everyone needs a Will if they are in the above categories. Are you? If you are then don’t let me or anyone else preach to you that you need a Will, you don’t. If though you are one of the very many who don’t fit that mould then make sure you put at least the basics in place. But also remember, that a Will can be used to protect your legacy for the future of your children and their descendants. The important thing is to get the best advice.
If you aren’t someone who doesn’t need a Will and you would like to learn more about how to get the basics in place, you can book a Free 30-minute Estate Planning Call by clicking on the link below and going through to my diary service.