Free Wills Month to encourage older people to take care of their assets
21st September 2015
People in the UK will be encouraged to create Wills during October, as Free Wills Month hopes to raise awareness of the importance of protecting your assets. Millions of people in the UK are yet to make a Will, or update a current Will, which could mean that their state is left to the wrong person or unnecessarily taxed. For example, if someone marries or remarries, the Will is then deemed invalid.
Earlier this year, it was revealed that comedian Rik Mayall had failed to make a Will, which means that his £1.2million estate will now be heavily taxed as laws dictate that some of it is given to his children. This is not uncommon, but can be easily avoided if a Will is put into place, avoiding legal complications and difficult decisions for loved ones.
October is Free Wills Month
Throughout October, simple Wills can be written up or updated by selected solicitors for those over the age of 55, and will be free of charge. There will also be the opportunity to leave a gift to a charity in your Will, which is a great opportunity to help your favourite cause, and tick off an achievement on your retirement wish list.
Before visiting a solicitor, it is advised that you think about what you would like your Will to say in advance, although you will be guided through the decision process. Free Wills Month have provided a very helpful Will Planner for those who would like to prepare for their meeting with a solicitor.
In an article written by This Is Money, solicitor Caroline Wilden advised: “You should make a will if you have children, own property, are getting divorced, have total assets worth more than £250,000, live with a partner but are not married or in a civil partnership, or if you are in a second marriage and wish to protect assets for your children. It only takes about 45 minutes to sort out.”
Image Credit: Ken Mayer (flickr.com)
Are you interested in more Finance related content from Age UK Mobility?
This news article is from Handicare UK. Articles that appear on this website are for information purposes only.