In an annually published report by Kings Court Trust, it has been confirmed that only approximately 45% of the adult population in the UK have a Will. While this is an increase of 6% compared to last year’s figures, it still means that over half of adults do not have their wishes recorded.
It is a common misconception that Wills are for the elderly, but in fact as soon as you have an asset, such as a house, then you should consider writing a Will. Further, only 26% of adults who have children under the age of 4 years old have Wills. This means that the remaining 74% have not specified who they would like to look after their young children in the event of their death. This is an important decision which can be included in your Will to ensure your wishes are followed.
As times change, it is becoming more common for people to have multiple marriages but it is not widely known that getting married revokes a Will and a new one is then required. While second and third marriages are much more common than they used to be, co-habiting as an unmarried couple is also on the rise. Many couples in this situation do not know that unmarried couples are not entitled to their partner’s assets unless their partner has a Will setting out their entitlement.
Instructing a solicitor to assist you to prepare a Will not only provides certainty after your death, but it will also give you the opportunity to benefit from tax planning advice. Gepp Solicitors has a large team of experienced solicitors that can help you ensure that your wishes are followed and that your assets are structured in the most tax efficient way while still achieving your objectives.
The Private Client team at Gepp Solicitors would be very happy to assist you plan for the future. If you have any questions or wish to book an appointment to discuss you’re your plans, please ring 01245 228127 or email mail@gepp.co.uk
This is not legal advice; it is intended to provide information of general interest about current legal issues.
