Wills Aren't Just for the Wealthy: Why You Still Need One
Think wills are only for homeowners or high earners? Discover why writing one matters no matter your income or assets.
If you believe wills are only for the fabulously wealthy or those with sprawling country estates, it’s time for a rethink. A will isn't just about distributing wealth; it's about making sure your wishes are respected and your loved ones are protected, regardless of the size of your bank account.
The Current Landscape: A Nation Unprepared
Recent statistics reveal a concerning trend: around two-thirds of UK adults do not have a valid, up-to-date will. This lack of preparation can lead to unintended complications, delays, and significant stress for those left behind.
Why a Will Matters (Even Without Significant Assets)
1. Protecting Your Loved Ones
Without a will, the distribution of your estate follows strict intestacy rules. It’s a bit like letting the government decide who gets your favourite armchair – a prospect that should worry anyone. This can result in:
- Your estate not going to the people you would have chosen.
- Significant delays in the distribution process.
- Potential, and entirely avoidable, disputes among family members.
2. Appointing Guardians for Children
If you're a parent of minor children, a will is the only way to formally appoint the guardians you trust to care for them. Without this designation, the courts will make this crucial decision on your behalf.
3. Expressing Personal Wishes
Beyond your assets, a will allows you to:
- Specify funeral arrangements (and ensure no one plays that one song you can't stand).
- Leave sentimental items, like that armchair, to specific individuals.
- Make donations to charities you support.
The Financial Implications of Dying Intestate
Dying without a will (intestate) can be surprisingly costly. The average cost of dying in the UK has risen to £9,797, covering everything from funeral expenses to professional fees. A sizeable portion of this often goes towards legal costs to navigate the complex process.
A proper estate plan can save your family from spending thousands of pounds on a solicitor, as it ensures your loved ones know what to do and where to find everything. Without a clear directive, these expenses can escalate very quickly, especially as many high-street solicitors charge by the hour. This financial burden arrives at what is already a very difficult time. I really don't advise it.
Modern Solutions: Making Estate Planning Accessible
We recognise that many people face a difficult choice: spend a large sum on estate planning now or leave their families to face even greater costs and stress later. Faced with this dilemma, it's understandable why many choose to delay. This delay, however, often results in the latter and more difficult outcome for your family.
At Legacy Bridge, we built a better way. Our subscription-based solutions help you organise your affairs today and keep everything updated as your life evolves. At the heart of our service is LifeFolio™, your secure digital vault for everything that matters. For just £2.99 a month, LifeFolio™ empowers you to take control:
- Organise Your Finances: Track what you own and owe, so nothing is lost (don't contribute to the 90-billion-pound lost inheritance stats). In the age of AI, your children will need all the help they can get from you.
- Maximise Your Wealth Transfer: Get a personalised financial plan to reduce your inheritance tax and minimise probate amount.
- Store Your Sentitive Data: Securely store critical documents like property deeds and insurance policies in one central place, so your loved ones don't have to search through drawers and filing cabinets.
- Share it: Grant trusted individuals access to specific information now or when the time comes. This feature allows you to have both the privacy and the peace of mind.
Moreover, LifeFolio™ subscribers get exclusive access to create legal documents at a fraction of the traditional cost. For example, you can create an professionally-reviewed, legally binding will (and a letter of wishes, if needed) for only £60.
Take Action Today
Planning for the inevitable might not be your first choice for a Friday night, but it is one of the most considerate things you can do for the people you love. Give your loved ones the gift of clarity and peace of mind. Get started today.
This article is for informational purposes only and does not constitute legal advice.
