The Importance of Writing a Will: Protecting Your Loved Ones and Assets
The Importance of Writing a Will: Free Wills Month in England and Wales
Less than half of British adults have written a will, leaving their loved ones in a legal and emotional limbo if they were to pass away without one. The rules around inheritance without a will are complex and can take years to resolve, causing additional pain and stress to grieving families.
To address this issue, March is Free Wills Month in England and Wales, offering individuals aged 55 and over the opportunity to make or update their will for free through participating solicitors listed on the Free Wills Month website. This initiative aims to make the process of writing a will easier and more accessible to those who may have been putting it off.
Helen Morrissey, a senior pension and retirement expert at wealth manager Hargreaves Lansdown, emphasizes the importance of having a valid will in place. Not having a will can lead to confusion, financial hardship, and potential rifts in families, making an already difficult time even more challenging.
Despite the benefits of having a will, many adults have not taken this crucial step. Reasons for not having a will include procrastination, feeling that their estate is too simple, or not knowing how to go about creating one. However, the consequences of not having a will can be significant, especially for unmarried couples and blended families.
Writing a will is not just about distributing assets; it also involves making decisions about who will care for your children if you were to pass away. Unmarried couples are particularly vulnerable in this regard, as they do not have the same legal protections as married couples or those in civil partnerships.
To ensure that your wishes are carried out and your loved ones are provided for, it is essential to have a valid and up-to-date will. Free Wills Month provides an opportunity for individuals to take this important step without incurring additional costs. By participating in Free Wills Month or seeking assistance from a professional solicitor, individuals can ensure that their affairs are in order and their loved ones are protected in the event of their passing.
