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Fiona Dodd, Partner at Mayo Wynne Baxter on the top five excuses people have for not making a Will. And her answers to counter those excuses…
“WHY I DO NOT NEED A WILL”
1“IT COSTS TOO MUCH” It’s hard to spend money when you are not buying something delicious, gorgeous, or immediately useful. However, spending a relatively small amount now will pay huge dividends later for your family. Think of your Will as an insurance policy. Most people pay a few hundred pounds for household insurance every year. The cost of a Will is like a single insurance premium which may not need to be renewed for many years depending on whether you decide to change your will or need to update it.
2“I WILL DO IT, JUST NOT YET…”
Fortunately – or unfortunately – most of us do not know when we will die. It is therefore only right to plan for the worst and hope for the best. Writing your Will can be quite daunting at first but updating it as time goes by is simpler. At Mayo Wynne Baxter, we try to make the process of writing your Will as easy as possible, and you may be surprised at just how enjoyable it is!
❛❛ Writing your Will can be quite daunting at first but updating it as time goes by is simpler ❜❜
❛❛ Think of your Will as an insurance policy ❜❜
3“I HAVEN’T GOT ANYTHING TO LEAVE”
Some people genuinely have very little, but for many others, pension policies, and more particularly life insurance can have a significant impact on the value of your estate.
Add up roughly the value of what you have. Maybe it’s more than you think. Even with very modest estates there is a certain amount of paperwork which must be sorted out in order get hold of the money or to claim under a forgotten life policy. Having a professionally drawn Will makes it easier for those left behind to sort everything out.
Similarly, you may not have much right now, but if you are due to inherit some money, or your circumstances may change, then you should consider making your Will.
4“IT WILL ALL GO TO MY FAMILY ANYWAY”
If you do not make a Will, the law will dictate how your estate is distributed. This may coincide with your wishes, but even if it does, the law often imposes unwanted limitations that can be removed or avoided with a well drafted Will. Do you have any children? If so, don’t you want to make sure there is someone to take care of them and put this in your Will? Do you have a business? Do you have business partners? Do you have an agreement about what will happen on your death? We can review if you have the correct arrangements in place so that the business can continue to provide for your family.
5“I’M SUPERSTITIOUS. IF I MAKE A WILL NOW, I MAY DIE SOON AFTER”
If I had a pound for every time I heard this, I’d be very wealthy. Seeing it written down makes it look daft, doesn’t it? Making a Will does not mean you will die sooner, it just means that when you do die, your wishes are clear, and your loved ones can deal with your estate more easily.
Considering your own death is not one of life’s pleasures, but your family and friends will at least have the comfort that you had the foresight to write a Will and make your passing easier for them to bear.
