When we think about the future, most of us hope to leave behind a legacy that supports our loved ones and reflects our wishes. Yet, many people put off writing a will, often assuming it's something to be tackled later in life.
The reality, however, is that passing away without a will – known as dying intestate – can place significant financial, emotional, and administrative burdens on your family. In this article, we’ll explore the true cost of not having a will and why taking the time to put one in place is one of the most responsible and caring things you can do.
Financial Costs: The Hidden Expenses of Intestacy
Without a will, your estate is distributed according to the rules of intestacy, which may not align with your wishes. In the UK, these rules prioritise spouses, children, and other close relatives, but they can be complex and may leave some loved ones without any inheritance. This can lead to costly legal disputes as family members try to claim what they believe they are entitled to.
Additionally, the absence of a will often results in higher legal fees, probate costs, and potential tax inefficiencies. Proper estate planning can minimise Inheritance Tax and administration costs, ensuring more of your assets go to the people you care about rather than being lost in legal fees and tax liabilities.
Emotional Costs: The Stress and Uncertainty for Your Loved Ones
Losing a loved one is already an emotionally challenging experience, and dealing with an estate without a will only adds to the stress. Family members may struggle with uncertainty, not knowing what you would have wanted, and disputes can arise between relatives with differing opinions. This can cause lasting damage to relationships at a time when unity and support are needed most.
A will provides clear instructions, reducing the risk of family conflicts and offering reassurance to your loved ones that they are carrying out your wishes correctly. It also allows you to express personal choices, such as appointing guardians for children, specifying funeral arrangements, or leaving meaningful gifts to friends or charities.
Administrative Burden: The Delays and Legal Complexities
When someone dies intestate, the process of sorting out their estate takes significantly longer. Without a named executor to manage the estate, a close relative must apply for Letters of Administration – a process that can be time-consuming and complex. During this period, assets may be frozen, making it difficult for family members to access funds needed to cover immediate expenses such as funeral costs and household bills.
Having a will simplifies the administration process by appointing an executor to take charge, ensuring a smoother and quicker distribution of your estate. This can save your family months, or even years, of uncertainty and legal complications.
A Will Saves Your Family Stress, Money, and Time
A will is more than just a legal document; it’s a gift of clarity and security to your family. It ensures your wishes are respected, your assets are distributed efficiently, and your loved ones are spared unnecessary stress and financial hardship.
At Peritum Wills, we specialise in making the process of writing a will straightforward and stress-free. Whether you need a simple will or more complex estate planning advice, we’re here to help. Don’t leave your family with uncertainty—secure your legacy today by putting a will in place.
Contact us to discuss your needs and take the first step towards peace of mind for you and your loved ones.
Information provided and any opinions expressed are for general guidance only and not personal to your circumstances, nor are they intended to provide specific advice. Please contact us for specific advice in your circumstances.
The Financial Conduct Authority does not regulate Taxation, Trust advice or Will writing.
Peritum Wills is not authorised or regulated to provide financial advice.
Tax laws are subject to change and taxation will vary depending on individual circumstances.
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