What is a Will?
A Will, known formally as a Last Will and Testament, is a legally binding document that articulates your wishes following your passing. It must be signed with a witness to be legally recognised.
What percentage of people do not have a Will?
Many individuals prioritise living over planning for their eventual passing. Writing a Will often falls to the bottom of our to-do lists due to perceived expenses, complexity, and a lack of urgency.
However, the majority of adults in the UK have a Will. Notably, 82% of UK homeowners and 50% of UK parents have Wills in place. Conversely, only 18% of UK renters have Wills.
Even if you don’t possess substantial assets, a Will can still be beneficial. Here's why...
What are assets?
Assets refer to anything of value that you own. They can include:
- Financial assets - such as savings accounts, investments, pensions, and life insurance policies.
- Physical assets - including property, vehicles, jewellery, artwork, and other tangible possessions.
- Intangible assets - intellectual property, copyrights, trademarks, and digital assets like cryptocurrency or online accounts.
Who needs a Will?
While a Will is commonly associated with asset distribution, it serves other crucial purposes, including:
- Parental guidance - if you have children under 18, a Will allows you to designate their guardian in your absence.
- Sentimental possessions - items of sentimental value can be allocated to specific individuals.
- Unmarried partners - without a Will, partners may not have automatic rights in the event of your passing.
- Simplified process - a Will can save your loved ones time, money, and emotional stress.
Why do you need a Will if you have nothing?
Despite lacking substantial assets, passing away without a Will (dying intestate) can burden your loved ones with unforeseen expenses, paperwork, and conflicts. On average, this can cost £9,700, with renters being disproportionately affected.
Only 18% of renters have Wills, and even among renting parents, the figure is only 25%.
Why are renters less likely to have a Will?
Renters face unique challenges in estate planning. The industry often emphasises homeownership as the primary trigger for end-of-life planning, leaving renters underserved.
To address this gap, we offer both free and affordable will-writing services to trade union members, providing accessible legal support and a streamlined process. Our service is designed to save time and money for all union members, regardless of homeownership status or which union they have a membership with.
When do you need to write a Will?
While the government suggests updating your Will every five years, certain life events necessitate immediate action, such as:
- Parenthood
- Commitment to a partner
- Marriage or divorce
- Homeownership
If you’re looking for a hassle-free way of protecting your family and ensuring that your estate is distributed in line with your preferences, the best way to write a Will is via our online service.
Here at Union Wills, our service is available anywhere at any time, so you can write a Will within the comfort of your own home, that protects your estate and your family when you are no longer around. Our online Will service also enables simple updates for a nominal fee, ensuring your Will reflects your current circumstances.