Hodge Jones & Allen

Can I really put off writing a will until after I retire?

By: Alex Hulbert, Trainee Solicitor - Private Client team

26th January 2012

 

There’s no rush to make a will, death is such a gloomy topic, and there’ll be plenty of time to sort out all that paperwork when I retire. In any case, if I do one now, I’ll only need to change it in a few years when I have children or buy a house. Sound familiar?

 

It’s all well and good us probate lawyers quoting Law Society statistics that one third of people who die in the UK each year die intestate, i.e. without a will. In real numbers, that approximates to 165,000 people dying without a will each year.

 

However making a will is one of those pieces of paper worth considering. And as we are still at the beginning of the year, with New Year’s resolutions to get your life in order still in tact (right?), there’s no better time!

 

An estate where the deceased has not left a will is dealt with by the Intestacy Rules. These rules are fixed and inflexible, but how will they affect me, you ask?

 

If you are currently in a stable, cohabiting relationship, but you and your partner are not married or in a civil partnership then your partner will inherit nothing. If you are married then your partner will only inherit up to a fixed amount (currently £250,000) with any remainder passing to your children.

 

These rules do not accurately reflect the wishes of most testators (a person who has written a will), who may wish to provide for a range of members of their family, charities or others in their will in the proportions that they have decided.

 

Here are 10 reasons I’ve come up with as to why many are not in any hurry to make a will:

1. I can’t face the reality that one day I’ll die;
2. Life’s too good right now, I simply don’t want to even talk about death;
3. I don’t own a house or have any savings so there’s nothing to put in a will;
4. I’m simply not ready to die yet, but I intend to write a will later on;
5. I don’t have any dependants;
6. I’m married so my estate will automatically go to my spouse without a will;
7. I can’t face going to a solicitor - wills are expensive;
8. I’m simply too busy…it’s been on my ‘To-Do’ list for a while … and I’ll do it soon;
9. My life is very complicated and it will hurt to unravel it all;
10. Why should I care about what happens after I die?

Some are perfectly valid reasons, for now. However, some of these may hit a chord and you may want to explore the options further.

 

“So I need a will, but I don’t really need the advice that goes with it - I’ll go online and do it myself.”

 

With good advice, most people find that their wills can be drafted in a manner so as to reduce their estate’s exposure to Inheritance Tax. With property prices rising year on year, many long-term home owners don’t even know the true value of their estate and you may have topped the threshold a long time ago. Why should you pass on more to the tax man than you need to? You also know that if a will has been done professionally, it is valid and it will be safely stored.

 

To make a will at Hodge Jones & Allen you simply attend a meeting with one of our lawyers to complete a questionnaire and then return a few days later to approve and sign the will. There is a small charge however many people consider this a price worth paying for the peace of mind that their affairs are in order and that their loved ones have been securely and clearly provided for once they die.

 

If you would like to contact us to discuss making or reviewing a will, or any other private concerns, including dealing with probate, a Court of Protection order and a lasting power of attorney, then please get in touch with a member of the Private Client team at Hodge Jones & Allen.  We can often arrange a visit to come and see you if that will make things easier.

 

 

Alex Hulbert is a second year trainee solicitor at Hodge Jones & Allen. Each year the firm accepts up to ten new trainees from many hundreds of applications. The trainees sit four seats (areas of law), working on real cases, under close supervision from partners. Seats are from teams across the firm, usually over a two year period. Trainees are encouraged to write articles on the law they are practising, and get involved in many other creative ways.