Table of Contents
How to make a will: find out below how to ensure it is valid and reflects your wishes
Two in five young adults “don’t see the point” of making a will, risking legal complications and costly inheritance disputes as their generation ages, a new study reveals.
Many people are also misinformed when it comes to the practicalities: a significant number of people believe they can just email a loved one with their wishes.
Others mistakenly believe they can sign their will electronically, the survey found.
A large group of young adults are hoping to inherit from their parents, but do not believe they will be able to pass on their assets themselves, according to research by Lime Solicitors.
Andrew Wilkinson, head of inheritance disputes at the law firm, says the figures show there is a generation gap in will-writing.
“It is worrying to see a significant decline in the number of young people hoping to leave a legacy,” he added.
‘This change could affect the distribution of wealth between generations, leading to potential financial instability for future families.’
Lime research found that 38 percent of Gen Z (ages 16 to 26), 42 percent of millennials (ages 27 to 42), 19 percent of Gen X (ages 43 to 58) and 8 percent of baby boomers (ages 59 to 77) don’t see the point in making a will.
Meanwhile, 56 percent of respondents overall mistakenly believe they can sign their will electronically.
Lime says: ‘While the Law Commission is looking at reform in this area, at the moment the law still states that while a person can give instructions for their will online or over the telephone, for a will to be valid it must still be a physical document with a wet ink signature.’
The gov.uk site explains How to make sure your will is legal hereand see below for more information on how to do so.
Lime also found that 41 percent of millennials mistakenly believe they don’t need a will because their family already knows their wishes, compared to 15 percent of baby boomers. In the spring of this year, it surveyed 1,000 adults.
If you die intestate, there is a set order of who inherits, which may not be in line with your wishes and could cause a family breakdown.
In England, spouses and civil partners receive the personal property, the first £322,000 of the estate (i.e. all of it if it is less than that amount) plus half of any remaining estate above that amount.
If there is a surviving spouse, the children inherit equal shares of half of the estate exceeding £322,000.
When there is no spouse, the children or their descendants if they have already died, inherit the assets in equal parts.
If there are no children, other family members They inherit in strict order depending on their relationship to the deceased. Ultimately, the Crown inherits the estate.
Find out what you inherit If someone dies intestate elsewhere in the UK here.
How to make a will?
Our resident tax expert, Heather Rogers, founder and owner of Aston Accountancy, explained how to ensure your will is valid and reflects your wishes to a reader who was concerned about getting it right.
She recommends hiring a lawyer to draft your will, although there are other options.
Believe it or not, the will writing industry is NOT regulated, writes Heather Rogers.
Can:
– Write one yourself
– Use a will writing service
– Use a lawyer.
In my opinion, the only way to ensure good protection is to use a solicitor, as solicitors are regulated by the Solicitors Regulation Authority.
There are some professional will writing services and some use lawyers to review the wills they draft.
However, many do not, and their executors may have no recourse if things go wrong after their death as a result of a poorly drafted will and bad advice.
Everyone should have a will, and if your circumstances change, you will need to review it.
For example, you must do this if you get married (your will usually ceases to be valid when you get married) or divorced, receive an inheritance, buy new assets, or a beneficiary dies.
It is best to review your will even if no changes are made, to ensure that no legislative changes affect it.
A good local solicitor will be happy to visit you at home if you have health problems. A simple will usually costs around £200 plus VAT if you use a solicitor. More complex wills cost more. In the meantime, your solicitor will usually keep a copy of your will free of charge.
SAVE MONEY, EARN MONEY
Boosting investment
Boosting investment
5.09% cash for Isa investors
Cash Isa at 5.17%
Cash Isa at 5.17%
Includes 0.88% bonus for one year
Free stock offer
Free stock offer
No account fees and free stock trading
5.78% savings
5.78% savings
You have 365 days’ notice
Fiber broadband
Fiber broadband
BT £50 Reward Card: £30.99 for 24 months
Affiliate links: If you purchase a product This is Money may earn a commission. These offers are chosen by our editorial team as we believe they are worth highlighting. This does not affect our editorial independence.
Some links in this article may be affiliate links. If you click on them we may earn a small commission. This helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationships to affect our editorial independence.
