Thinking about making a wills
Thursday, February 19th, 2009
Why do over two thirds of us die without ever making a Will? Maybe the thought of dying is something most of us would rather not think about.
I recently heard on my local BBC radio station that whether you are well off or just an average ‘Joe’ you should have a Will, in fact the comment was, ‘can you afford not to?. I didn’t realise the amount of distress not having a Will could cause, and then again I didn’t realise that being able to find the Will was equally as important – obvious really!
Can I afford not to? Well maybe not when I look at the potential ramifications if I haven’t written my Will. I need now to bear in mind that I have a perception that this vital document will cost me an untold amount of money to write, again another misconception. I have trawled 3 local solicitors in my area which I found via Certainty.co.uk and have come back with an average cost for my particular circumstances of £120 plus a small charge to write and register my Will.
Writing a Will in short enables me to decide exactly what is to happen to my estate on my death. Without a Will the intestacy rules apply which can lead to big problems when you’re 6ft under.
I have pondered on who should be my executors, maybe for too long, it’s relatively simple, it’s a relative! I have pondered on how I mitigate my tax liability through writing a Will, if it’s not clear now it may never be so I need to take advice, but much more importantly just write my Will. Mitigation is one thing but a big loss to the taxman is totally different because I don’t have a Will.
I dread thinking about my funeral, and then I don’t, do I want to be buried or cremated? Maybe a cremation to avoid an outdoor rainy day in Blighty, plus I can get my favorite song played indoors. Again a two-minute thing to think about!
I suppose removing the dreadful thought that I’m not here forever and knowing that by making a Will I’m taking care of my loved ones is key to me now. When I then consider it’s an hour or two of my time and £120 or so then more fool me for not making my Will sooner.
