Importance of Wills

wills1

More than 2/3 of UK nationals do not have a will. Only 3 in 10 people have a will.

In 2009 the treasury gained £76m from people who died without making a will and in 2010 gained £53m.

It’s interesting what can be stated as an asset or inheritance in a will.

From online account passwords, furniture, shoes, clothes, heirlooms, photographs etc.

Making a will is important because it clearly states who your beneficiaries are and what they are entitled to. It’s a secure method to make sure your possessions go to the right people.

Some people tend to postpone or not make wills at all based on a number of factors.

  • Some feel like they do not have enough wealth.
  • It’s hard to understand the precedents, jargons and terminologies.
  • Making a will means they are about to die.

Mentioned in my earlier post on ‘Types of Wills’, you can write your own will, or use/buy a template online but it’s worth having a solicitor go over it with you to make sure it is a valid will.

“One I saw only had room for one witness signature – it has to be two. Another client I had wanted to leave all his golf clubs to his best friend, but his best friend was the witness – which means that was invalid – he could never get his golf clubs.” – Solicitor.

It is important to make a digital asset management plan and include your digital assets to your will.

Social media accounts, Online banking accounts, digital financial information, photographs and deeds to properties are all examples of digital assets.

At PlannedDeparture we offer online storage of all your digital assets.

To get started sign up for a free trial today.

Image Source: http://www.rqpartners.ca/wp-content/uploads/2012/06/wills1.png

 

Author: Planned Departure

Living and working in this digital era, our social media accounts – from Facebook, Twitter, Flickr to the likes of Pinterest – are increasing not only in number but also in volume. Additionally, many of us have domain names registered and libraries of movies, digital music and e-Books that can be of significant value. And let's not forget about Bitcoin and other virtual currencies! For the majority of us, these accounts and digital assets are likely to outlive us. And when we die, it is left up to family members and estate executors to sift through them all. Furthermore, even though they may have all the required passwords necessary for these accounts, many heirs will discover that they have no clear authority to access, or even to manage, the online accounts of their deceased loved ones. With the value of individuals' digital assets globally measured in the hundreds of billions of dollars, planning for the protection of our digital assets has moved to centre stage. It is essential that our online and social media accounts are included as part of the estate planning process. Failure to do so may not only deprive those we leave behind of fond memories and (possibly) a little nest egg, it could also leave us vulnerable to postmortem identity theft if fraudsters get to use our personal details to apply for credit facilities whilst our accounts remain unguarded. Planned Departure resolves these issues. We provide you with the ability not only to protect your digital assets, but also to clearly indicate who can access your online accounts and who should benefit from them. Create piece of mind today by registering with us in one quick and easy process.

2 thoughts on “Importance of Wills”

  1. I think people have a perception that they need to be on their death bed before setting up a will. Your figures prove that there is a need to make arrangements earlier in life.

    Like

    1. Thanks for sharing your thoughts. It is important to plan well and make arrangements for all the important assets in life. These assets can be physical as well as virtual. Our digital footprint is getting bigger but we are not thinking about its impact.

      Like

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