Where's there no Will, there's no way

Article provided by Ed Emerson

27 September 2011

Nearly two-thirds of 35 to 44 year-olds and over 50% of all British adults don't have a Will drawn up, according to research.  

The figure increases to 79% for those in the 55 to 64 age bracket and, amazingly, more than one fifth (22%) of over 65's are without a Will as well.  

The reason? The majority responded that they 'just haven't got round to it yet'.  

But what people don't realise is that this 'lack of time' or inertia could ultimately cost their families more than any set up costs involved. A great deal more.  

The reality is that the potential legal fees involved in untangling an estate when someone passes, not to mention inheritance tax and the stress placed on families during the process, can be high. Very high.  

When people work their entire lives to provide for family and loved ones it is unimaginable that the final hurdle of protecting the future of that wealth fails due to lack of motivation.  

Well here's a thought.  

Don't believe the myth that when someone dies 'intestate' or without a will that the husband, wife or family member automatically gets everything or that they don't get hit with a tax bill.  

And what about personal pension, company pension benefits and even inheritance tax?  

Are you leaving a tax and pension mess while labouring under the myth that it'll all be ok?  

If there's no will, there's little chance it'll be a smooth ride for the ones you leave behind.