November is UK Will Aid Month. Dedicated to helping raise awareness of the importance of an up-to-date will, at Globe IFA we fully understand the importance of this legal document, both for individuals and their loved ones.
Figures on the number of UK adults who currently hold an up-to-date will vary.
An FTAdviser report from April this year suggests that half of UK adults are currently without a will. Today’s Wills and Probate, meanwhile, suggested in February 2023 that the figure could be as high as 65%, although it acknowledged that the likelihood of an individual having a will in place increased with age.
Keep reading for three key reasons why an up-to-date will is so important. And how Globe’s partnership with Penrose Wills can help to make the process of putting one in place easier for you.
3 important reasons to put a will in place now
1. A will is vital to ensuring that your wishes are known
Writing a will is the simplest way to ensure that your wishes are understood. Your wealth was hard-earned, and it’s only right you pass it on how you wish. But remember that communicating these wishes is important too.
The coronavirus pandemic saw a surge in will disputes. While on occasion these might be unavoidable, you’ll often find that sitting down and talking to affected parties is the best way to explain your thought process and quash any ill feeling, long before any disagreements become an issue.
Writing your will could mean thinking seriously about your mortality for the first time. Penrose Wills are experts, there to help you with every step, and can split your assets exactly as you wish, sub-dividing or adding caveats as you see fit.
2. Without a will in place, your estate will be subject to the rules of intestacy
If you die without a will in place, you won’t have any control over how your wealth is distributed, even if your wishes were “known”. Instead, your estate will be subject to the laws of intestacy.
These rules provide an ordered list of potential recipients of your wealth, beginning with a spouse or civil partner and moving down through your children to distant relatives. Unmarried partners and stepchildren or foster children will not be included.
The rules mean that there is no guarantee your money will go where you want it to. This could lead to huge issues for the loved ones you leave behind. And yet, it is an issue for many bereaved families in the UK each year.
According to the Exizent 2023 Bereavement Index, around 1 in 5 bereaved individuals find themselves tasked with administrating the estate of a loved one who has died intestate.
This is a huge responsibility and a lot of added stress to take on at an already difficult time.
3. Having a will in place can severely reduce the stress felt by grieving loved ones
Sitting down to think about, and talk through, your wishes can be a rewarding and cathartic experience. But more than that, it will give you peace of mind that your affairs are in order and a sense of control over an unknowable future.
With an up-to-date will in place, you can relax and get on with the important job of enjoying yourself. You’ll also know that you’ve saved your loved ones undue stress and worry.
The 2023 Bereavement Index found that 62% of bereaved individuals said the process of administrating an estate took longer than expected. Not only that, but a massive 76% of legal professionals told the survey that the probate process is slow and complicated.
Putting a will in place, and keeping it up to date, is one simple thing you can do to speed up and simplify the process for your family.
Globe IFA’s partnership with Penrose Wills could help you now
At Globe IFA, we have teamed up with Penrose Wills to help make your task of setting up and maintaining a valid will that much easier.
Penrose Wills makes the process of setting up your will hassle-free and managing director, Jamie Howell, is always on hand to help.
Their expert team can visit you in your own home or arrange a telephone or video appointment with you at a time that suits you, including in the evening or on weekends.
With a Penrose Wills professional guiding you through the process from start to finish, you’ll have peace of mind that your will is being managed by a qualified legal professional and that your wishes will be understood.
They can also help you to keep your will up to date if life events change your priorities, ensuring that the document always aligns with your wishes.
Get in touch
Making sure that you have a will in place and that your affairs are in order can provide peace of mind for you and your loved ones. If you would like to talk about putting a will in place, or you have any questions about your wider estate planning, get in touch now.
Please email hello@globeifa.co.uk or call us on 020 8891 0711 to discuss how Globe IFA’s expert financial advisors can help you.
Please note
The Financial Conduct Authority does not regulate estate planning, tax planning or will writing.
