PLAN FOR THE FUTURE WITH A WILL

Many of us will have put some serious thought into how we hope to enjoy our retirement. But writing a will? Not so much.

In fact, research shows that almost two in three UK adults don’t have a will – including two in five people over 55.

But without an up-to-date will your possessions, money, property and even dependent children could be left to someone you haven’t chosen.

James Stebbings, head of gifts in wills at Macmillan Cancer Support, explains five things you need to know about wills...

1

Parents assume custody of their children will automatically go to their partner or next of kin if they die, but this isn’t the case. One of the easiest ways of legally assigning a guardian is through a written declaration in your will. Without this, the decision is left to the courts.

2

People often put off writing a will because they feel they have nothing to leave behind – but ultimately, few people die without any assets to their name. Even if you don’t own your home you may have savings, money in a pension, a car or furniture you would want to pass on.

3

Possessions don’t have to be expensive to be valuable. A watch, book or photograph can have sentimental value. The only way of making sure items reach the intended owner is by making your wishes clear. Loved ones will take great comfort in knowing you have remembered them in your will.

4

A will that no longer reflects your current circumstances will be invalid and you risk losing a greater share of your estate to inheritance tax or family tensions as they divide your possessions. You must update your will every time you have a life change such as marriage or divorce.

5

Will writing doesn’t need to be expensive and timeconsuming. There are lots of schemes like Macmillan’s free will writing service where you can choose when and where you’d like to write your will – on the phone, a home visit or online – fitting around your lifestyle. Visit macmillan.org.uk/donate/ gifts-in-wills.