Importance of Wills

wills1

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

 

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.

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    • 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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