Have you written a Will?
Increasingly, the general population are finding that the answer to that question is no.
While we cannot resolve a nationwide crisis, we are keen to protect the people of Essex from what is being referred to as the inheritance time bomb.
Understanding the value of a well-written Will is vital if you want to protect your loved ones from further challenges when handling your estate.
Why are so many people not writing Wills?
There are a number of factors that are causing people to not bother with writing a Will, but one that seems to be dominant is a sense that there is no point.
The cost of living crisis is increasingly leaving young people with very little that they feel needs to be passed on to loved ones.
However, the trend away from writing Wills is not just isolated to the young and disenfranchised. Recent research determined that around 40 per cent of people over 55 have “never really thought about” writing a Will.
For older adults, there seems to be a mixture of concerns around the cost of Wills and experiences of poorly written Wills causing more conflict than they resolve.
Unfortunately, these issues can compound with each other as many people are opting to create DIY Wills, often with the help of AI, thinking they are a cheaper option.
While that might save an upfront cost, the extra emotional burden they place on beneficiaries cannot be understated if they fail to properly handle a person’s estate.
What can be done to tackle the inheritance time bomb?
If fewer people are writing Wills then it means that more estates will fall under the rules of intestacy.
This can be fine for married couples with simple estates who are content for the Crown to handle matters, but will clash with more diverse family structures.
Under the rules of intestacy, the first £322,000 of your estate will pass automatically to a married spouse who will then inherit half of the amount above that figure.
Your biological children will receive an equal split of the half not inherited by your spouse.
However, if you are unmarried and have no blood relatives, your entire estate passes to the Crown.
This will be the case even if you live with a long-term partner, potentially even helping to raise their biological children.
While increasingly common, these family structures are not served by the rules of intestacy meaning your loved ones will receive no inheritance at all.
At Palmers, we want to educate the people of Essex on the importance of having a well-written Will.
The best way that we can do that is by helping you create one that captures your wishes and helps your loved ones to manage your estate after you have gone.
Every estate is unique, so seeking professional legal guidance will ensure that everything is covered.
The inheritance time bomb is ticking as more loved ones face missing out due to the rules of intestacy.
We want to defuse the situation and give everyone control over their legacies. Speak to our team for help and guidance writing a Will you can trust.
