Why you need a will even if you have no assets or no children

Hi Heather, 

My name’s Harriet. Thanks for the UK-focused personal finance podcast. I feel slightly worried that I don’t have a will because of the covid-19 pandemic. I have children and some assets and I want to go about getting a will in place in the right way, please tell me what I need to think about so I get my will done correctly from the get-go. 

​Thanks a mil.

The Money Spot™ - UK Personal Finance · #26 Why you need a will even if you have no assets or no children

When covid-19 hit, I started getting quite a few questions on wills and as luck would have it, I got a brochure through my door from Julia Fleetwood of the Will Writing Partnership so I invited her to the podcast. In our discussion, we covered the following questions:

• What is a will?
• Do you need a will if you don't have children?
• Do you need a will if your wealth is below the inheritance tax threshold?
• What happens if you die without a will?
• There are several ways you can get a will, you can make one yourself using an internet template or just a piece of paper, you can use a solicitor or you can get a will practitioner, how is each of these routes different?
• What are the disadvantages of template wills downloaded from the internet and done without a lawyer?
• What’s the cost difference between each of the different options for producing a will?
• How come some things are set apart in a letter of wishes rather than as provisions in the will? - I asked these because when I got my will done in 2016, I was surprised by having a separate "letter of wishes" attached to the will.
• Have people started adding digital assets to their wills like what they want done with their social media accounts?
• When you die, how can you ensure that your family a) know you have a will and b) know where to find it?
• What is a lasting power of attorney? I’ve got to admit that I don’t have one of these as I see them as something I should only need when I am say 65+...
• If you have wealth above the inheritance tax threshold, how can you set up a trust so, say, the proceeds of a life insurance claim go straight into that trust?

My key takeaway from the discussion were:

1. Everyone needs a will. Even if you have no dependents you want a say over how your hard-earned wealth is distributed. Even if all you have to your name is a few hundred pounds, your will would ensure that money goes where YOU want it to go.
2. Getting a will done professionally ensure that there are no errors on the will that could invalidate it. 
3. If you have a complex financial or family situation the probate process can take many weeks and even years before any finances are released to your loved ones. Probate is the legal and financial processes involved in dealing with the the assets of a person who has died.
4. The laws of intestate (that is, when you die without a will) may different to what you expect...

If you would like to get in touch with Julia to learn more about wills, estate planning and getting your affairs in order, these are her details:
          Julia Fleetwood
          julia.fleetwood@twp.co.uk
          Phone: 0121 472 0644
          m.me/Juliathewillwriter (Facebook messenger)
          www.twp.co.uk

I learnt a lot from Julia, I hope you did too.

Heather 
p.s. subscribe to my podcast and ask me any money question, HERE - do it now!