When there's a will there's a way

Published on Saturday 8 August 2009 14:09

SHOCKING statistics reveal that as many as 70 per cent of adults in the UK die without leaving a will. Many are reluctant to make wills, considering it something that can be put off until "tomorrow". Others don't like to think about dying at all.

But there have been several high-profile deaths recently of relatively young, family people, such as reality TV personality Jade Goody at 27, pop star Michael Jackson (50) and actress Natasha Richardson (45). The truth is, it is never too early to make a will, and rather than be a source of worry, it will give your family security and peace of mind.

A will sets out what you want to happen to your assets – your home, your savings, your possessions – when you die. If you have young children, it can state who will become their guardian and how they should be cared for, saving unnecessary heartache in the event of an untimely death.

When looked upon from this perspective, therefore, a will is a practical document and yet many common misconceptions still surround the process.

Drawing up a will is often simple and as lives become increasingly complex, it is important to set out in black and white what you want to happen. When writing a will you must draw a list of your assets and provide approximate values and say who you want to inherit what. It is also important to decide who will be the executor, or executors, for winding up the estate.

A will can be updated as personal and financial situations change. A solicitor will advise you how to achieve what you want, will draw up the will and suggest to you when you may need to review it.

The majority of us tend not to think about dying, but that time will inevitably come and we need to ensure that our families will be cared for when we're no longer around.

Having an ordered will can make a significant difference to how those left behind cope with the practicalities surrounding an unexpected death at a young age.

In Scotland, children can legally inherit an estate at 16 unless otherwise stated. Many parents perceive this age as too young as a large sum of money can make children vulnerable to be taken advantage of. They may also not be ready for the responsibility and may not make best use of the inheritance as a nest egg for the future, rather than for material gain in the short term. It is therefore advisable for parents to stipulate the inheritance age – most choose between 18 and 25.

The will allows a person to appoint guardians to look after their children. This often saves much heartache when all sides of the family will be trying to do "what is right" for the children involved but without knowing the deceased's wishes.

I recommend not only appointing guardians in a will, but also placing a sealed letter with it giving the guardians guidance about how children should be raised and covering issues such as schooling, who they should live with, funding for gap years, etc.

These letters can easily be altered as your children grow and circumstances change. Again, this gives peace of mind to ensure that children will have the type of upbringing you would want for them.

In such cases it is wrong to assume that your family knows what you want to happen, or that it is a simple process of transferring assets. Nor is it fatalistic to decide these things when fit and well. It makes good sense. Having children, buying property, even divorce impact on your will so it is something to take very seriously and review regularly.

If there is no will the law designates who inherits an estate. This however may not be what the deceased would want. For instance, depending on the value of an estate, a spouse would not necessarily be entitled to everything. If a couple are living together, but not married, a partner does not have any automatic rights to benefit from the estate and, if you have no children, parents and siblings could benefit ahead of a loving partner. There are many sad cases where everyone is trying to do what they believe the deceased person would have wanted; however with emotions running high at such a difficult time, and no guidance, it can be difficult to ascertain and have everyone in agreement as to what that would have been.

Lianne Lodge is a solicitor at legal, financial and property specialists Pagan Osborne

Avoid shortcuts when making a will

Get someone qualified to draw up your will. A quick and easy internet will may be appealing, but because of second marriages and property assets, it's not always straightforward. Most people benefit from an honest face-to-face conversation with an adviser.

&#149 Check out the cost. Always know what to expect to pay, or at least how the fee will be calculated, before you commit to having a will drafted.

&#149 Be prepared to discuss every aspect of your life. Discussing family background, health and wealth matters is not always easy, but being up-front about all the issues will ensure your will does the job you want it to do.

&#149 Check out what happens if things go wrong. Having some recourse is vital. Check out codes of conduct and complaints procedures. Lawyers are regulated by the Law Society, which provides safeguards.

&#149 Get testimonials. As with any service, it is best to go with personal recommendations.