No one ever wants to think about their own death but should this happen you want to rest easy that all of the arrangement with your estate and belongings are going directly to the people you want it to go to. Unfortunately if a Will has not been sorted prior to the unfortunate circumstances of an individual passing away, it can potentially cause a lot of family disputes after your passing.
A Will is a highly important document for an individual to hold so it is surprising to learn that over 56% of the United Kingdom adult population – equal to around 28m people – do not hold a valid Will. Without a Will the government will decide on your behalf where and whom your assets go to regardless of personal relationship and your wishes.
After spending your entire life building up your personal belongings and your estate, it is essential that you ensure it goes to the right people. Only 53% of married couples or couples in a civil partnership hold a valid and updated Will. Remember that if you have children, it is important to designate a guardian to take care of them rather than letting them going into social care. With this in mind only 30% of adults with dependent children have a valid Will.
Many people forget to update their Will with life changes and milestones including marriage, divorce, birth of children and even the death of family member in current Wills, Whitehead Monckton created this infographic to stress the importance of reviewing your Will every 5 years to ensure it is always up to date.
What a lot of people forgot about now and especially in the digital age is the leaving a digital legacy. A digital legacy includes anything like online accounts such as social media, online banking account, PayPal, eBay and even gambling online membership. Setting up a digital legacy within your Will, allows your beneficiary’s to gain access any of your digital assets.
Wills are a very important document and can often be overlooked for its importance. With the general perception being that a Will is something you set up when you’re older, the vast majority of today’s young population do not give a Will a second thought.
Whitehead Monckton Will and Probate Lawyers are an accredited member of the Law Society’s Wills and Inheritance Quality Scheme (WIQS). Focusing on providing friendly customer service and professional Will advice, Whitehead Monckton work with charities and Will Aid annually to ensure everyone has a chance of holding a valid Will. Infographic designed by Reflect Digital