6 billion reasons to make a will

Recently the Law Society published some insight claiming that millions of Britain’s - the majority of the population - have not made a will. According to the research 73 per cent of 16-54 year olds don't have a will, while the percentage rises amongst those people over the age of 55  to 64 per cent. Law Society researchers also found that men are more likely to have a will and keep it updated than women.

The ONS estimates the UK population at nearly 62 million so that's a large pool of prospects. Last year £8m went to the Treasury because people died without leaving any clear instruction. And it is estimated that by 2018 the government will receive nearly £6bn from inheritance tax which could have been mitigated by careful planning.

We asked Steve Wareham, a Senior Partner with Bonnetts Solicitors for his thoughts on the Law Society research and why the South East leads the way with 46.9% of the population aged over 16 having made a will. Bonnetts Solicitors are a full service law firm with offices based in Hounslow, Twickenham and Ascot. Steve (pictured) is an experienced and highly regarded Property Solicitor and believes that it is imperative that anyone with any assets of any worth should have a Will. 

"I’m a commercial property lawyer but I always ask new clients - and constantly remind existing clients - of the need to have a Will. I almost view it as a “public service” as in reality we don’t make much money on them, as the time spent is never really recoverable. Maybe people in the South East are more conscious of the need to plan for the future because asset values are that much greater – or perhaps we’re all a bit more doom-laden!"

Steve has had first-hand experience of the complications that can arise when people die intestate, "I once had a case where a cousin of mine died in his late 20’s.  He was unmarried with a baby.  He and his partner knew that the mortgage was covered by a life policy and, if anything happened to either of them, at least that would be dealt with…well, they thought it was. The beneficiary of the policy was actually the deceased. The next of kin was his child, not his partner.  The life policy proceeds therefore could not be released to the partner and the proceeds had to be put in trust of the child, just when the partner - and frankly the child - needed them to be able to pay off the mortgage. A Will would have sorted that issue very easily, rather than create a life of considerable hardship."

It is a cautionary tale - non-tangible assets such as life policies can often slip under the radar and so it is prudent to sit down with your Solicitor and Financial Advisor to review these every few years or so or when your circumstances change.