Homeowners are being encouraged to make a Will, with new research revealing that only four in ten UK adults currently having a Will in place despite owning a property.
The research comes despite the belief that the current Coronavirus global pandemic would change thinking regarding estate planning and prompt many adults to make a Will.
Statistics show that there was only a 1 per cent increase in Will-making between 2019 and 2020.
According to the research, the main reason for people choosing not to make a Will is because they don’t think they have anything of value to pass on to their loved ones, despite one in six owning their own property.
A recent study by Royal London found that of people aged over 55 without a Will, 16 per cent own a home either outright or with a mortgage.
Dying without a Will presents many challenges to bereaved families as the intestacy rules often don’t reflect the wishes of the person. There have been many situations where married and civil partners inherit cutting children and other intended beneficiaries out of the inheritance.
When it comes to probate property the complications become even greater. For example, houses can become unsellable while trying to track down relatives.
In a case highlighted by Which? a man was tracked down by heir hunters after the death of a distant cousin. While he stood to inherit a house, during the three months it had taken to find him the house had completely devalued due to vandals and mould that had caused thousands of pounds worth of damage.
Other issues arise in cases of jointly owned property, but not just traditional family homes, holiday homes owned by a group of people can fall foul of intestacy rules. If someone in the group dies, their share will pass to their family rather than the ownership group of friends, as it might not have been intended.
If you make a Will ensures that there are no ambiguities for the wishes of the deceased when it comes to any kind of property.
Whilst many people would prefer not to think about it until later in life. Here at Knightsbridge Solicitors, we believe that the earlier you start to plan for your legacy the better.
We have a dedicated team of solicitors ready to provide you with impartial advice and guide you through the process of planning your legacy.
To learn more or book a consultation for any of our estate planning services, please contact us on 0115 824 1700.