MyLastWill Blog

When Do You Have Enough Assets to Consider Making a Will?

It is an unfortunate statistic that only around 40% of UK adults have a will in place. However, there are two related misconceptions that heavily influence this statistic.

There are many, particularly young adults, who believe that they are too young and that they don’t have enough assets and wealth to consider making a will. In this blog, My Last Will illustrates that both age and the extent of your estate should not deter you from making a will and that by having one in place, you are protecting your family from much additional stress – in the unfortunate event of your passing. Although you might not have significant assets, having a will is still beneficial in many ways:

1. Besides any finances, it provides clarity on personal and legal matters.
2. Prevents loved ones, like family, from being left with unnecessary complications after your passing as well as limiting the possibility of family conflict.
3. Provides guidance in terms of whether you would like a funeral and how you would like your remains to be dealt with.
4. Determines what happens to any belongings you might have, regardless of any value, as well as what happens to your digital presence, social accounts and documents.

Many harbour the naïve belief that you don’t really need to consider getting a will until you are at least middle aged. However, as we have already discussed, the need for a will has little to do with age or indeed the value of your assets.
The truth is that anything can happen to us; after all, none of us ‘plan’ to have an accident or get ill. Furthermore, it is surprising how quickly you begin to amass assets and wealth once you start working.
Getting a will is more about taking time out to think about how your family would cope with sorting things out and making arrangements – should you die. Whilst this might sound morbid, I’m sure you would like a choice in what happens to you and who gets what - upon your death? If you have started working, you will probably have more assets than you think! For example, you might have savings and most likely, you will have a pension in place.
If you have bought your first home, however small and humble it might be, you will be quite surprised about how your wealth, in the form of property equity, can quickly accumulate! The starter home that you bought for £200,000 is typically increasing in value at around 3.7% a year. This means that after just two years, aside of your original deposit, you will have increased your equity by £15,000! Naturally, if you have owned your home for longer this equity begins to build into quite a sizable sum.
When taking out your mortgage, you will have been required to take out a life insurance. Upon your death, this policy should clear the mortgage balance – and quite often, provides an additional lump sum - to help with expenses and loved ones left behind.
So, if this is you, do you still think that you are not ready for a will? Gone are the days where you need to instruct your local solicitor and have at least two lengthy meetings, at their offices, resulting in a long-time frame, inconvenience and a huge bill at the end of the process.
These days, you can do your will online and in your own time for a ‘sensible and realistic fee.’ For example, My Last Will charges just £80 for a single will which enables you to:

1. Specify beneficiaries
2. Name will executors
3. Appoint guardians and trustees
4. Add specific gifts such as payments to charities
5. Record your funeral wishes

To put it into perspective, a will costs the equivalent of 14 pints of beer OR the cost of a jumper OR a nice meal out for two! However, the benefits are much more long lasting, providing you and your family with high levels of financial protection and complete peace of mind… not to mention limiting the potential for IHT on your estate! My last will gives you provides you with:

1. Online will writing – the ability to produce your will online at a time that’s convenient to you
2. Intuitive and comprehensive platform – our online platform is easy to use and follow, yet goes into the details that really matter
3. Support of Legal professionals – our will writing experts are available to guide you through the process, giving you help and advice
4. The option of an account and storage; ideal for when you come to make changes to your will.