Everyone knows that they need to have insurance, but not everyone has a will. We think that you need both, because if there’s one certainty in life, one of them will inevitably be used!
Insurance for your family’s future
From the minute we start to own things (mobile phones, cars, houses etc.) we are sold insurance alongside them. And we know we need insurance, because at some point, we are bound to drop the phone in the bath, crash the car, or be the victim of a burglary. Insurance is the safety net that ensures that when any of those upsetting events occur in life, we are covered and won’t be left with nothing.
But there is one life event, that is marching towards each and everyone of us with resounding certainty, that many of us never insure against. Try as hard as we might, one day, we will all, finally, shuffle off this mortal coil.
Death is an inevitability, not a possibility. But whereas we are happy to insure our hard earned possessions against the possibility of accident, more than half of us are not insured against the inevitability of our deaths. The latest figures suggest that nearly 60% of the UK population do not have any form of will, and so are not using this simple piece of insurance to ensure their family’s future on their death.
The most common reason people gave for not yet having a will is simply that they are putting it off until they are older or assuming that their estate will automatically go to the right person when they die. Many others feel that won’t have enough left to be worth passing on when they die. But if there is one thing we see regularly, it is that dying without a will often causes more family upset and trauma than the grief of losing the loved one in the first place. Which is why we always advise our clients, and everyone, to make a will, even if they don’t think they have anything to leave.
Why do you need a will?
Your will tells people two very important things:-
- Firstly, it tells everyone what should happen to your possessions, your money, property, valuables etc. when you die, and who should have what. All these things together are called your ‘estate’.
- Secondly, it states who will be in charge of organising your estate and following the instructions you leave in your will – this person is called your ‘executor’, and you can name more than one person if you want to.
If you don’t leave a will, the law decides how your estate is passed on – and this might not be in line with your wishes. We believe that a will is important for everyone, and here are four simple reasons why.
1. Less stress for your loved ones
Losing a loved one is an emotional and grief stricken time. The last thing you want to do is add to their stress. Having a will makes it much easier for your loved ones to sort everything out when you die. Without a will, the process can be time consuming, stressful and even more upsetting than it should be.
2. Leave your estate as you want it, not as someone else dictates
If you don’t write a will, and die intestate, all of your possessions and everything you own will be shared out in a standard way, that is defined by the law. This isn’t always the way you might want, and it may not be helpful or beneficial to the loved ones you want to help.
3. Reduce Inheritance Tax
Making a will in the right way can, in some circumstance, help to reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind. This simple action can make life much easier for your loved ones who are inheriting from you.
4. Leave a legacy for dependants
Having a will is especially important if you have children, family or other dependants who rely on you financially. With the right will, you can ensure that their futures will be secure. The same applies if you want to leave something to people outside your immediate family, without a will stating your intentions, non family members will be left out of any inheritance.
Don’t leave your family uninsured after your death
Dying without a will, known as dying intestate, is a major cause of pain, upset and stress for families, who are already dealing with the grief of losing a loved one.
At Harold Stock & Co. we regularly deal with situations where a family member’s estate is in dispute. Families are torn apart, arguments ensue and the repercussions can be costly and last a lifetime. To insure your family against stress, upset and financial loss, contact us today to talk about your will. We promise it will be the most important and least costly piece of insurance you will ever take out.