Why should you make a Will?  Why wouldn’t you?

If you are one of the 56% of people that have not got a Will in place – why should you?

The National Wills Report for 2023 has produced some interesting statistics.  Most of Wills in the UK have been written by over 55 year olds.

The reasons given for not making a Will are “I just haven’t got round to it”, “I don’t think I need a Will, I haven’t got much worth worrying about”, “I don’t know why I haven’t” and “I’m too young yet.”

https://www.nationalwillregister.co.uk/app/uploads/2023/04/The-National-Wills-Report-2023.pdf

With mental health issues increasing, households having ageing parents living with them, over 18’s staying and living at home longer, divorce and generally an ageing population making a Will is more important than ever.

There are many changes in your lifetime that should trigger a need for a Will to be in place and for the importance of reviewing your Will regularly. Purchasing a property or moving house, having a family, divorce or a sudden accident impacting on your lifestyle are but a few.

Power of Attorney

When you reach a point in your life when you cannot take care of your own health or finances you may think that it is automatic to have a friend or family member to take care of matters for you.  This might not be the case.  If there is no power of attorney in place matters could have to go to the Court of Protection which takes time and might not necessarily arrive at the same decisions that you would have wanted.

There are 2 types of Power of Attorney, Health & Welfare and Property & Financial Affairs.

Health & Welfare – This gives the person / persons you choose the ability to make decisions regarding your health and well-being such as medical care, treatment & help required, moving to a care home etc.

This is only acted upon when you are unable to make your own decisions.

Property & Financial Affairs – This gives the person / persons you choose to make decisions regarding your property and finances such as paying of bills, selling of property, receipt of any income.

This can only be used as soon as it is registered with your permission.