66% of over 50’s have no will 66% of over 50’S have no will Have you made a will, have your friends? According to a BBC article only three in 10 people in the UK have a will. Last year the Treasury gained £53m from people who died intestate – without a will. The year before it was £76m. And yet the fractured nature of modern families and an increasingly litigious society means making a will has never been so important. Illustrated in this article are a few options and resources to illustrate some of the options, perhaps the best advice is whichever route you adopt is to ‘crack on with it’ as most of us keep delaying the process. Why do we require a will? Sounds obvious but the purpose of a will is to legally inform your next of kin or recipients of your will who receives what from your Estate (home, assets, possessions etc) if you die intestate the law decides who receive what (see this article Intestacy – who inherits if someone dies without a will?) A will can assist in reducing the Inheritance Tax that may be due on the value of your Estate, when you die your next of kin knowing you have an up-to-date will can alleviate a little stress in a difficult time. The will may also ensure there are no family fall-outs or incorrect claims on your estate. Writing a will is especially important if you want to leave something to friends outside your normal benefactors -the family. If your spouse or family are reliant on money to live a will can assist the speedy dispersion of your funds/Estate. Will fact A will or testament Though history it has been understood that a “will” was historically limited to your property/home while “testament” applies only to personal property records show that the terms have been used interchangeably. How do I go about writing a will Nowadays we have a wide choice of options to write a will, ranging from DIY will kits to full assistance of a legal professional. Whichever route is selected the important point is it must be legally correct. The amount of assistance or route you adopt may well have to do with the complexity of your situation or perhaps the value of your estate. A few good sources of information to assist in the process can be accessed via your local library or the internet. https://www.citizensadvice.org.uk/relationships/death-and-wills/wills/ https://www.gov.uk/make-will/overview Some of the levels of assistance you can opt for are listed below (please note many more are available) A free will writing service is available from Cancer Research UK Over-55s can get a free simple will drawn up from new or updated via the Cancer Research UK Free Will Service. • For Over 55s • Available nationwide • Donation asked for but not required. • Who will write your will? Your choice of solicitor or template checked You select your own choice of solicitor and mention the Cancer Research UK Free Will Service. The Cancer Research UK Free Will Service is free, however do consider making a bequest in your will to Cancer Research UK. Saga has a Wills & Estate Planning Service offering a fixed fee will writing for people aged 50 or over. Services differ, depending on the complexity of your will. Prices start at £99 (inc VAT) for a simple, single will drawn up by a solicitor (£186.25 for joint wills). If you want a more complex will, call Saga for a price quote. • For over 50s • Available in England and Wales • Who writes the will? Solicitor • Saga customers receive a discount. Which? have an online will-writing service • Costs: Single £109, Joint £179 (discounts often available) • No age restrictions • Available UK • Who writes the will? Template checked For assistance in locating a local solicitor check the database of the Law Society Another useful resource may be Solicitors for the Elderly contact @the-boomers.com THE SMALL PRINT We hope you are enjoying the site, please note The –Boomers site has been prepared solely for information purposes. Users are advised to seek independent financial advice or in the case of health related content –consult your GP or medical professional. All information, opinions expressed on the The-Boomers are current as of the date of publication, but may become out of date over time. No liability and/or guarantee of performance is accepted or offered. The opinions expressed in The-Boomers do not constitute investment advice or health advice or any other form of advice; independent advice should be sought where appropriate. Articles are supplied strictly without accepting any liability, responsibility or duty of care for their services, content, or links to other subsequent related or unrelated material. The Site contains general information only and does not take into account the individual health issues /objectives or the individual financial situation/objectives or needs of a person or persons. Please see our Terms & Conditions for further information.
