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Top 5 Reasons Not To Have A Will in 2020

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Make a Will
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In 2020 there was a significant increase in the number of people wanting a Will. However, The number of people who still do not have one or have not updated their’s in years is still very high. In the UK, 60% of adults do not have a Will. More worrying is that over 70% of those aged 40-49 do not have a Will. Typically at this age children are still dependent and assets are still growing. Over the course of this year, I have been keeping a tally of the most common reasons given why people do not have a Will. I thought it would be interesting to share these with you. They are:

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  1. Had Not Thought About It
  2. Cannot Afford It
  3. Not Enough Assets
  4. Not Enough Time / Too Busy
  5. Too Complicated

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I Had Not Thought About It

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I was surprised that this was the top answer as most people, I speak to are aware that they are living in a country where the laws are very different from the UK. Generally, I find women know that their right to inheritance in the UAE is different from the UK. Most married men assume, wrongly, if their wife dies all of the assets will automatically be theirs. For more information on what happens when a person dies intestate, see this post.
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I Cannot Afford It

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Your Will covers assets which you have spent a lifetime accumulating. Even the most expensive solution, in most cases, is just a fraction of a per cent of the total value of these assets. Additionally, being intestate increases the cost of winding up your estate and the possibility of legal disputes which are often very expensive.
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Not Enough Assets

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The amount of assets you have is not as important when you have young children. Parents can use their Will to appoint guardians to look after the welfare of their children and trustees to look after their children’s inheritance. This inheritance may be in the form of life assurance or other financial services.
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Not Enough Time / Too Busy

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There is an assumption preparing a Will takes a long time. This is not the case. It can be prepared in less than an hour. The aspect which may take longer is that decisions need to be made which involve confronting some unpleasant possibilities. However, having a plan in place is much better than having no plan at all. Where there is no Will in place, the time needed to administer your estate will be much longer and also more expensive.
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Too Complicated

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With the correct guidance, preparing a Will should not be complex. An experienced professional can help you make the right decisions for your requirements and help you avoid the pitfalls associated with expatriate Will preparation.
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Write Your Will Today

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Contact me or What’s App 050 594 5217 for more information to find out how easy and cost-effective it is to prepare your Will.

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