You Can't Take It With You
“Can’t Take It With You” TV Programme Raises Need to Make a Will
In the week when BBC2 launches a new series that investigates people’s emotional and financial legacies and which is fronted by business guru Gerry Robinson, Helen Honeyball, partner and Head of the Private Client Team at Stones Solicitors LLP, describes why the programme will be a great way to encourage more people to make a will.
Last year a survey conducted by professional advice website unbiased.co.uk found that 62 per cent of people admitted they did not have a will.
Making a will is up there with many other sincerely meant but rarely followed through resolutions. It is something we all know we have to do but, as the survey results show, many of us do not.
The results of the survey are a worry because a will is the only way to ensure that what you leave behind when you die goes to the people and organisations you want it to, and at a time that is appropriate (this is especially important for assets left to children, which you may wish to delay until they are older).
If someone dies without making a will they are intestate. This means that their assets are divided up in a strict order and, if no one comes forward to claim their estate, the whole lot goes to the Crown.
The survey showed that three-quarters of people who were married said they wished to leave everything to their spouse. This is fine if they have a will, but if they do not their spouse will only receive the first £250,000 automatically under current intestacy rules. Forty per cent of people who were not married said they would like to leave something to their partners, but the surviving partner of an unmarried couple has no right to an inheritance if there is no will in place.
The other worrying statistic is that the percentage of people without a will who had children under 18 years of age was 70 per cent. This could leave many children vulnerable because, under current rules, children who are not named in a will are only entitled to an inheritance if there is no surviving spouse or if an estate is worth more than £250,000. There will also be no appointed guardian for them, which would have been the case if a will had been made.
Making a will is often seen as something for older people to do and the results of the survey back up this perception – 87 per cent of those under 35 did not have a will. But it is not age but circumstances that should trigger making a will: circumstances such as divorcing or separating; selling an asset, such as a property; buying a large asset, such as a second home; having children; getting married or civilly contracted; starting a business; having financial difficulties; and thinking about providing for care home fees.
We believe that making a will is the kindest and best thing you can do for those left behind. It takes away a great deal of stress and heartache for family and friends at what will be a very difficult time.
Making a will is simple. Think about what you have and where and when you want it to go after you have died, then visit a recognised solicitor so that they can draft your will to fully reflect your wishes – a process that pays dividends in time and really does not cost a great deal. They can take you through all the ramifications for you and your inheritors – from the formation of trusts to tax planning, provision for specific assets such as business assets and provision for issues such as care home fees.
Once you have made your will, revisit it on a regular basis to ensure it stills reflects your wishes and the assets you wish to bequeath and those you wish to benefit, and that it is in line with changing legislation. And, importantly, make sure that members of your family know where to find it – according to another recent survey, 67 per cent of people in the UK do not know the location of their parents’ wills.
Around 500,000 people die in the UK every year and there are 300,000 intestacies – that’s a lot of people left behind to pick up the pieces when there is no will. If you want people and organisations to benefit from your assets after you have died in the way in which you wish, then the only way to achieve this is by writing a will.
If Gerry Robinson can bring the same enthusiasm to “Can’t Take It With You” as he did with his other TV programmes, then hopefully more people in the UK will take matters into their own hands and make sure they have a will in place.
“Can’t Take It With You” airs on BBC2 for the first time at 9.00pm on Friday 14th January. Helen Honeyball and her colleagues can be contacted at Stones Solicitors LLP on 01392 666777 and 01837 650200. More information is available by logging on at www.stones-solicitors.co.uk.