3 reasons for organising a will

There are plenty of reasons for organising a will, yet more than 50% of Brits don’t have one. We take a look at three big reasons you should consider.

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

When investing, your capital is at risk. The value of your investments can go down as well as up and you may get back less than you put in.

Read More

The content of this article is provided for information purposes only and is not intended to be, nor does it constitute, any form of personal advice. Investments in a currency other than sterling are exposed to currency exchange risk. Currency exchange rates are constantly changing, which may affect the value of the investment in sterling terms. You could lose money in sterling even if the stock price rises in the currency of origin. Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, and may have other tax implications, and may not provide the same, or any, regulatory protection as in the UK.

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More.

According to the Financial Times, more than 50% of Brits do not have a will. Although there are plenty of reasons for organising a will, a lot of people presume the law will divide things fairly when the time comes. This, of course, isn’t necessarily true.

Without a will, your property will go to your closest relatives (spouse and children). However, if you aren’t married or want your money to go somewhere else, this may not be possible without a will.

Let’s take a look at three big reasons for organising a will from Andrea Bingham, head of the wills, trusts and probate department at JMP Solicitors.

1. Wills are much simpler than you imagine

A will can be easy to arrange and also very affordable. A lawyer can help you sort out a will in just a few simple steps.

As Andrea explains, “Once you get in contact with a reputable lawyer, everything will be taken care of for you and you will be advised every step of the way, until a will is finalised.” 

If your will is going to be very straightforward, there’s no reason you can’t draw it up yourself. You can even set up a will online. It’s still a good idea to have an expert check it, though.

For complicated wills, expert help is always important. A will that’s not done properly might not be legally valid. An expert is also essential if you own a business, need to make special provisions or have certain requests regarding your burial.

2. Life is unpredictable

There’s no such thing as being too young for a will. There are many reasons for a will, but knowing you have your affairs in order should be the top one.

When you have a will, you can designate an executor. This is the person or persons in charge of handling your affairs after your death. You can appoint a friend or family member as an executor. Or you can hire a lawyer to handle this. 

You might be young and healthy now, but planning for things will ensure your loved ones don’t have to go to court later on. And if you have children under the age of 18, a will allows you to appoint the guardians of your choice.

3. It’s the best way for your wishes to be honoured

The rules of intestacy decide who will receive your assets when there’s no will. This means unmarried partners, friends, charities of your choice and even stepchildren will likely receive nothing unless you put that in writing. Among the top reasons for a will is making sure those you love will inherit what you want to give them.

With a will, you can also create trusts to care for disabled relatives, older family members and even a beloved pet. If you wish your money to go to a certain charity, that needs to be set in a will too.

Finally, a will allows you to clarify your final wishes. This could mean being cremated, a certain song being played at your funeral or leaving some money to friends to have a drink on you.

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

More on Personal Finance

Note paper with question mark on orange background
Personal Finance

Should you invest your ISA in a model portfolio?

Which model ISA portfolios offer both high performance and low fees? Hargreaves Lansdown, Interactive Investor and AJ Bell go under…

Read more »

Economic Uncertainty Ahead Sign With Stormy Background
Personal Finance

Is it time to exit emerging markets investments?

Investors may well be sitting on losses from emerging markets funds. Is it worth keeping the faith for a sustained…

Read more »

Personal Finance

Share trading? Three shares with turnaround potential

Share trading has been difficult in 2022, but which companies have turnaround potential? Jo Groves takes a closer look at…

Read more »

Man using credit card and smartphone for purchasing goods online.
Personal Finance

Revealed! Why Gen Z may be the savviest generation when it comes to credit cards

New research reveals that Gen Z may be the most astute when it comes to credit cards. But why? And…

Read more »

Environmental technology concept.
Personal Finance

The 10 best-performing sectors for ISA investors

The best-performing sectors over the past year invested in real assets such as infrastructure, but is this trend set to…

Read more »

Road sign warning of a risk ahead
Personal Finance

Recession risk ‘on the rise’: is it time for investors to worry?

A major global bank has suggested the risk of a recession in the UK is 'on the rise'. So, should…

Read more »

pensive bearded business man sitting on chair looking out of the window
Personal Finance

1 in 4 cutting back on investments amid cost of living crisis

New research shows one in four investors have cut back on their investing contributions to cope with the rising cost…

Read more »

Image of person checking their shares portfolio on mobile phone and computer
Personal Finance

The 10 most popular stocks among UK investors so far this year

As the new tax year kicks off, here's a look at some of the most popular stocks among UK investors…

Read more »